How to kill underwriting curiosity.

First off, let's clarify something important: when I say, "kill" we're not talking about physical harm to anybody. I mean the demise of careers and aspirations, a slow and sure suffocation of potential within the corporate world. So, before any misunderstandings arise, let me explain:

Picture an entrepreneur, always on the brink of the next big breakthrough, their energy and passion at the fore of everything they do. Now, imagine a similar force of innovation within corporate walls: the intrapreneur. These are our insiders, the bold few who navigate the red tape to bring fresh ideas to life. I’ve been in their shoes, collaborating with many others to spearhead innovation in what’s recognised as the world's most innovative insurance market.

The magic really happens when you pair an underwriting intrapreneur—who’s ready to forego traditional stability and rewards for ground-breaking (and unrcertain) results—with a tech leader who can turn visions into reality. Together, they are unstoppable. And here’s the million-dollar question: why do we often end up killing their spirit?

Let’s consider Leona, an underwriter with years of experience. She identifies a market gap and pitches a new product or channel e.g. an eTrade system. Despite the hurdles (and there are many!), she gains approval. However, her excitement is short-lived as her project sits on a backlog alongside all the other business as usual, regulatory projects with more certain returns on investment. She waits on various teams to align, managing multiple stakeholders and corporate egos, draining her initial enthusiasm—this is the dreaded ‘energy zapper’ and the first ‘wound’ in the slow death of corporate innovation.

Months later, the green light is given, and the project is given the go-ahead. Leona’s idea materialises into a leading service, and she basks in the glory of innovation. Not wanting her product to stagnate, she wants to iterate and improve—she has to go back to the budget pot and the team that launched her initiative have been prioritised onto other things. The upgrade proposal is side-lined to the infamous business-as-usual backlog—a ‘sucker punch’ or final nail in the energy coffin.

Is it any wonder that this corporate ‘treacle’ is suffocating potential and thereby underwriting careers? If it’s this hard, why bother trying in the first place?

Let’s look at the other industries such as, automotive, electronics and even the fashion industry who all thrive on rapid product evolution based on consumer demands. They are continually adapting to stay relevant and competitive. In contrast, the insurance industry sees little product evolution unless there is a significant shift in market demand or regulatory change – and a small change to a clause doesn’t count as true product innovation.

This pattern is all too familiar to us in London. A 'once and done' philosophy prevails in insurance overlaid by the annual renewal cycle both of which stifle continuous innovation just when it's needed most. Our market is lagging as our clients evolve, and our brightest underwriting minds lose their spark battling an unyielding system, struggling for idea recognition and resources.

However, not all is gloom and doom. Many, with their passion still burning, and driven by a conviction that there’s a better way, are leaving corporate life to become MGA entrepreneurs and hundreds are at the cusp of this transition. It’s daunting, yes, especially without the corporate safety net of IT, compliance, finance and operations teams. And that’s precisely why organisations like Folio Group exist—to guide these emerging leaders by leveraging years of industry expertise to advise on strategy.

Successful entrepreneurs know that collaboration and diverse perspectives are key; they understand that no single person has all the answers. A thriving community of these trailblazers is now shaping the Insurance market, proving that when we band together, we can transform challenges into opportunities.

Folio Group are helping many of these founders ensure that they are at the forefront of technology, ignoring legacy thinking and building new customer centric solutions with agility and pace, something rarely seen within the corporate world and hugely achievable when the right mindset is applied.

If you're feeling that entrepreneurial itch and are curious about navigating the digital insurance landscape, consider reaching out to us at Folio Group. We specialise in helping innovative minds design, create, and build new ventures, offering a robust framework to support MGA founders every step of the way.