SECTOR BRIEFING | UNDERWRITING RISK
Underwriting a new era of insurance Fiercely independent and fiercely loyal to clients, High Street Underwriting Agency has established itself as a notable force in Australia’s insurance industry
FOR BLAIR WHITTLE, COO at High Street Underwriting Agency, risk is an omnipresent part of doing business in insurance. In an era when many companies are struggling to obtain coverage and many carriers are operating with reduced capacity, being able to offer coverage for those that don’t necessarily fit the traditional mould is something Whittle sees as particularly crucial. “From a broker perspective, I think our most important capability is offering customised solutions for risks that don’t necessarily fit in a neat box,” he says. “Obviously COVID-19 has had an impact, but there are other market factors at play too. But I think that just means that as underwriters, we’ve got to be more creative about how we approach these issues. What can you cover? Is it something that can be split under multiple policies? Is it a gap in the market where it might be valuable to create a product?” The onus, Whittle says, is on underwriters and brokers to work together to meet the client’s needs as best they can. In practical terms, he explains, High Street Underwriting has an in-house IT system that can quote and bind risks automatically, helping speed up
the process immensely. But he’s also quick to point out that the human element of insurance is crucial. “There’s no question technology has sped up insurance immensely – it’s traditionally been such a manual process of collecting and sending documents,” Whittle says. “But you can’t forget that human element. There’s a lot of value to having those one-to-one conversations.” Andrew Martin, chief technology officer at High Street Underwriting, agrees. “I think the big advantage for us in having our own in-house systems has been that we can be flexible,” he says. “The industry as a whole runs a bit behind where tech really should be, so by being early adopters, we don’t just benefit ourselves – we’re also able to help brokers and their clients to adapt more effectively too.”
Key lessons from 2020 Whittle is philosophical about the challenges that 2020 put forward for the insurance industry. Nowhere was fully immune from the effects of COVID-19, and delays in the processing chain were almost inevitable, he notes.
“I think it was definitely a useful tool for improving everyone’s patience,” he says. “It also really forced us to think about some of our processes and the ways we engage with clients. With everything having to be done online rather than face-to-face, we had to pivot pretty quickly.” Today, Whittle says he’s glad to be back in the office, surrounded by familiar faces. “I think we’re all grateful for the increased in-person interaction. That was something we all really took for granted before. But we definitely feel more confident in offering flexible work hours and work-from-home arrangements. There are lots of advantages to the traditional office setting, but I think
6 | Special Edition Underwriters Guide
06-09 Sector Briefing - HSUA-SUBBED.indd 6
16/04/2021 9:39:03 am
