What are the present tendencies in this system area?
“We were able to offer unique solutions on behalf of these customers and continue to meet these needs … [We are recognized] as one of the largest program administrators in public institutions, and during the pandemic we were able to introduce a brand new program that focuses on the primary approved area to supplement our excess and large account in this area, ”said Leisz.
As for market trends, Leisz said that in less than five quarters, RPS had seen premium increases across all major lines of business, including workers’ compensation.
“[As] As program administrators, we go to market with a solution and in partnership with our licensed capacities – we need to work with them to pursue our approach, ”he said. “So we have to tackle these price increases along with appetite changes, there [we and our carrier partners] recognize the impact of social inflation on nuclear judgments; As program administrators, we are not immune to this. In fact, in many cases when it is specific to our industry, we are at the forefront to address it in real time. “
With the advancement of insurance technology and data analysis, the administration area of the program can access data that was not previously available, enabling administrators to understand the impact of insurance decisions sooner and faster.
“Now we have to keep choosing the right accounts and pricing them appropriately. And we can’t do that without robust data and analysis … We’re investing heavily in that capability and we’re continuing to look beyond our production KPIs, you know, price quotes. [We’re] able to see our exposure characteristics, ”he explained.
In this phase, RPS Signature Programs continues to innovate to improve the underwriting process and the overall customer experience. The company launched an online attorney solution that enables agents to guide themselves through the underwriting process and handle account information more effectively. According to Leisz, this innovation enables agents to better understand the market and become competitive in it.
See the exclusive interview here