The episode of The Assignment of Benefits Podcast features Dawn Walker from AM Best discussing delegated authority, her background in risk management, and the performance assessment methodology for underwriting authorities, emphasizing transparency and innovation in the insurance sector.
💳 AM Best, with a 125-year history, focuses on providing transparency in the insurance market through credit ratings and performance assessments.
📈 AM Best introduced performance assessments for delegated underwriting authorities to enhance growth and transparency in the market.
💡 Performance assessments offer an independent opinion on a DUA’s ability to serve insurer partners, with insights for improvement using a global benchmark.
📊 AM Best’s performance assessment uses a numerical scale from PA1 to PA5, assisting in evaluating strengths and weaknesses of DUAs.
🔄 Carriers are not mandated to require performance assessments for DUAs, but the process is valuable in due diligence and beneficial for all parties involved.
🔍 Preparation for a performance assessment involves detailed information on underwriting, financials, leadership, and other key factors with support from AM Best’s checklist.
🚀 Startups can benefit from performance assessments even with a short operating history, giving them insights for improvement.
About Nicholas Lamparelli
Nick Lamparelli is a 20+ year veteran of the insurance wars. He has a unique vantage point on the insurance industry. From selling home & auto insurance, helping companies with commercial insurance, to being an underwriter with an excess & surplus lines wholesaler to catastrophe modeling Nick has wide experience in the industry. Over past 10 years, Nick has been focused on the insurance analytics of natural catastrophes and big data. Nick serves as our Chief Evangelist.
Nick Lamparelli is a 20+ year veteran of the insurance wars. He has a unique vantage point on the insurance industry. From selling home & auto insurance, helping companies with commercial insurance, to being an underwriter with an excess & surplus lines wholesaler to catastrophe modeling Nick has wide experience in the industry. Over past 10 years, Nick has been focused on the insurance analytics of natural catastrophes and big data. Nick serves as our Chief Evangelist.
