The THiNK Blog

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What’s so funny about learning to become an Underwriter?

Aug 25, 2016 4:46:23 PM / by Nick Durie posted in Underwriting, E-Learning / Training

I will freely admit; I wrote that title before I even started writing this post. I know, that’s the opposite way of doing things, but I was really excited because I was given the opportunity to try and write a blog post that combines my work with my other passion. By day, I am an E-Learning Product Manager, responsible for ensuring the best, most successful learning experience for students of LOGiQ3’s online Underwriting Training Program. By night, I am an amateur stand-up comic, performing mostly at open mics while I hone that very difficult art, mostly in front of few audience members.

I was excited to try and draw parallels between the two - some quips about the nature of Underwriters; clever puns on the insurance industry (I hate puns); maybe even a self-deprecating take on my job.

But the truth is, there is nothing funny about learning to become an Underwriter. It’s serious work, which demands attention, focus, and energy. 

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4 Checks & Tests to Improve Reinsurance Quality

Aug 23, 2016 9:16:39 AM / by Farzaneh Mashhadian posted in Reinsurance

In my previous post I discussed two reasons why investing in reinsurance quality control processes are necessary. One, being that major decisions in the industry are made based on data and two, reinsurance is heavily dependent on historical data. Charles, my colleague also discussed this by comparing the Rio Olympic Games to the reinsurance industry.

We know why it‘s important but what can you do to ensure utmost data accuracy? What do your quality control processes look like, and how can you implement them effectively to improve your business?

As a reinsurance consultant, my day to day involves assisting both insurers and reinsurers in improving the quality of their data.  For professionals in the industry, here are four essential checks and tests you should consider incorporating into your reinsurance quality control processes.

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6 Ways to Prepare for the Insurance Industry Retirement Gap

Aug 22, 2016 4:42:06 PM / by Megan Gardner posted in Training, Reinsurance

In the coming years, the insurance industry will experience major loss of talent due to retirement. According to one study, about 25% of professionals in the industry will retire by 2018! This concern over such a large loss of talent has been looming over both the life and non-life industry but fortunately, is becoming more and more apparent. It was a hot topic at the TAI User Group we attended in May and will continue to be as the industry makes plans to prepare for a significant talent gap in the next 3-5 years.

So what can you do to prepare for this? I have 5 ideas below to help you get started:

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How these 3 Financial Underwriting Concepts Are Related to Crime Scene Investigations!

Aug 19, 2016 1:55:33 PM / by Garen Markarian

Have you ever wondered how the lead characters on crime solving TV shows (like CSI) are always able to magically solve cases in a 24-hour period? Highly unlikely right? While their timelines seem a little too good to be true, their consistent approach, which usually includes three steps, seems to work. First they assess the situation and call out the fact or crap! Then they usually do a little more investigation to get to the bottom of the mystery. And last, they uncover the truth. So how does this relate to financial underwriting? Well the three crime-solving steps are quite similar, read on to find out how!

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Data Usage in Rio Olympic Games Similar to Reinsurance

Aug 11, 2016 9:54:33 AM / by Charles Gordon posted in Reinsurance

With the 2016 Rio Olympics well underway, all eyes are on athletes from around the world. While we get to see the performance of their lives, we can sometimes forget about everything that goes into it beforehand. Training is an obvious factor that prepares athletes for the Olympics, but another key factor you may not think of is data. In fact, the Rio Olympic Games are expected to be the most data-driven games so far. Almost every aspect of the games will rely, to some extent on data capture – but what I find particularly interesting is the way it is used to help improve athletic performance and create a better user experience for the audience (you and me).

The relationship is similar to the one that reinsurance professionals have with data. Using it helps reinsurance businesses perform better, which ensures that the stakeholders involved (direct writers and the reinsurer) have a positive experience. Just as data integrity is crucial to Olympic athletes, it is absolutely critical to reinsurance business as well.

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3 Key Factors to Consider when Underwriting Structured Settlements

Aug 10, 2016 10:08:36 AM / by Jennifer Sadler posted in Underwriting

Haven't you ever wondered why some life insurance applicants receive different payment amounts from their life insurance companies and at different times throughout their lives? Depending on your experience with personal injury claims, you may or may not be familiar with  something called a "structured settlement". Understanding how personal injury claims are underwritten is an asset in the current life insurance landscape. I’m personally pretty keen on continued education and staying up to date with current industry trends, so for those less familiar, I’d love to outline some key factors to consider for underwriters working on structured settlements. Let’s start with a breakdown of what a structured settlement actually is!  

Simply put, a structured settlement is a type of annuity and a financial arrangement between a claimant and an insurer for the purpose of settling a personal injury insurance claim.

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The Project Manager & Business Analyst’s Guide to Conducting an Initial Requirements Overview

Aug 5, 2016 3:04:22 PM / by Rahul Jindal posted in Insurance, Consulting, Expert Articles

Have you ever seen the movie Titanic? Think of the scene when the ship is approaching the iceberg – at the last second they think they’ve dodged it because on the surface it’s not that big. However little do they know, what lies beneath has a significant impact on the ship (and their fate). So what does this have to do with business analysts and planning requirements? Well, in my line of work, a question that I get asked all the time is; “when can a project manager or business analyst confidently say that all the necessary requirements for a given project are complete and fully understood by everyone”?

Unfortunately, the answer isn’t always simple because while a project may seem fairly straight forward on the surface – there is a lot going on underneath to make it happen. And it can turn into a shipwreck, if the right planning is not put in place. Often times, projects have a fairly indistinct approach and thoughts of the project team are continuously evolving.

So in an attempt to answer this pivotal question, the objective of this blog post is to provide project managers and business analysts with an understanding of what lies beneath; i.e., the project’s requirements. And what better way to do this than with an easy to follow, three-question guide to getting your team on the right track?!

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Maintaining a Client Driven Culture – Why Innovation is Crucial

Jul 28, 2016 3:00:00 PM / by Miguel Ceron posted in LOGiQ3 Culture, LOGiQ3, APEXA

Developing a Client Driven Culture is something we live and breathe. After all, it is one of the 11 Maxims that drive the way we do business.

You may remember our previous post What it means to be Client Driven, where we highlighted two very important facets of a Client Driven business; one the ability to deliver on promises and two provide a high level of service to clients. Under promise and over deliver – Customer Service 101.  However, being client-driven is more than just a process or standard service – it is a frame of mind that should be present in all aspects of your business development model, to ensure ultimate client satisfaction. 

We are living in a world where consumers are highly knowledgeable and more empowered than ever – an age where information is at our fingertips and most customers have done extensive research on their purchase options well before dealing with any sales person. This has shaped what it means to have a client driven business to include more than just follow-through on commitments and providing clients with the level of service that they (rightfully) expect. Being client-driven is about anticipating the needs of your clients and honing your product or service to meet and exceed them. Being able to provide a solution to any current or future challenges, allows you to stay ahead of the curve as your industry grows and evolves around you.

So how can you stay ahead of the curve?

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Underwriting Coronary Artery Disease Cases Part II: The evidence you need to identify the disease

Jul 27, 2016 3:16:56 PM / by Karen McLeod posted in Underwriting

In part one of this series I brought you back in time to the good ol’ game of Operations to lay out the foundation of what to look for when underwriting coronary artery disease (CAD). We even made it halfway through the game! I walked you through the instructions (the ‘must-know’ list for CAD), set up the board game (looking at the bigger cardiac picture and understanding anatomy) and then we started the operating game, carefully identifying when the buzzer was most likely to go off (knowing the red flags and risk factors to look for). Now you are in full game mode AKA ready to actually identify coronary artery disease, accurately assess it and of course master cases as an underwriter. Let’s dive right in!

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Key Ingredients to a Successful Reinsurance System Upgrade or Migration

Jul 26, 2016 9:48:54 AM / by Jacqueline Barrett posted in Reinsurance

From my last blog you know that planning a reinsurance system migration is similar to hosting a dinner party. I walked you through the key stages of planning to ensure you have the resources, budget and stakeholder objectives in place to execute a migration successfully. Now it is time to go through the key ingredients that will make it all come together.

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