The Cycle, Your Margin, and Just How Bad is 5% Off?-The Cycle, Your Margin, and Just How Bad is 5% Off?

Video Transcription

Video Summary

The video features a webinar titled "5% Off," hosted by the Inland Marine Underwriters Association and presented by Tony Cowie from Swiss Re. The session focuses on understanding and managing the insurance cycle, specifically in the context of underwriting marine insurance. Tony discusses the importance of maintaining profit margins and highlights how the insurance cycle can be managed profitably over time. He explains the concept of the cycle where the business swings between profitable and unprofitable periods, urging underwriters to understand their position within this cycle to ensure continual profit.<br /><br />Tony highlights the challenges posed by inflation and emphasizes the importance of risk selection and continuous communication with stakeholders to deliver value beyond just price. The session also touches on artificial intelligence in insurance, suggesting that while it may enhance certain processes, the human element remains essential. Audience questions range from managing broker expectations amid cycle changes to the potential impact of government investment in the marine industry. The session concludes with a Q&A segment, during which Alexander McGinley was recognized as the most engaged attendee, earning a $25 Amazon gift card.

Keywords

Inland Marine Underwriters Association

Tony Cowie

Swiss Re

insurance cycle

marine insurance

risk selection

artificial intelligence

stakeholder communication

profit margins