2023 Underwriters of the Year | Amir Ali Akbarli, Senior Commercial Lines Underwriter, Economical

Amir Ali Akbarli is quick to say he chose to work in insurance rather than say he “fell into it.” He graduated from the British Columbia Institute of Technology’s General Insurance and Risk Management program and started his insurance career at RSA in 2014 as an underwriting assistant, eventually moving up to the global specialty lines division. He joined Economical in 2021, where he today continues to support his mid-market brokers in B.C. 

 “It’s a great privilege for me to be given this award, and it’s humbling. I’m grateful to the entire team at Acera,” says Ali Akbarli about the recognition by Acera Insurance, a member of the Canadian Broker Network, Canada’s largest network of independent brokers. 

Q: How has the industry evolved? 

A: “More companies are using detailed analytics and taking a methodical approach to determining appetite and how much capacity to deploy on certain classes of risks. The industry used to be known for lacking in technology and using outdated systems, but today we are well on our way to modernize how we work and assess risks using data and technology to drive business and compete against one another.” 

Q: What is the biggest challenge for underwriters, and how can the industry overcome this? 

“There are a lot of challenges in the P&C market today. The market is in a unique position — several different factors are creating what seems like a rollercoaster effect: some segments/industries have turned to a soft market and others are still in a hard market. CAT exposures are becoming more and more evident, and the reinsurance market continues to drive rates. As underwriters, we have to be able to find the right balance between all the insurance market factors, as well as economic and environmental conditions, to help our broker partners win where we can.” 

Q: What makes for a great broker-underwriter relationship? 

“Communication is key to having a successful relationship with brokers. We both have the same end goal: to find a mutual solution for all parties involved — whether that’s binding a new business/renewal file, or simply coming up with a solution for the insured. Transparency and a genuine rapport with one another goes a long way and drives long-lasting relationships in our industry. When we are able to help support on complex files — ‘Friday specials’ or last-minute requests — that’s especially appreciated and helps build stronger relationships.” 

Q: Why did you become an underwriter, and what do you love most about your role? 

“Underwriting piqued my interest from the start. I love the collaboration between departments, brokers, and colleagues. One saying that’s always stuck with me since I first started underwriting was ‘As an underwriter, you learn a little about a lot of different industries and operations’ — but the learning never stops and the knowledge always develops.”