Emerging risks are always in mind for underwriters, but reinventing the wheel is rarely necessary to give brokers and insureds the new types of security they seek
Between emerging risks and written coverage is a lot of science and more than a little art. There are always new exposures that owners would like to insure. Most carriers say development is just as much a push from their underwriting and claims groups as a pull from brokers and insureds.
Innovation is more than just a what; it’s a how.
“New and improved” gets a bad rap, but incremental enhancements to existing policies are often the fastest and easiest ways to respond to evolving risks. And fast is important. “Speed to market” was a familiar phrase among development executives. Unspoken, but implied, was the importance of not letting great be the enemy of good.
Creating Coverage
The foundational pillars of developing new coverage, according to Michael Marks, VP of emerging markets and innovation at Nationwide, “are understanding the risks themselves, the partners and collaborators, and then the specific policy language…
