E46: Mike Creamer On Winning Over Your Underwriters

In this episode of Agency Freedom Podcast, James talks with Mike Creamer. Mike is an Executive Underwriter and the 2021 winner of the Small Business Underwriter of the Year award from Chubb.

Episode Highlights:

• Mike shares his journey to becoming the Small Business Underwriter of Chubb. (9:25)
• Mike elaborates on the practice of underwriting, how they analyze business, and what constitutes good judgement in terms of underwriting. (14:58)
• Mike explains some unique traits that he would consider using to determine if an account is a great one. (22:48)
• Mike shares that the “Internet of Things” is one of the current trends that may have a positive or negative impact on the industry. (27:18)
• Mike explains how underwriters and commercial insurance as a whole have been affected by COVID. (29:55)
• Mike shares that not having a correct understanding of what your prospect should be insured with is one thing he sees as a common mistake of retail agents. (32:02)
• Mike discusses a couple of points about how the relationship between a great agent and an underwriter should be. (37:30)
• Mike shares that wholesalers are one of the classes of business that most underwriters would like to write for. (40:07)
• Mike mentions that one of the things he likes about working at Chubbs is that it is one of the largest pollution writers and defence-based writers. (49:57)

Key Quotes:

• "This is a fiercely competitive business. We're all out there both, you know, competing against our peers, but also, we're invested in success." - Mike Creamer
• "The partnership is only as good and as open as the partners are. And, you know, we're all here to do the same thing, ultimately is to hopefully toss a couple of extra nickels in the bucket at the end of the day and have that effort pay off." - Mike Creamer
• "The only surefire way as an underwriter to never pay a claim is to never write any business. You have to find that line of, how likely is my bad day to come? And, when my bad day comes on this account, how many zeros are on that check?" - Mike Creamer

Resources Mentioned:

Learn more about Chubb Insurance here: https://www.chubb.com/us-en/business-insurance/small-commercial.html

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