The Importance of Creating Relationship in the Insurance Industry – AXIS Case Study
What is the importance of creating a relationship in the insurance industry?
To say the least, responding to market needs during the pandemic has been difficult, but organizations that have invested in relationship building — both internally and internationally – have been able to boost their growth in all the right ways.
AXIS, a global leader in specialty insurance and global reinsurance, takes pride in emphasizing the importance of people and interpersonal relationships.
We think that connections are at the heart of all we do at AXIS, according to Janet Jordan-Foster, AXIS’ head of primary casualty. This mindset pervades everything we do, from how we manage our talent to the importance we take on building great relationships with our brokers and distribution partners.
Acquisition, Retention, And Cohesion of Talent in the Insurance Industry
To encourage growth and success inside the company, AXIS uses a three-pronged approach, the first of which is talent acquisition and retention. According to Jordan-Foster, as a leadership team, we foresee what areas will require the greatest help in the future, and with remote work becoming the new standard, AXIS has been able to attract top talent from around the country.
AXIS has also proven to be quite resilient, thanks to an experienced staff of underwriters, Jordan-Foster added. Over the last 18 months, we’ve been expanding our primary casualty team to ensure we have enough capacity to handle the present market conditions.
So far, they have been able to overcome all the challenges facing underwriters in the United States and in most developed countries of the world.
Attracting top talent and using virtual channels to efficiently onboard new employees has been a major priority. This proactive communication focus extends to current and long-term coworkers as well.
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The second strategy, she continued, is to ensure that the talent is cohesive and that everyone is working together.
Following the transition to a remote work model, AXIS has been diligent in facilitating engagement and communication among colleagues, ensuring that collaboration between underwriters and support teams remains strong and that there are clear channels to keep up with what’s going on within AXIS and in the market.
Proactivity is critical for retaining and growing talent. “You must know what your talent brings to the table and make sure they’re recognized as a vital element of the organization,” Jordan-Foster said.
AXIS has created internal and external chances for talent to be showcased. An ambassadorship program, for example, allows team members to interact with corporate executives, while underwriting panels and broker engagement forums help to build a skill, relationship and underline their value to the team.
A pay-for-performance mentality, according to Jordan-Foster, has also helped AXIS compete for and retain top personnel.
The final step, she explained, is broker engagement. We’ve worked hard as a firm to ensure that our distribution network is well-cared after, following all the necessary underwriting guidelines.
How to Create a Solid and Long-lasting Broker Relationship in the Insurance Industry
AXIS prioritizes broker involvement since broker connections begin before the account is opened.
“We work with brokers one-on-one to guarantee a solid communication and knowledge of each risk, as well as to ensure that we’re interacting with multiple people throughout the broker point of view,” she explained. We’ve spent the last few years focusing on distribution and what we need to do to be a top carrier in our industry.
The claims department at AXIS is very involved in the broker relationship process.
She added that their highly skilled claims professionals collaborate closely with their underwriters to ensure that information is shared between teams, that market trends are identified and addressed, and that its distribution partners have a more full picture of the risk.
“The greatest trend we’ve seen recently is that many companies are focusing on rate adequacy as the insurance industry feels the impact of social inflation, among other challenges,” Jordan-Foster noted. “We have experienced underwriters with a deep understanding of complex risks who are working with our partners to provide superior client service.”
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By employing proactive hiring strategies and fostering a collaborative environment, AXIS has been able to grow and strengthen its business, while leveraging the current market cycle. Jordan-Foster added: “Great relationships and excellent underwriting and claims services are key ingredients for strong renewal retention and new business growth in today’s casualty market.”