Technology has played a vital role in the construction industry in recent years, increasing the use of bespoke risk models as Michael Pilla, president & CEO, Technical Risk Underwriters tells Intelligent Insurer.
With the construction industry in the US experiencing a high level of competition, it is important for underwriters to set themselves apart.
For Technical Risk Underwriters (TRU)—a subsidiary of Ryan Specialty Group which focuses on large construction, power generation, and surplus lines property business—technology has played an important role in helping it stay ahead of the competition.
“One of the biggest challenges for underwriters is currently the level of capacity in the market. Every year there’s a new entrant or two,” says Michael Pilla, president & CEO of TRU.
Construction, risk models, Michael Pilla, TRU, Ryan Specialty Group