This means focusing on the basics: on combining both the art and the science of underwriting. The year of the underwriter will celebrate the importance of knowing our clients, of service excellence and building durable relationships, enhanced by investment in best-in-class data and claims analytics. By harnessing these strengths, we can better meet our clients’ needs.
This means a greater emphasis will be placed on specialist knowledge – nurturing it and championing it. We will also require even greater collaboration across AIG. We need to work together to empower our underwriters to make better decisions. We need to get closer to our customers, supported by the best data and tools combined with enhanced business processes. Our phenomenal data resources can be deployed to give unique insights into what our clients and brokers really need, and enhance the deep partnerships we have. Operational excellence will ensure we can give a more responsive service to clients and brokers. This will help us to compete for, and win, the best quality business.
We will be re-establishing our focus on the quality of our underwriting decisions. The unprecedented natural catastrophic events that took place during 2017 gave us the opportunity to demonstrate our resilience but also emphasised the need for a sensible approach to rate next year. The severity of these recent catastrophic events has forced all market participants to reassess the appropriate pricing of risk and rates are expected to rise during 2018.
Greater than expected claims emergence in recent accident years also means that we need to continue to remediate certain lines. It is our duty to ensure that AIG continues to stand strong as a solid and trusted partner to our clients the world over. We will take steps to ensure that AIG is best-positioned to flourish in the developing market to enable us to provide unparalleled support to our stakeholders in their time of need.
We have a fantastic team at AIG but we need to continue to invest in our people – both in terms of hiring additional talent to make sure we have the right people in the right places and also in terms of developing existing talent through more learning and development opportunities. Our market-leading focus on diversity and inclusion will ramp up in 2018, and enable us to continue attracting the best possible talent to join our mission.
Our underwriters can only succeed with teamwork and everyone’s support – at AIG we are all part of the underwriting team, and our focus is collaboration and excellence. The 2018 Year of the Underwriter will herald a strong emphasis on underwriting talent and expertise in finding solutions for our clients.”
Anthony Baldwin, Chief Executive Officer of AIG Europe Limited