INDUSTRIAL INSURANCE GROUP BELGIUM

Not only do the largest insurance companies call on our expertise as authorised underwriter at Industrial Insurance Group Belgium, but many Belgian insurance brokers and lease companies also place their confidence in us.

 

Insurance policies tailored to client needs

Underwriting insurance contracts tailored to client needs is part of our daily work: as authorised underwriter, we at Industrial Insurance Group Belgium listen to the broker and the client and we also monitor developments in the market.

 

Efficient claim handling

Our claims department is the showpiece of the company. Professional and practical operations go hand in hand with experience and empathy. Our claims experts are trained in various disciplines and can help you in your language. We have an open communication culture and are in constant dialogue with the production department as well as the brokers.

 

Authorised underwriter

An authorised underwriter is an insurance intermediary who operates as agent for one or more insurance companies, has one or more mandates, with which they can underwrite risks offered to them by other insurance intermediaries, in the name of and in the account of the insurance companies they represent.

 

Position and role of the authorised underwriter

The authorised underwriter represents the ‘insurance company’ in the full sense of the word for many insurance brokers. Many of these brokers talk about visiting their ‘insurer’ while they actually mean they will talk to an authorised underwriter. This is because many authorised underwriters present themselves as an indispensable intermediary between insurers and the realm of specialised insurance markets.

There is a historical reason for this special role. It originated in the 18th century when insurers were eager to gain a share of new markets in other locations. It made sense to use their network of allied agents.

During the 19th century these agent mandates often passed from father to son; the family business had usually gained considerable specialist knowledge and expertise in niche markets.

When faced with an increasing demand for insurance, some of these agents understood the need to accumulate insurance capacity from multiple sources. This concept of co-insurance gave birth to the authorised underwriter. On the one hand, insurers who did not have expertise in certain types of risks or who were not present in certain markets could still do business in this area, without having to incur the corresponding high operating expenses. On the other hand, insured parties (via their brokers) could enjoy the mutualisation of risks, as well as insurance products created by the authorised underwriter tailored to the needs and actual risks of the client. In this sense, authorised underwriters were independent businesses who were responsible for the underwriting result of their portfolio.

These days, authorised underwriters usually operate in partnerships, whereby their independence, which is based on their focus on underwriting quality of risks and their services, is still vitally important.

The authorised underwriter is positioned between an insurance company and another insurance intermediary (usually an insurance broker):