News & Events

Getting to Know… The Trade Credit New Business Team

Friday, April 22, 2022
 

 

Nick Dando, Senior Commercial Underwriter, New Business

How long have you worked in insurance, and how did you become an underwriter?

I’ve been in the credit insurance industry for 15 years, primarily at a monoline insurer and in the last five years at TMHCC. During my career, I’ve worked as an account manager for major businesses and as a senior new business underwriter, so covering all bases commercially. I fell into insurance after working in events and hotels for eight years. Not the usual route, perhaps, but I wouldn’t change it.

What has been the biggest change from when you first started in the industry?

Technology and the reshaping of the broker market. We’re seeing fintech disruptors and ledger management systems enter the market, as well as some of the respected names retire and new, larger broking houses emerge. Exciting times.

What are the biggest challenges/risks that your department has had to overcome in the past five years?

The Covid pandemic was perhaps the greatest threat but has actually had less of an impact than the great financial crisis of 2008/09, certainly from a claims perspective. The ramifications of this are still felt today, with much of the invention and technology developed being an antidote for the problems the sector faced at the time. The true fallout from the pandemic is just starting to show itself economically, and so this time next year, I may have a different answer.

What are your predictions for the future of the market, short term and long term?

In the short term, I think we’ll see more broker consolidation and movement in our specialist broking market. Once that settles down, I see a period of growth and a move towards technology at pace. We’ll see quicker, easier methods to distribute credit insurance and sell the product to the broad uninsured market. In a few years, we’ll see more AI and machine-learned underwriting, speeding up and tailoring products in a way we can’t quite do yet.

In your opinion, what makes TMHCC different from other insurers/why should brokers place their business with us?

We’re a totally different organisation to our competition. We value long term relationships, and we strive to be consistent in our approach. Over time, consistency drives better results and better relationships with our customers and broking partners. We don’t chase top-line growth and look to do the right thing over the most profitable thing.

 

Shane West, Senior Commercial Underwriter, New Business

How long have you worked in insurance, and how did you become an underwriter?

I’ve been working in insurance for more than 15 years, having started straight from school. Like most people, I didn’t dream of being an underwriter but fell into it and haven’t looked back since.

What has been the biggest change from when you first started in the industry?

Technology is continuously evolving, and we insurers need to continue to keep up or be left behind. When I first started working, faxes were the most popular and fastest way of sending quotes and claim forms etc. Does anyone fax anymore?

What are the biggest challenges/risks that your department has had to overcome in the past five years?

Covid would be the biggest challenge our industry has faced since the last recession. We at TMHCC have remained consistent in our approach to underwriting and are currently back to writing higher levels of cover than pre-pandemic. We’ve also seen a big change in broker teams across the market with consolidation and new brokerages being formed, together with new blood coming into the industry, which is good for continuous evolution.

What are your predictions for the future of the market, short term and long term?

Short term, we expect to see a rise in claims and, therefore, pressure on pricing and cover. Longer-term, I expect to see technology change the way the product is delivered to the market. Blockchain, data science, machine learning and modelling will form a part of this and certainly be exciting for the entire industry, not just Trade Credit.

In your opinion, what makes TMHCC different from other insurers/why should brokers place their business with us?

TMHCC has amazing people right across the business, bringing market-leading service across all sectors with our clients at the forefront of everything we do. We build long-term relationships and seek to work with our clients in an open partnership. The number of 10+ year’s client relationships we have are a testament to that approach.