{"id":4317,"date":"2026-04-24T19:34:54","date_gmt":"2026-04-24T19:34:54","guid":{"rendered":"https:\/\/www.insuracarelife.com\/blog\/managing-todays-complex-risks-insurance-business\/"},"modified":"2026-04-24T19:34:54","modified_gmt":"2026-04-24T19:34:54","slug":"managing-todays-complex-risks-insurance-business","status":"publish","type":"post","link":"https:\/\/www.insuracarelife.com\/blog\/managing-todays-complex-risks-insurance-business\/","title":{"rendered":"Managing today’s complex risks | Insurance Business"},"content":{"rendered":"
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00:11 Insurance Business TV recently attended in Scottsdale the 25th annual TMPAA<\/p>\n

00:09 annual summit. Whilst there, we caught up with leading insurance professionals to address some of the top challenges<\/p>\n

00:17 the industry is facing today. Hello, I’m here with Raymond Hannan, EVP and chief of corporate underwriting at Westfield<\/p>\n

00:26 Specialty. Raymond, we’re here at the target market conference talking about a specialty insurance and now everything is getting more complex and more niche.<\/p>\n

00:35 I wondered if you could talk about that in your organization.<\/p>\n

00:38 Absolutely. Um, Target Markets has been a great uh conference for us so far. Uh,<\/p>\n

00:44 it’s a it’s a place where we can really uh kind of meet with a lot of different programs all at once. Um,<\/p>\n

00:51 I definitely agree that the the underwriting process is getting more and more niche and uh programs is a great opportunity for a carrier to kind of<\/p>\n

00:58 take advantage of that expertise. You know, at Westfield Specialty, we uh use programs when uh there’s an underwriting<\/p>\n

01:06 expertise we don’t have or a distribution source that we don’t have or maybe even a technology that we don’t have in house. And when we think about<\/p>\n

01:13 that underwriting underwriting specialization, um that’s definitely where that play comes in.<\/p>\n

01:18 Right. Thank you. So I wondered if we could talk about um uh the insurance of partnerships and infrastructure investments are are carriers<\/p>\n

01:25 prioritizing to support these leash programs particularly when it comes to data sharing, claims handling or compliance in unique verticals.<\/p>\n

01:36 Yeah, that’s a that’s a big question. uh when it comes to the carrier side, it’s really important that we can uh work<\/p>\n

01:43 very effectively with that MGA partner who’s then working with a broker to to produce that business to us. Um we use a pretty complex model when it comes to<\/p>\n

01:52 evaluating um you know our program opportunities and one of those evaluations is the tech piece, the technology piece. So, uh, at Westfield<\/p>\n

02:01 Specialty, we have a whole onboarding process and we bring our IT team in very early, uh, to assess our potential MGA<\/p>\n

02:08 partners. Um, I do think, uh, our mission has been to try to just make it better. So, uh, better for the MGA,<\/p>\n

02:17 better for us, better for the broker producing the business, and better for the insurers. Uh, so we’re spending a lot of money currently on upgrading our<\/p>\n

02:25 ability to connect directly through APIs and other technologies. And I think that um you know overall I I think what we’re<\/p>\n

02:33 going to see in five years is very different than the market looks today.<\/p>\n

02:36 Right. Thank you. And as things are getting more complex arguably it is more of a need for broker industry of that people relationship of really<\/p>\n

02:44 understanding complexity and the amo and how technology is helping that it’s really just leveling the playing field of the complexity we’re now seeing.<\/p>\n

02:53 Yeah. Yeah, and hopefully we’re becoming more efficient, right? Uh the the the whole process, you know, bringing AI into into the mix, we’re seeing that<\/p>\n

03:01 happen at the at the underwriting level through various MGA efforts. Uh you know, particularly on the triaging and submission process. Uh the ability to<\/p>\n

03:09 take unstructured data and turn it into structured data really has been the game changer in the AI market.<\/p>\n

03:15 Thank you, Raymond. Thank you for speaking with me. Thank you.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

00:11 Insurance Business TV recently attended in Scottsdale the 25th annual TMPAA 00:09 annual summit. Whilst there, we caught up with leading insurance professionals to address some of the top challenges 00:17 the industry is facing today. Hello, I’m here with Raymond Hannan, EVP and chief of corporate underwriting at Westfield 00:26 Specialty. Raymond, we’re […]<\/p>\n","protected":false},"author":1,"featured_media":4318,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[277,3075,11,1026,283,3074],"class_list":["post-4317","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","tag-business","tag-complex","tag-insurance","tag-managing","tag-risks","tag-todays"],"_links":{"self":[{"href":"https:\/\/www.insuracarelife.com\/blog\/wp-json\/wp\/v2\/posts\/4317","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.insuracarelife.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.insuracarelife.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.insuracarelife.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.insuracarelife.com\/blog\/wp-json\/wp\/v2\/comments?post=4317"}],"version-history":[{"count":0,"href":"https:\/\/www.insuracarelife.com\/blog\/wp-json\/wp\/v2\/posts\/4317\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.insuracarelife.com\/blog\/wp-json\/wp\/v2\/media\/4318"}],"wp:attachment":[{"href":"https:\/\/www.insuracarelife.com\/blog\/wp-json\/wp\/v2\/media?parent=4317"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.insuracarelife.com\/blog\/wp-json\/wp\/v2\/categories?post=4317"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.insuracarelife.com\/blog\/wp-json\/wp\/v2\/tags?post=4317"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}