I believe there exists two types of underwriters. First, there is the underwriter who enjoys structure by entering data into a rater and putting a check in a box in order to get a quote. This could be considered a “box underwriter,” working within a tight box with strict authorities as to what fits and does not fit. In my opinion, most of our competitors work within this type of structure.
Second, there is that underwriter who has guidelines and authorities, but has the leeway to “push the envelope”. This is a more creative role that allows one to flourish while expanding their underwriting prowess and depth of insurance. This environment allows for freethinking, creativity, and entrepreneurialism.
EIURS’ definition of the role of an underwriter is not so much a technical definition, but rather a description based on years of observation of what works most effectively. As a result, this definition serves as a plan for which the success and growth of Energy, Industrial & Utilities, LLC (EIURS) is based. There remains four distinct pillars in this definition that represent the foundation of an underwriter. In terms of priority, these pillars are fluid and often entwined, and one foundation does not come before another foundation. A successful underwriter cannot become a master in just one pillar , but must be well-rounded.
The four pillars are:
Rather than go into a detailed explanation of each, the below cycle graph best depicts the key duties in each pillar. Keep in mind, this is not an all inclusive list, but it will change based on the market cycle (hard v. soft), and therefore by whom is calling the shots (Insured, Carrier v Reinsurer). Currently, we are in a “hard” market where terms are driven by the Reinsurers.
At EIURS, we have created a unique structure in that new underwriters have been handed existing producers and a book of business. As such the more senior underwriters, mentors if you will, are tasked with the development of the younger generation of underwriters, allowing them to develop these pillars, so that we all succeed. Thereby, allowing EIURS to continue its success.
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