Diary of an Insurer: NBS Underwriting’s Paul Bennett

Monday

I start my week with a catch-up with Steve Cowman, our managing director. We usually discuss our weekend golf game before diving into the week’s priorities. We review figures and address any underwriting issues that need ironing out.

Next, I head into our weekly board meeting, where we cover trading, financials, compliance, operations, and plans for new products. 

We also discuss potential acquisitions and a new partnership with one of our insurer partners. These meetings are really important to keep us moving in the right direction.

Later, I meet with an insurer to discuss enhancements to our underwriting guides. These changes aim to give us more authority to make quick decisions, ensuring we provide the best service to our brokers.

The day wraps up with a people session with our HR manager, where we discuss any changes, we need to be aware of, updates on our one-to-ones, and other HR-related issues.

Tuesday

My morning begins with a catch-up with all my underwriting managers to discuss all things underwriting. We talk about the improvements agreed upon, including a new unoccupied product for household. 

We also share feedback from positive meetings with one of our insurers regarding the renewal of the binder, as well as wording training ready for review. 

For professional indemnity, we identified areas in the underwriting guide that we can tweak to automate quotes. In commercial, we held a roundtable discussion on door staff claims, based on advice from our insurers and solicitors, which may lead to a new underwriting approach. 

I’m fortunate to work with such a talented and experienced team, and their insights are invaluable.

After the session, we look into organising a webinar with our key pub/bar/nightclub brokers to raise awareness of the door staff issues discussed. We agree it’s a good idea and approach our solicitors to organise it.

Back to the underwriting floor to catch up on emails and underwriting referrals.

Wednesday

Today is dedicated to a series of presentations for staff alongside Steve. We have grown over the past few years and now have more than 100 employees. We know how important it is to make sure that our underwriting philosophy is cascaded down to everyone, and we all work with the same approach. 

That is why I am happy to dedicate pretty much the full day to this as it’s so important. We explain the introduction of our new insurer, detailing what changes they can expect and what remains the same. We emphasise the importance of consistent communication with brokers and ensure that staff are well-prepared to answer any questions confidently.

Thursday

The day begins with our weekly HR meeting, which allows us to keep abreast of any HR issues and news. It includes updates on specific individuals, discussing what has changed and what hasn’t, and agreeing on next steps.

As part of my role, I also oversee claims. Next on the agenda is the quarterly large loss reviews for each underwriting unit to identify any trends, products that need review, or red flags. 

Keeping the underwriting team informed of these insights is essential for maintaining our high standards.

Friday

Working from home today, I focus on catching up with administration tasks. 

We’re preparing to go live with a new insurer, so I ensure everything is ready for the launch. This involves checking and tweaking documents, working with marketing on rebranding, and ensuring compliance is in order. It’s a huge project, but we’re ready to go.

A last-minute multi-six-figure opportunity for a chain of retail shops also required a hands on deck. Fortunately, our new flood mapping tool allows us to upload data and get results quickly, saving us from manually checking all 400 stores.

To end the week, I took Ian Chapman, one of our underwriting managers, out for a bite to eat to thank him for his contributions over the past five years before he leaves NBS for new opportunities.

And that wraps up a typical week for me. It’s a dynamic and challenging role, but incredibly rewarding to see our efforts translate into success for our clients and partners.