Dan Spragg, president of Berkley Select, recently shared insights on how distribution and underwriting in insurance are evolving. Speaking with Insurance Business TV, Spragg highlighted the growing role of artificial intelligence and the expansion of the excess and surplus (E&S) market. He also emphasized the importance of keeping strong connections with retail agents amid these changes.
Spragg pointed out that AI is starting to play a bigger part in underwriting decisions. It helps process data faster, making it easier to assess risks and offer tailored policies. This shift could lead to quicker turnaround times and more accurate pricing, benefiting both insurers and customers.
At the same time, the E&S sector is becoming a hot spot for growth. This part of the market handles unique or higher-risk insurance that standard carriers might avoid. As needs change, more businesses are turning to E&S for coverage, pushing companies like Berkley Select to adapt their strategies.
Despite advances in technology and new market opportunities, Spragg stressed that personal relationships remain key. Retail agents are still vital links between insurers and clients. Maintaining trust and open communication with these agents ensures continued success in distribution and underwriting.
The interview sheds light on the insurance industry’s shift towards a mix of innovation and traditional partnerships. It shows how companies are working to meet evolving demands while keeping the human side of business front and center.