The Future of Underwriting
Timothy Galloway, Regional Head of Liability, Allianz Global Corporate & Specialty SE
The way we underwrite business needs to change or we risk being disrupted to the point of extinction. We are experiencing exponential technological growth which is changing the way we operate and run our businesses. We must adapt to these changes and understand the new exposure these bring to the underwriting process. We can’t be seen to be selling typewriter insurance to IT companies. We are facing a shrinking market with an increase in facilities and Insureds self-insuring. There is excess capacity in the market which is driving premiums down. On top of this we have the threat of disruptors who could completely challenge the way we do things and reduce business available.