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2021 US Insurance Awards: Liberty Mutual, Insurance Underwriting Team of the Year



During the early days of the covid-19 pandemic, the insurance market for health care and medical malpractice struggled to address fungal issues of coverage and exclusions in a rapidly changing market.

"At one point, a needs from our brokers and clients were just to get quotes, ”said Dennis Cook, president of IronHealth, the health department of Ironshore Insurance, a unit of Liberty Mutual Insurance Co. and the Insurance Underwriting Team of the Year in Business Insurance & # 39; s 2021 US Insurance Awards. "Then additional needs began to emerge when new supplies or types of health care services emerged."

An example of the changing market is the city of Chicago. "There were covid-only senior care facilities as well as other covid "Only establishments," he said. vaccines and worldwide delivery of these vaccines. There was also a need to support many of the frontline workers. ”

The changed circumstances led to a break in insurance coverage for some health policyholders, he said.

To address these issues, IronHealth developed a strategy to help companies in the healthcare industry respond to the coverage issues they faced.

Although many conversations were not easy, the clients appreciated having the open dialogue and trying to come up with words. with a solution that worked for everyone, "he said.

The approach that IronHealth developed was a response from the underwriting team. "We looked at exposures that presented themselves and worked to find out recommendations, or which form would best suit that type of exposure," said Mr. Cook.

The result has been favorable for customers and the company. "Our book has grown quite a lot," Mr. Cook. "Many of our competitors in that space set a moratorium on new business or decided to return from the space. We embraced it and wrote more about that business."

Overall, he added, "I am proud of the team and Liberty Mutual and how they rose, how claims continued to work with clients and lawyers, and how our healthcare brokers and clients rose. ”

FINALISTS

• Axa XL, a unit of Axa SA ̵

1; In 2020, Axa XL's team for professional responsibility quickly transitioned from a collaborative environment to a collaborative online team, at the same time The team uses a group insurance process, which it refers to as "roundtable talks".

• Crum & Forster – Crum & Forster launched their credit and structured product group in 2019, within When the covid-19 pandemic struck in March 2020, the team of senior professionals came together to offer global coverage solutions.

• QBE North America – To help SMEs respond on rapidly changing risks, QBE North America launched a policy offer based on artificial intelligence that allows brokers and insurers to tailor a program for each individual customer.

• Swiss Re Corporate Solutions – Swiss Re risk solution team launched parametric HAIL, a database-based real-time insurance product that is index-based and paid out in less than four weeks. Coverage has no deductible and virtually no mandate for how to use the funds.


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