Underwriting Health Check

Underwriting Health Check

The Nolan Underwriting Health Check is a comprehensive evaluation of every aspect of the underwriting operation. It goes well beyond the traditional audit of underwriting files to equip you with the insights you need to maximize your resources. Part of what makes our offering such a valuable tool for senior and executive management is the use of our exclusive Nolan Views — targeted analyses that focus on individual components of a healthy underwriting operation. Each Nolan View stands alone as its own category, yet they also work together to provide an objective picture of your underwriting organization, which may not be apparent internally. Core Nolan Views include:

  • Business Process Efficiency
  • Workflow Management
  • Triaging of Work
  • Loss Ratio Analysis and Trends
  • Best Practices
  • Underwriting Quality and the Audit Process
  • Customer Service
  • Technology
  • Metrics and Analytics
  • Job Roles and Performance Accountabilities
  • Authority Levels, Referral Protocols, and Manuscripting
  • Quality of Individual File Handling, Including:
    • Information and Information Pursuit
    • Exposure Identification
    • Risk Assessment/Classification
    • Selection and Pricing Decisions
    • Appropriateness of Insurance Offers (Coverages,  Limits, Deductibles, Exclusions, Loss Valuation Provisions, Etc.)

The Nolan Approach

The Nolan Company takes a collaborative approach to each engagement, working closely with your staff to gather essential input and develop a customized improvement plan. In administering the Nolan Underwriting Health Check, Nolan consultants draw upon their in-depth experience in the underwriting field to deliver expert analyses of your business processes, workflow management, service levels, and technology. They also work closely with you to review how effective these factors are in supporting your stated underwriting strategy and risk tolerance.

Key Deliverables

The Nolan Underwriting Health Check can be as targeted or comprehensive as you specify. Nolan not only brings the individual components of a healthy underwriting operation into view — we also reveal the linkages among strategy, guidelines, work processes, authority levels, people structure, training, technology, metrics, and controls to identify key drivers of performance improvement. Whatever your engagement may entail, Nolan will equip your organization with:

  • A detailed analysis that identifies challenges and opportunities
  • Recommended improvements to achieve optimal results
  • Clear prioritization of those recommendations
  • A comprehensive implementation plan

Reap the Benefits

Low interest rates and rising expenses are compelling insurance companies to approach underwriting with greater discipline and vigilance than ever before. The Nolan Underwriting Health Check provides executive management with an organizational blueprint for change and strategic planning, helping clients:

  • Assess their risk and pricing structure and adjust as needed
  • Continuously scan the underwriting environment for new trends and risk realities
  • Set clear parameters and implement rules-based protocols to resolve ambiguities and eliminate unnecessary decision-making from the underwriter’s desk
  • Actively and effectively manages individual risk selection and the overall book portfolio, achieving seamless integration between line and staff underwriters
  • Continuously monitor key metrics
  • Equip their organizations to produce profitable loss ratios year after year

Underwriting Health Check offering sheet

Case Study: Nolan’s Underwriting Health Check Provides a Roadmap for Improvement