Joseph J Vitale’s Post

Here is the first of two articles that UWX has written for Insurance Journal. Looking at the market cycle from a behavioural science perspective, rather than just in terms of capital flows. Very interested to hear your views. - Is your market softening? - Will the competition act differently this time round? - Will you act differently this time around? Swiss InsurTech Hub SBS Swiss Business School IMIA - International Engineering Insurance Association Chartered Insurance Institute

In further collaboration with Insurance Journal, Tony Buckle and I have recently published the first in another series of articles entitles "Soft Commercial Market Ahead: Prepare for Underwriter 'Herd Behavior'". This one is getting a lot of interest with some some strong reations! "This should be shared with every state legislature in the country before they change laws everytime carriers cry about profits due to claim issues. The graphic on the very first page truly tells you the insurance market life cycle which has not changed since I started in the industry way back in 1990. These 2 stages listed on the graph scream the loudest - “Underwriting for top line" and "Unprofitability of new business known but denied” reflect a large part of the "why" policyholders are currently experiencing higher premiums and policies being canceled within the homeowner market. Unprofitable growth will eventually have to be addressed in any business, especially after years of being ignored by Leadership. These two stages have absolutely nothing to due with fraud, social inflation or economic inflation, but everything to do with Leadership and decisions they made that are not ever shared with the policyholders or politicians. But claims is always the easy scapegoat as they can quickly put a number on that to show to everyone that "the sky is falling". These are the words politicians should listen to within this article - “The cycle has its own logic and is much more rooted in herd mentality—group behaviors grounded in a need to belong and be. These behaviors can and should be spotted, tracked and actively managed.” Can't wait to see what reaction the follow up article gets. If you want early access it is avilable on Carrier Management: "Underwriting Games: To Manage the Cycle Effectively, Focus on Behavior" https://lnkd.in/dUE3BFAT #UWX #CommercialInsurance #CycleManagement UWX

Plans to grow top-line next year? It is all so predictable - and recognising that fact can fuel competitive advantage. https://lnkd.in/eNRmwjit

Some insight into the industry challenges.

Gain valuable insights into our current market trends and dynamics. Don’t miss this opportunity to stay informed

Wondering what skills are needed to achieve Top of the Table? This article is for you, as long-time MDRT member Tony Gordon shares his trade secrets.

New research: the agent-customer connection. Agent for the Future™ reveals the gaps and opportunities in how agents communicate about the hard market — read the report. http://spr.ly/6048egq8C

New research: the agent-customer connection. Agent for the Future™ reveals the gaps and opportunities in how agents communicate about the hard market — read the report. http://spr.ly/6047egq87

“The world has never been so small. We can no longer ignore what’s happening on the other side of the planet. And it’s not so much that we need to be more connected — we need to be better connected.” In issue 23 of edge, Eric Malterre discusses his international perspective, what he’s hearing from our clients and partners, and his vision for the industry’s future. Read the interview here: https://bit.ly/3xCNq3j

The annual State of the Market Forum is always one of the most popular iNED events. It provides the opportunity for delegates to hear direct from speakers who are key participants in the London Market or capital providers to it. This year's event takes place on Thursday 14 November in the Old Library at Lloyd's, starting at 4pm.   After a challenging period, the Market returned to robust profitability in 2023 and maintained this in the first half of 2024. However, this improved performance brings new challenges for NEDs as they look to engage with their executive teams to deliver the desired balance between profit and growth in a more competitive market place. These judgements need to be made in the context of continued geopolitical instability and the impact of changing weather patterns on the nature and frequency of natural catastrophe losses. At the same time, in their oversight role, NEDs need to take account of regulatory expectations and the role becoming more diverse and inclusive might have in attracting talent to their organisations.   We have asked our speakers Christopher Lay, Claire McDonald and Peter Yordán to address the developments they see which will significantly impact and shape the London Market in the near to medium term. They are purposely drawn from different sectors to give delegates the benefit of views with distinct perspectives. After hearing from each speaker, there will be a panel discussion with delegates having the opportunity to ask their questions. Book Now https://lnkd.in/dFnVEhc