Liu, Victor’s Post

With much better software, and more and more title agents adopting a fragmented process (pre-closing, post-closing etc.), one downside is that it can be much harder to learn the nuts and bolts of title and title insurance. You can master your little piece of the process, but you will always struggle on some level if you don’t understand the bigger picture, even if it’s not “your job”. I know this, because I lived that way for years working with the underwriters on commercial deals. One of my favorite parts of my job as a Title Rep is helping newer real estate attorneys and paralegals really understand the WHY. There’s just nothing like that look on their face when everything clicks and starts making sense. #bostonattorney #titlerep #realestatelaw #titleinsurance FNF Family of Companies - Massachusetts Agency

Back to 1948 : The Underwriting Room at Lloyd's of London in November 1948 was a bustling and vibrant place. It was the heart of the insurance market, where syndicates of underwriters would gather to assess and accept risks on various policies. During that time, the Underwriting Room was a physical space filled with rows of wooden desks, each representing a different syndicate or individual underwriter. These desks were known as "boxes" and were adorned with signs displaying the names of the underwriters or syndicates. Underwriters would sit at their boxes, surrounded by stacks of paperwork and the famous Lutine bell, ready to evaluate insurance proposals. Potential clients would approach the underwriters, presenting their risk details and seeking coverage for their assets or ventures. Negotiations would take place, with underwriters carefully considering the risks involved and determining the appropriate premiums. Deals were often struck through face-to-face interactions and sealed with a handshake. The scene in the Underwriting Room was one of intense activity, with the constant buzz of conversations, the sound of typewriters, and the occasional ringing of the Lutine bell. It was a place where relationships were built, and trust was established between insurers and policyholders. While the physical appearance and processes of the Underwriting Room have evolved over time, it still remains a vital part of the Lloyd's market, albeit with advancements in technology and a more modernized environment #LloydsOfLondon #UnderwritingRoom #InsuranceHistory #Syndicates #Underwriters #RiskAssessment #Premiums #LutineBell #InsuranceDeals #FaceToFaceNegotiations #InsuranceMarketplace #insuranceindustry

As a real estate professional, understanding the title insurance underwriting process is essential. The right title company partner can help boost your bottom line and ensure customer loyalty. The primary goal of title insurance underwriting is to identify and address any clouds that could affect the property’s ownership rights, such as liens, unpaid taxes, unknown heirs, and attempted fraud. Ensure a seamless transaction for your most valuable clients — learn how in our latest blog post: https://lnkd.in/emjFiq4v #Chicagoland #Wisconsin #Chicagorealestate #Wisconsinrealestate #underwriting #titleinsurance #realestatepros #brokers #attorneys #clients #fraudprevention

One of my title agent friends recently shared that he had outsourced most, if not all, of his #titleproduction to his underwriter, which is uncommon in New Jersey. I was surprised because I know his title agency focuses on complex commercial transactions and because I know him to be a more traditional and conservative title agent. Although it may take some time for us to get comfortable with ceding control over our agency's title production, I've spent some time thinking about the pros and cons of outsourcing title production to the underwriters. PROS: - Examination and production becomes a COG, rather than an overhead cost. Especially during the down market of the past couple of years, this can make a big difference in profitability. - Product is backed by underwriter, mitigating the agent's risk. - There have been times when one of my readers has gone on vacation, or left the company, leaving me with a lack of capacity. Having a solution for these types of situations can help alleviate overwhelming the team. CONS: - I've noticed that a lot of the commitments prepared by underwriters (we rely on them in Pennsylvania) have a lot of redundant or extraneous requirements/exceptions. It's clear that, since these commitments are prepared by underwriters, they often feel the need to include more to mitigate their own risk. On my end - we end up spending the first 10 minutes omitting all the junk items on the commitment. - Lack of control over quality, turn times, and "the way we like things done". - No face behind the product - we frequently have questions, and it is helpful to know who read the file to ask them clarifying questions. This interaction is much harder when there is no direct channel between the reader and the title officer. I would love to hear the thoughts of any NJ title agents who use underwriter production or have tried it.

I fully admit that I am not the most experienced underwriter in the world, but I have been doing this for 10 years, and I have seen some things change in the industry. I think I might do a few posts over the coming days about some of these changes. This first one makes be a little bit nervous. When I started underwriting, I received email requests for coverage forms ALL THE TIME. It bordered on annoying if I'm being honest, but I knew it was important because people wanted to know what they were buying. I learned very quickly that I needed to make folders by carrier on my desktop so that I could have all of the various forms at my fingertips. I don't nearly use those folders as much as I used to, and that makes me nervous. It is true that many carriers have made the decision to hyperlink the forms on their quotes. That is obviously helpful and would remove the need for me to supply them. It is also true that some carriers include complete specimen policies, so that is also helpful. They have not all made these improvements, though. It still makes me nervous that I don't get nearly as many requests as I used to. I hope I am wrong, and please comment if I am. I'm willing to acknowledge if I'm wrong. Please review your coverage forms and exclusions with the insured. I know there are tons of you who do it the right way, and I still do get some requests for sure. I don't want to condemn everyone by any means or be overly critical. However, I do write this as a cautionary tale as a trend I have observed. These requests are absolutely less frequent than they used to be. Some policies have the right price until you look under the hood and realize it is a piece of paper with some words on it and not much more. If you ever want a form from me on one of my accounts, please ask. Yeah, I will probably regret posting this when you blow up my email next week, looking for coverage forms. However, it is an important part of selling a policy to the insured, and I will be happy to support you in that as we try to bind business together.

I have recently embarked on a new career path as a field underwriter for several A-rated insurance carriers ! This decision is one that I have made with careful consideration and a deep desire to help others achieve financial security and peace of mind. My goal is to provide each and every one of you with full financial protection, ensuring that you are prepared for whatever life may throw your way #Fieldunderwriter #FinancialServices #smartinvestmentstrategies #comprehensiveinsurancecoverage #personalizedfinancialplanning

Ever heard of the underwriting process? Oh how it has changed over the last 15 years! Here's a peek into what it looks like: A client comes to us with a new risk. We have to: → Google the house and find out its features → Confirm security features (alarms, gate, video surveillance, 24 hour patrol etc)  → Determine the roof type, foundation and construction → Determine square footage Once we gather all this info, the team: → Puts it into an application. → Sends it to various markets. Each market then: → Runs location checks and fire scores.  → Decides whether to approve or decline the application. Approval means they will write the home and provide a quote. Decline means it doesn’t fit their underwriting guidelines. But that's not all… They might come back with more questions about the house. → The owner, high profile, liability, lawsuits, online exposures etc and more. We answer these questions. Then they either provide a quote or they don’t. This process used to take 24-48 hours. Now, it can take a week - sometimes longer. It's slow and complicated… Not to mention frustrating. Every step is reviewed by physical underwriters. Want to learn more about insurance? Follow me at Olya and let’s connect! #insurance #underwriting #fire

“When underwriters are weighed down with manual tasks, it rubs off on how they interact with their brokers and impacts their ability to build relationships.” – Jeff Jamison, ARM, President, Wichita Market at IMA, Inc. Read the article for more insights on how insurers can improve the broker experience. 👇 👀 #underwriting #underwriters #insurance #insurtech

Recruiting should not be about attracting the RIGHT fit. Proper recruiting and talent acquisition is not selling the candidate, it's about knowing your product (your company in and out) and knowing who will tolerate the conditions. This is why HR should be integrated and knowledgeable of the business and technical aspects of the work, not just HR management, which honestly is not that hard. The ultimate decision should be swayed by manager's perceptions of a good fit, not criteria or targets HR is trying to hit for their sake. It is about improving teams and performance and synergies not about HR metrics. Construction and Insurance have heavy limitations, whereas hospitality is cognisant of the importance of a candidate's personal skills and how they communicate.

As we approach a peak period for claims, I wanted to highlight an article I authored which is highly relevant for enhancing the skills of our claims teams and encouraging a look beyond mere metrics.Thank you PropertyCasualty360 and Steve Hallo for their support in publishing my article. "Knowing where your adjusters are spending their time is crucial to increasing effectiveness. Not only that, you’ll be able to understand if adjusters are following company procedures and protocols effectively, and in turn, giving insureds great service. Are they prioritizing the right tasks at the right time? Do they return a voicemail first or respond to an inquiry via email? Do they prioritize issuing payments or thoroughly reviewing estimates for accuracy?.." Full article link is in the comments. #insurance #business #claims