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- Title
Underwriting Prudence - A Winning Strategy.
- Authors
Garde, M. D.
- Abstract
Underwriting, which helps to achieve profits if applied professionally, is an importantfunction of an insurance company and can cover maximum risk at minimum premium. It should require more focus from the top management and top management should notfall prey to unhealthy competition. Underwriters must use data analytics, big data, risk based approach, right reinsurance support risk inspection and assessment methods, quote reasonable and adequate premium rates. This article attempts to come out with a winning strategy for insurance companies by using underwriting in such a way that customer's needs are fulfilled, sustained profitability is achieved, costs are reduced, claim ratios are brought down, frauds are prevented and minimised. The qualities of underwriters are described as also the expectations of customers of the 21st society. 'Blue Ocean Strategy' means being competitive through new regions, new products and new customers. In brief underwriters, should have customer facing skills. A balanced approach between top line and bottom line growth should be followed. Balanced portfolio will help extensively.
- Subjects
INSURANCE premiums; INSURANCE companies; ECONOMIC competition; PORTFOLIO management (Investments); INSURANCE claims; CORRUPTION
- Publication
BimaQuest: The Journal of Insurance & Management, 2017, Vol 17, Issue 1, p52
- ISSN
0974-0791
- Publication type
Article