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    995 Assignment 03

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    ddcnasheed

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    995 Assignment 03

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    ddcnasheed
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    17 views2 pages

    995 Assignment 03

    Uploaded by

    ddcnasheed

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
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    995: Strategic underwriting

    Coursework – assignment 3
    Coursework submission rules and important notes
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    Please note the following information:
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    • Your answer must be submitted on the correct answer template in Arial font, size 11.
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    Copyright © 2023 The Chartered Insurance Institute. All rights reserved.


    995/2023 995: Strategic underwriting 2
    Assignment 3
    You are the Chief Underwriting Officer (CUO) for BD plc, a general insurer.
    BD plc has a commercial insurance portfolio that consists of standard commercial property and liability risks
    for all sizes of business. These insurances are distributed through brokers and schemes.
    The Board of BD plc plans to modestly grow its insurance portfolio.
    BD plc has an actuarial model that rates all of BD plc's risks, using its own historical data.
    BD plc have identified the following developments in the external insurance environment:
    • Increased competition following the hardening of insurance rates.
    • More agile distribution channels, enabling greater conversion rates.
    • Increased need for more comprehensive insurance coverage within policy wordings.
    • Usage-based models are starting to appear in commercial lines insurance products.
    • Increased reliance on technology for capturing information at proposal and renewal stages.

    As a result, BD plc is conducting a strategic review of its insurance portfolio due to the need to be more
    resilient and to crisis-proof its underwriting for the future.

    Question
    • Identify, with justification, three significant underwriting challenges for BD plc arising from the
    developments in the external insurance environment.
    • Analyse how BD plc could adapt its underwriting strategy in response to these three significant
    underwriting challenges.
    • Recommend with reasons, how BD plc should adapt to ensure modest growth of its insurance portfolio,
    whilst addressing these underwriting challenges.

    Copyright © 2023 The Chartered Insurance Institute. All rights reserved.

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