Review

Underwriting – managing profitability through a changing environment

Progress

Progress against operational objectives
2007 priority Achievement

Continue to develop our delegated authority underwriting management.

Procedures and system enhancements have been made to improve the capture of agents’ premium information and dedicated resource is now in place in both our Non-marine and Marine divisions to assist with continued improvement in this area.

Revisit our technical pricing methodology in a number of classes with a view to being at the forefront of industry expertise and capability.

Non-marine and Marine appointed divisional actuaries during 2007 who undertook full reviews of technical pricing and developed the pricing models as a result. Aviation implemented an actuarial tool to aid technical pricing.
2008 priorities
  • Complete further review of technical pricing to standardise and improve methodologies where appropriate.
  • Implementation of Genus underwriting system to provide UK Commercial with materially enhanced underwriting information.
  • Complete systems developments (eg. Data Warehouse, underwriter workbench) to provide faster, more reliable and more comprehensive underwriting management information.