USG Insurance is shaking things up in the insurance industry. As one of the last fully independent players in the wholesale broker space, the company is not just using standard technology. Instead, it’s creating its own tools tailored specifically for underwriters. This move aims to enhance speed and accuracy in decision-making.
Timothy Horton, the president of USG Insurance, emphasizes that the company’s independence influences everything they do, especially in technology. Their systems are designed around underwriting knowledge rather than traditional accounting methods. This approach allows USG to respond quickly to data and make informed decisions in real time.
Horton points out that their tools help underwriters analyze information swiftly. This agility is crucial for presenting the right coverage options to meet both carrier demands and regulatory requirements. With a centralized database, all of USG’s subsidiaries can access the same information, which promotes collaboration and consistency in pricing decisions across different regions and types of insurance.
Despite advancements in automation, Horton insists that human judgment is still vital in underwriting. While technology can assist, the final decisions often require personal discussions between brokers and carriers to evaluate risks thoroughly. This balance between technology and human insight is essential for ensuring that insurance coverage is both adequate and profitable.
USG is not hesitant to embrace technology, either. The company has developed a tiered data interface that offers varying levels of visibility, integrating artificial intelligence to enhance operational efficiency. Horton mentions that they are already using AI and plan to expand its use significantly in the future.
What sets USG apart is its control over its development process. By relying on in-house talent, the company can adapt its systems when needed, free from outside vendor constraints. This flexibility extends to how its subsidiaries collaborate, allowing them to define their own revenue-sharing arrangements based on their proximity to the risks they manage.
While many insurers face challenges with isolated systems and conflicting goals, USG’s integrated model fosters transparency and teamwork. All teams work from the same set of data, which reduces friction and enhances cooperation. Horton believes this approach is reshaping how specialty underwriting is done, making adaptability a core part of their operations.
Overall, USG Insurance is setting a new standard in the industry by combining technology with human expertise, promoting collaboration, and maintaining a flexible, independent approach to underwriting.