How Insurance Risk Services Strengthens Underwriting and Preserves Profitability

How Insurance Risk Services Strengthens Underwriting and Preserves Profitability
We’re currently experiencing a crowded and highly competitive market for property and casualty insurance carriers. We’ve talked about how the industry is evolving and how insurtech companies are transforming the insurance space. This increased competition is making it more challenging for carriers to reach profitability goals. However, some carriers are shifting their focus from writing more premiums to improving underwriting practices to protect profitability.
Improving Underwriting Practices Needs to Be a Priority
Of these property and casualty insurance carriers looking internally to improve underwriting practices, a noticeable trend is the increased use of reinsurance and the exit from unprofitable lines. Another key way that insurance carriers are working to preserve profitability is relying on stringent underwriting to improve risk selection. This process involves using the latest inspection technology and data to make more informed underwriting decisions.

Some insurance carriers that have already been hunkering down on underwriting practices are seeing improvement in ratios. This indicates that strengthening underwriting practices is an effective way to achieve profitability in a highly competitive market. Instead of making the quantity of properties written a priority, carriers that focus on the quality of properties will be in a stronger position in today’s environment.

How We Help You to Strengthen Underwriting and Improve Profitability
To enhance underwriting practices, you need an experienced partner that you can count on. Our team at Insurance Risk Services has been partnering with insurance carriers in the property and casualty insurance industry for more than 35 years to provide them with accurate underwriting support to make informed decisions. When you engage Insurance Risk Services to complete a residential or commercial property inspection, you can feel confident knowing that we’ll provide you with all the information you need to determine which risks are worth taking.

When conducting a residential property inspection, our team at Insurance Risk Services shares photos, provides detailed information about the property’s measurements and exterior condition, highlights potential hazards, and examines the property’s interior (including the electrical, heating, and plumbing systems). We also offer a variety of commercial inspection services including (but not limited to) habitation surveys, restaurant/bar surveys, retail/BOP surveys, contractor surveys, re-underwriting/ITV projects.

We conduct property inspections in-person, which allows us to provide our clients with thorough underwriting support. Insurance Risk Services is a service-oriented business, and our goal is to provide you with solutions tailored to your unique underwriting needs. We take pride in being responsive to your underwriting needs, which helps us to form lasting, mutually beneficial relationships.

If you’re looking for ways to preserve profitability in today’s competitive market, you need Insurance Risk Services on your side. Contact us to learn how we can help you to start making more informed decisions.