Discussing the fact that the pandemic had accelerated the trend toward greater data access, Sharon said Harbour Underwriting had invested in an underwriting programme to give “greater administrative control”.
“Having that information or data allows you to go back to individual brokers or intermediaries,” she said. “It gives us the opportunity to build relationships and be very precise about our underwriting criteria, so I think the opportunities for the utilisation of data are huge.”
Another benefit, she said, was for new starters as it enables them to get into the system more quickly. “Once you have done all that processing, you need to start integrating them into the business and developing them as people,” she said.
Sharon said it had been a challenge to find a good MGA system suitable for Harbour Underwriting’s business.
“What has happened is the utilisation of a brokerage system has basically been bastardised into an MGA system, so we are bending the provision of a broking system into an MGA system and thinking it does not make sense in an MGA environment,” she said. This, she believes, is “an odd way to do things”.
The article concluded by saying: ‘Meanwhile, Brown noted that it would be useful for client relationship systems to be integrated with underwriting systems, to create a more streamlined workflow.’