A change in attitudes and less reliance on risk models could be the key to underwriting success, as Mike Pilla of Technical Risk Underwriters told Intelligent Insurer.
Better use should be made of the abundance of data available to underwriters and insurers to spark innovation and ensure that appropriate solutions are being created to serve certain markets, especially in the larger commercial markets.
That is the view of Mike Pilla, CEO and president of Technical Risk Underwriters (TRU), a subsidiary of Ryan Specialty that focuses on underwriting complex construction and property risks. He says that US ﬂood insurance is a good example of where forward-thinking investment is required by the industry to solve a problem currently dealt with by the government.
“The federal government in the US provides a lot of ﬂood insurance,” he says. “Whether that’s a long-term situation for larger commercial customers remains to be seen, but the industry has to do a better job of looking at areas like this. We must lead the charge into the future where our industry can provide product to larger commercial customers.”
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Mike Pilla, Technical Risk Underwriters, Ryan Specialty