As I reflect on this past year, and prepare for the year to come, I’m reminded of one of my favorite mantras, Don’t stop until you are proud. Despite the uncertainty our industry has experienced, from social inflation to quiet quitting, the workforce generational shift or the growing tech bubble; I’m left feeling humbled by and grateful for your unwavering trust. Thank you for providing me and my team the opportunity to do what we do. I can confidently say that the accomplishments and milestones we’ve achieved together, has made 2022 a record year that I’m incredibly proud of.
Of course, I’d be remiss not to share my appreciation with a few stats, brags, and takeaways from 2022.
YOU CAN ADAPT TO THE ROOM, OR INFLUENCE THE ROOM
We all witnessed the significant shift in focus towards profitability, and since we have a birds eye view of the industry, we had a hunch this was coming and we were ready!
Underwriting Audits, Inspection Reviews, and Policy Issuance/Validation topped our list of most requested professional services. The response to our newest offering – Renewal Underwriting, was overwhelmingly positive. The feedback we’ve received has been incredible, allowing us to improve our service overall. Based on the portfolio of each book, we learned that some clients found our Pre-Renewal services more valuable than our renewal underwriting support… surprised me too!
Bottom line: we’ll continue expanding our offerings to help you increase internal efficiencies, reduce underwriting expenses, and ultimately add meaningful value to you and your business.
SOMETIMES PROGRESS COMES NOT BY LEARNING SOMETHING NEW, BUT BY UNLEARNING SOMETHING OLD
While OIP’s reputational strength is led by premier underwriting support, our custom tech products have made their own impressive strides. I’m occasionally asked how our technology differs from all the past failed-attempts our industry has seen, and my reply is simple: it begins and ends with underwriting. Since every single person on my leadership team has spent years at an underwriting desk, our innovative tech solutions aren’t based on theory but rather frontline experience, specifically challenges and pain points. I’m beyond proud that we’re able to offer such a unique and valuable expertise and I’m determined to elevate our industry by replacing “the way we’ve always done it” with improved standardized procedures.
Only then can we properly determine if and how our tech solutions can add value.
CHANGE HAPPENS THROUGH EXAMPLE, NOT OPINION
E&S business is tough. Especially for insurtech companies who want to develop solutions that actually meet our needs. So when we debuted NT Extractor as the only data extraction tool built specifically for E&S, the initial hesitancy was expected and understood.
Then we went live with a few clients…and everything changed.
Yes, the quick wins were obvious – unparalleled speed, quality excellence and immediate cost savings. But when I think about our industry proactively managing their portfolios with real-time data from their own submissions and policies, those are the big wins that will deliver significant change and profits!
I’m loving these NT Extractor stats my Robotics Team shared with me!
- 1.3M processed pages
- 13M data points captured
- 98.91% accuracy, instantly!
- That remaining 1.09%? Validated and corrected by our amazing ‘human in the loop’ #techterms
- 40-page handwritten ACORD App in < 2 minutes
It’s hard to express just how proud I am of our Robotics team; bringing a solution of this caliber to our industry and creating real change through meaningful business conversations.
WE CAN’T BECOME WHAT WE WANT BY REMAINING WHAT WE ARE
Ten years ago, OIP’s founder and current chairwoman, Bevin Beatovic, envisioned a Knowledge Process Outsourcing company unlike any other…a company that would elevate our industry. I’m beyond grateful for the decade of coaching and mentorship I’ve received, and will continue paying that forward as I lead our 600+ employees through this next phase of our journey.
We’re all fortunate to work in a thriving industry with abundant opportunities. Understanding that your needs will evolve as your business grows, I am committed to expand our operations, attract top talent, and ensure your expectations are consistently met.
I’ll share details in an upcoming official announcement around our global expansion plans, so stay tuned!
IF THERE IS NO WAY, CREATE ONE
There is tremendous value in creative thinking; where some see rejection, I see redirection. By creatively managing our challenges, we’re likely to end up with unexpected solutions that offer much greater returns. I have no doubt that 2023 will dole out its fair share of challenges, so let’s embrace our partnership, share our strengths, and foster a creative collaboration. Why? Because… Together, we can achieve more.
Bring on the 2023 journey – and let’s not stop until we are proud!
EXTRA DRAFT COPY BELOW
- Improved turnaround times and reduced backlogs – Superstar Tasks
One of our clients was issuing quotes 10 days before the policy effective day. Shocking, right? You could never relate 🙂 With OIP’s magic, they are now 60 days out.
Our industry insures ‘otherwise uninsurable’ risks. But there are some things that never stop to amaze me, as reported by our inspection review processors.
Hey Mr. Underwriter, did you know…
- that “restaurant” we’re writing is actually a nightclub?
- this policy exceeds the aggregate cap on a Lloyds policy…
- That 1.9 mile inland risk turns out to be 0.9 miles… aaand W&H coverage is being provided.
- The 520+ inspection review backlog brought down to 40 in just two weeks!
- Quote issuance backlog of 220+ tasks fully cleared.
- A backlog of 12,000+ SL Filings cleared, preventing more than $100,000 in late penalty fees.
- Policy Verification backlog with 1,500 tasks cleared in just one month.
- Client’s pending numbers across 10+ tasks reduced by 59.29% in 3 months.