Insurance Day Article: What Should Run-off and Live Insurance Firms Learn from One Another?

This isn’t a question that I have heard asked around the insurance market, but in a time when many carriers are looking to do things a little differently, it is the perfect question to ask if you don’t want to reinvent the wheel or relearn mistakes learnt by others several times in the past. There are two traits that I think that most live underwriting firms would recognize in their run-off company colleagues. The first is their ability to manage costs and their second is their claims management ability.

There are of course many other areas that both live and run-off firms can learn from one another. I hope that this article, which you can read in full if you click on this link below to Insurance Day, acts as the catalyst for organizations who don’t compete, to come together to help improve their operational efficiencies and to help improve the market as a whole.

https://www.fifthstep.com/uploads/InsuranceDay01August2019-Page6.pdf

Darren Wray is the CEO of Fifth Step. To find out more about Fifth Step's legacy system, operational transformation and run-off insurance expertise please contact +44 (0)20 7193 1966 or by emailing info@fifthstep.com.