MDA Training

DEVELOPINGEFFECTIVE COMMUNICATIONSKILLS FORINSURANCE PROFESSIONALS

CO-AUTHORED BY PAUL HEWETT, DIRECTOR AT MDA TRAINING

Fromabroker’s perspective

Effective communication skills are vital to gaining a clear understanding of the risks facing an insured and in turn communicating and placing these risks with an underwriter with an appropriate rate, terms, deductible, and wordings. Active listening, asking the right questions, articulating the risks clearly, and negotiating the best solution for insureds are all about effective communication.

Fromanunderwriter’s perspective

Communication skills are key to determining the right premium for insureds. Asking the right questions and having meaningful conversations with brokers to gain all the information required to analyze the risks and price accurately is crucial. Being clear as to when to move, or not move, on that price depending on the insurance and market cycle is also an essential part of effective communication.

Fromaninsured’s perspective

Communication skills are vital. From detailed policy wordings and articulating policy coverage to potentially handling difficult conversations in a claims process - effective communication skills are a must to translate difficult yet resilient messages at times of intense stress, uncertainty, and distress.

Fromaninternal perspective

Effective communication skills are essential for all functions to work together effectively and drive business performance in the insurance industry. This includes underwriters challenging assumptions in pricing and reserving models with actuaries, claims explaining market and claims dynamics to underwriters, finance clarifying numbers and assumptions for everyone, and portfolio managers articulating planned changes and expected outcomes.