Greater Than’s Post

Rate adequacy, broker/client proposition, competitive edge/go-to-market strategy, indemnity and expense control...all coming into sharp focus as we start to see rate coming off in the face of a softening market and increased competition. A few thought provoking points from the team on how underwriters will need to use different skills and tools over the coming months...super work from the team involved in pulling this together: Tom, Aran, Lydia and Britton

While underwriters are often celebrated during hard market conditions, it is in a soft market where the true value and quality of your underwriting function, along with the risks you have written, are exposed. Firms that take proactive steps to prepare will be better positioned to navigate the softening market. Here are key insights and actionable strategies from my colleagues at Alpha that will enable you to drive success in a soft market.  

Market conditions are changing, and after years of favorable hard market conditions, insurers are now confronting the challenges of a soft market - lower premiums, expanded coverage terms, and intensified competition. Thriving in a soft market demands a different approach. With the right strategies, carriers can adapt to these challenges and position themselves for long-term success. In our latest article, Britton Van Dalen, Tom Peat, Aran Easwaramohan, and Lydia Hurt provide insights and actionable strategies from relevant experience, showcasing the tools, behaviors, and practices that will drive success in a soft market. Read full article here: https://lnkd.in/gFWAG9CX #alphafmc #softmarket #insurance #specialtyinsurance #marketshifts #futureofinsurance

Cloverleaf Analytics is excited to meet more #insurers today at #GuidewireConnections. Stop by booth PS-B5 to meet with Robert Clark and Michael Schwabrow #insuranceanalytics #insurancedata #insuranceandAI #insurance #insuretech #insurtech #Guidewire #GenBI #InsuranceandGenAI

Day #2 of #GuidewireConnections- come see us at the Cloverleaf Analytics booth and gain insights as to how to better understand your insurance data - no matter where it lives today! Curious- ask us and pick up the 2024 edition of the Cloverleaf Analytics socks! #ai #nlp #ml #dataanalytics

🔄 #Insurance Cycle: Why It Matters 🔄 The insurance cycle is a recurring pattern of "hard" and "soft" market phases that impacts pricing, capacity, and underwriting within the insurance industry. Here’s a breakdown of each phase and what it means: 1️⃣ Hard Market – In a hard market, insurers tighten underwriting standards due to high losses, reduced capital, or increased claims frequency. This phase is characterized by: Higher premiums 📈 Stricter underwriting criteria 🛡️ Lower capacity for risk acceptance 🔒 Clients often face challenges securing coverage, and insurers aim to restore profitability and capital levels. 2️⃣ Soft Market – As profitability stabilizes, competition among insurers increases, leading to: Lower premiums 📉 Flexible underwriting standards 📝 Higher capacity for new business growth 🚀 During this phase, clients benefit from more affordable and accessible insurance options, while insurers focus on expanding market share. 3️⃣ Factors Driving the Cycle – The cycle is influenced by: Economic conditions and interest rates 📊 Catastrophic events or high claim periods 🌪️ Changes in regulation and capital availability ⚖️ 4️⃣ Why It Matters – The insurance cycle affects pricing, risk management, and business strategies for insurers, brokers, and clients alike. For industry professionals, understanding the cycle helps anticipate market changes and adapt strategies for each phase. #InsuranceCycle #HardMarket #SoftMarket #RiskManagement #Insurance #Underwriting

Want the latest analysis of UK insurer underwriting performance? Request your free print edition of the Insurance Times Top 50 Insurers 2024 report. Dive into GWP rankings, underwriting trends, and insights on the UK’s leading insurers. #Insurance #InsuranceIndustry #Data #Underwriting 

Business space is the most volatile it’s ever been. It’s adapt or be left behind. You either innovate or become obsolete, diversify or fade out – that’s the new reality of the market. https://lnkd.in/dd8EZ3TT #Innovation #BusinessEvolution #Safaricom #Diversification #Insurance #FutureOfBusiness #AgileBusiness #GrowthMindset

Broker Insights Commercial Director - Partnerships, Alun McGeoghegan, recently spoke with Insurance Times about our entry in the Business Partner of the Year category at the 2024 Insurance Times Awards.   In the interview, Alun shares how our ground-breaking work with PIB Group has achieved 'unprecedented data harmonisation' and embodies the true spirit of partnership.   Catch the full story in the latest Insurance Times article!   #InsuranceTimesAwards #Data #Partnerships

📢 BIBA 2024: How brokers can use data effectively when pricing risks and renewals. FullCircl's Director of Insurance Industry Growth, Ashleigh Gwilliam, talked to Insurance-Edge.Net on how brokers can turn to data to enhance the ability to price risks accurately, manage renewals effectively, comply with regulation, and provide valuable insights to their clients. Check out the full interview here 👉 https://hubs.li/Q02th1--0 #BIBA #insurance #BIBA2024