A Solution Driven Approach to Portfolio Underwriting 5th April 2017 In a market where clients, brokers and insurers are all striving to retain customers and protect margins from unwavering competition, squeezing financial metrics is a tactic deployed all too frequently. Whilst reducing rates, fees or commission may be successful in the short term, it is ultimately counterproductive. Strong relationships are an excellent first line of defence, however, their effectiveness increases exponentially when intertwined with the ability to offer a genuine, relevant and bespoke facility. A solution driven approach to underwriting allows us to demonstrate real benefit to a broker’s client base, and generate inbuilt resilience to a portfolio. Add to that, effective research, design and understanding and you have a winning formula for all parties. When Probitas stepped into the Market, our vision was to bring something different to the table. We saw the unique opportunity to shape our underwriting approach around the demands and needs of clients, supporting their own evolution as they strive to keep pace with an ever-changing trading environment. The key to this approach is listening closely to brokers and clients, applying this knowledge to the experience within the Probitas team, and creatively designing solutions. During our initial conversations, the overriding sentiment from the broking community was that there are few insurers prepared to meet the challenge of designing a market leading facility head on. Commonly held views centred around: Too many minimum requirements – facilities do not always come ‘ready made’, and many insurers don’t have the appetite to build from grass roots. An undefined ‘Niche’ – too narrow and you prohibit critical mass. Too broad and the USP’s become diluted or irrelevant. Bureaucracy rules – vision and innovation gradually succumb to bureaucracy and conservatism. Unmatched desire – the ambition and hunger of insurers and brokers rarely align. Clear, consistent communication – communication can quickly drop off, preventing refinement of the proposition. Having listened acutely to these pain points, we designed underwriting and portfolio solutions to allow our broker partners to truly differentiate. Working in partnership brings together different experience and knowledge, enabling us to complement the broker’s offering with our innovative and flexible approach to underwriting, technology and service delivery. We work with the broker and key clients in this process to ensure that we understand the key drivers of all parties. A solution driven approach to underwriting must be underpinned by continuing to listen whilst bringing the Probitas dynamism to frameworks that genuinely deliver.