Responding to Rising Demand: Agency Portfolio Review in the North American P&C Insurance Market - Pro Global

Responding to Rising Demand: Agency Portfolio Review in the North American P&C Insurance Market

By Robert Sherman, US Head of Audit & Advisory at Pro Global

Audit
Insights

April 10, 2024

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Momentum is set to continue for the US P&C insurance market, according to Swiss Re, which predicts premium growth of 7.0% and 4.5% respectively in 2024 and 2025. At the same time, evolution continues in terms of underwriting strategies, in particular underwriting delegation. As insurers and MGAs navigate this dynamic environment, the need for comprehensive oversight of agency portfolio performance has never been more crucial.

At the same time, the traditional methods of evaluating agency performance are evolving. Beyond mere adherence to contractual and underwriting provisions, there is a growing demand for deeper insight into how individual agencies impact overall performance and loss ratios. This necessitates a shift towards tailored audit solutions that address the unique needs of each client.

Tailoring a new service

Recognizing this emerging trend, Pro Global has developed a cutting-edge Agency Management Review service tailored specifically for the US market. This innovative offering leverages our partnerships with actuarial staff to provide unparalleled insights into the performance of agency partners.

One of the key pillars of our Agency Management Review service is ensuring compliance with underwriting standards. By meticulously evaluating adherence to contractual obligations and underwriting guidelines, we help safeguard the reputation, brand, and quality standards of our clients. This not only instills confidence in stakeholders but also mitigates potential risks associated with non-compliance.

Moreover, our approach goes beyond compliance by identifying specific areas that may be affecting agency performance. Whether it’s poor loss ratios or operational inefficiencies, our team of experts conducts a thorough analysis to pinpoint areas for improvement. Armed with this actionable intelligence, our clients can make informed decisions to optimize agency performance and enhance overall profitability.

No one-size fits all approach

At the heart of this new service is our commitment to delivering accurate and actionable audit result reports. We understand that generic, one-size-fits-all solutions fall short in today’s complex insurance landscape. That’s why our Agency Management Review service is tailored to meet the specific needs and objectives of each client. Whether it’s a comprehensive assessment of agency operations or a targeted review of underwriting practices, our reports provide invaluable insights that drive tangible results.

By partnering with Pro Global for Agency Management Review, insurers and MGAs can enjoy a myriad of benefits. Firstly, they gain the confidence that their reputation, brand, and quality standards are being protected by a team of seasoned professionals. Secondly, our accurate audit result reports serve as a roadmap for enhancing agency performance and driving sustainable growth.

Matching growth with quality underwriting

As the US P&C insurance market looks set for substantial growth in the coming years, the importance of effective agency portfolio management cannot be overstated. Insurers and MGAs must proactively monitor and optimize the performance of their agency partners to capitalize on emerging opportunities and mitigate potential risks.

Pro Global has responded quickly to market demand by developing an expert new Management Review service, designed to support clients in knowing that their agency partners are meeting underwriting standards and driving sustainable growth in-line with the robust growth forecast expected for the market as a whole in the coming years.

Get in touch to find out more.

Meet our expert

Name: Robert Sherman
Job title: US Head of Audit & Advisory

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