Due to the rapid evolution of artificial intelligence, data, and analytics, brokers are gaining the ability to treat the risk of each client separately, said Ashley Karg of McGill and Partners.
“There’s more opportunity for brokers to embrace individualizing our clients as opposed to creating them as part of a pack, or part of a herd,” said Karg, partner, U.S. casualty during an interview with Insurance Journal at RIMS RISKWORLD.
“Using new technologies and modeling, especially in the casualty space specifically, is giving us a big opportunity to differentiate our clients,” she added.
The client-broker relationship has improved as each are able to see how underwriters will view risks without having to wait for market reactions because of modeling platforms built by McGill that mirror the casualty underwriting process. Conversations have turned more strategic for renewals, and going forward, with levers retentions, involvement of captives, or anticipating excess loss.
“We’re thinking about how to strategize with them on the front end as opposed to the reaction from the marketplace after things have already been done by the underwriter,” Karg said. “To rewind that after the fact becomes much more tedious and less efficient.”
In the meantime, underwriters enjoy what they have always preferred: more information and certainty regarding exposures.
The value-add of this transparency along the value chain of insurance—allowing clients to engage in the process and have proactive discussions about trade-offs regarding price or coverage—strengthens the relationships, Karg added.
Click the box below to see a clip of the interview:
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