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Underwriting

Working together to grow faster—and smarter

 

As Matt Cliszis shared on Jerry’s Q2 employee webcast, we made a number of organizational changes across Underwriting to foster profitable growth across individual insurance products while simultaneously considering the “total account” nature of our customer relationships. Among the improvements was the creation of a Product Management team that works closely with Marketing and Underwriting colleagues to make more holistic product decisions at the state level. This is an important step forward, as it allows for a broader perspective when contemplating product and rate changes across the country.

Throughout 2017, we’ve collectively established shared strategies and goals in our top markets. This highly collaborative process will continue into 2018 to ensure the teams remain aligned over the long term.

With particular emphasis on three PCG products (see below), every move we make is done with an eye toward improving profitability and ensuring the right pricing for each risk we take on. We’ve set a Targeted Combined Ratio for each product, and everyone directly involved is responsible for meeting or exceeding these financial goals:

  • Homeowners: 94%
  • Automobile: 98%
  • Personal Excess Liability: 96%

 

How we’ll get there

The Product Team is addressing the need to improve bottom line results through a variety of changes that improve our price segmentation and competitiveness. These changes include the launch of completely redesigned products including GLM 1.0 for Home and GLM 2.5 for Auto; and product model updates including GLM Lite for Home, Core Plus for Auto, and structural changes for PEL.

Changes across specific states will be based on an evaluation of their current products and the existing growth opportunities. This strategic approach ensures that we are spending our time and resources most effectively. It also allows us to consider feedback from our distribution partners regarding areas that present meaningful new business potential.