Navigating uncertainty in the reinsurance space

Navigating uncertainty in the reinsurance space | Insurance Business Asia

Reinsurance

Navigating uncertainty in the reinsurance space

How one VP is building trust with clients

Reinsurance

By
Chris Davis

Stephanie Brewer (pictured), vice president and head of client management at Acrisure Re Fac, tackles the harsh realities of global economic volatility and catastrophic events head-on.

In an industry marked by unpredictability, Brewer emphasized the necessity of staying vigilant and adaptable to meet client needs effectively.

“Our primary focus is understanding our clients’ needs, objectives, and challenges. We craft our services to address their specific requirements rather than adopting a one-size-fits-all approach,” Brewer said.

This approach, she said, is crucial in an environment where stability is a rare commodity.

Brewer underscored the importance of regular updates and transparent communication with clients, particularly in times of capacity and pricing volatility.

“We regularly update our clients on recent developments, provide insights, and respond to any queries they have with urgency. Clear and timely communication builds trust and strengthens relationships,” she said.

Clients as partners

Viewing client relationships as partnerships, Brewer and her team collaborate closely with clients to create solutions that address their business needs. “Irrespective of premium level, we treat all clients with the best possible service levels,” she said, highlighting the firm’s commitment to continuous improvement based on client feedback.

In a sector continually buffeted by global economic volatility and catastrophic events, Brewer highlighted the need for closeness to clients and managing their expectations. “The key is staying close to our clients, managing their expectations, and providing real-time feedback on market capacity, conditions and rates,” she said.

Acrisure Re Fac engages regularly with strategic carriers and partners to monitor volatile industries and catastrophic events. “During the hurricane season, for example, we send our clients the Acrisure Re Pre-Season Hurricane outlook, which examines key variables behind the forecasts to provide context in terms of how the season might unfold,” Brewer said, indicating the firm’s proactive stance.

Acrisure Re Fac’s ability to leverage insights from colleagues across North America, Europe, and Bermuda is essential, Brewer said.

“We need to be agile, flexible, and fast with our responses, especially when it comes to complex Fac requests. We update our clients with news reports, bulletins, and internal analyses,” she said. This strategy helps Acrisure Re Fac maintain resilience in unpredictable environments, though the task is far from simple.

Brewer was candid about the fierce competition in the reinsurance market and the challenges posed by economic volatility.

“In the face of significant competition, and volatile market conditions our focus has to be on delivering results on the strength of our market relationships backed by technology and experience in structured solutions – these factors help us stand out,” she said.

Risk modeling and analytics are critical tools that enable Acrisure Re Fac to provide service, but they are not without their challenges. “We specialize in property, casualty, and marine lines of business. We don’t overpromise on services outside our expertise,” Brewer said.

Building long-term relationships and ensuring internal processes are streamlined and client-focused is another of Brewer’s priorities. Transparency and timely service delivery are critical in her approach. “I take pride in responding to enquiries and opportunities promptly and efficiently,” Brewer said, emphasizing the need for adapting internal processes to meet client needs.

Innovation critical

Innovation and continuous improvement are essential for survival and success, Brewer said.

“We constantly brainstorm with our operations department to develop innovative services that deliver fast and effective solutions,” Brewer said.

Keeping an eye on market trends and competitor strategies is also crucial. “We are a specialized Fac broker. Our goal is to be the best at what we do,” she said. By staying ahead of competitors, Acrisure Re Fac aims to be the first choice for clients seeking reinsurance opportunities.

Brewer stressed the importance of resilience in an industry fraught with challenges.

“In a rapidly changing industry, resilience and adaptability are critical. Our strategy is to help our clients by leveraging technology and giving access to our strong global network of capabilities and expertise,” she said. This approach allows Acrisure Re to provide effective service and support to clients, even in the most unpredictable environments.

“We must be prepared for the unexpected,” she said. “Our approach to risk management and client communication ensures that we can navigate these challenges effectively.”

By utilizing technology and global insights, Acrisure Re Fac aims to stay ahead of market trends and provide timely updates to clients. “Our global capabilities allows us to provide real-time information and support during crises,” Brewer said.

Looking forward, Brewer believes that the future of reinsurance will be shaped by technological advancements and a sustained focus on client relationships.

Balancing digital tools with in-person interactions, Acrisure Re Fac aims to meet the evolving needs of its clients. “We are investing in digital tools to improve the client and advisor experience, but we also understand the value of personalized advice,” Brewer said.

“Our clients have worked hard to build their businesses, and it’s our responsibility to deliver the protection they need to enable them to focus on growing their assets,” she said. “That’s a responsibility we take very seriously.”