Alex Fitzpatrick

Can you tell us about your career journey and how you entered the underwriting field?

I graduated in 2009 from QMUL, studying Geography, then went on to complete a master's in International Development. My plan at the time was to work in that field, so I got an internship in the charity sector for nine months. After that, I realized it wasn’t a good fit for me.

In my first insurance job, I was responsible for writing monthly hundred-page reports on different insurance segments like Motor, Pet, and Marine.

Moving along, I decided to apply to jobs that involved analysis – something I loved doing in Geography – and ended up in the insurance industry. In my first insurance job, I was responsible for writing monthly hundred-page reports on different insurance segments like Motor, Pet, and Marine. It was challenging and part of it included calling up underwriters and brokers and asking their thoughts on their sector. 

That’s when I noticed that I liked the underwriting field, which led me to a job with QBE Insurance on the operations side. It was fantastic! I’m still in touch with people who I worked with fourteen years ago. I was on the operations data side and saw how the underwriters operate – that excited me even more about the field!

From there, I moved to Starr Companies as an Underwriting Assistant, which is an entry-level role in insurance. After that, I joined Novae (a syndicate at the time) on the US Casualty side, where I worked for two and a half years as an Assistant Underwriter. Now, I’ve been with Apollo for six and a half years.

What does a typical workday look like for you?

A typical day starts with a market meeting, then I might have a meeting with clients, brokers, or a risk manager. For example, today I’m analyzing a transit sector risk that’s new to the London market, so I’ll spend some time doing pricing and exposure analysis. Two or three times a week,  I go to Lloyd’s – it’s a great place to go for risk discussions. I also have client dinners once a week, which is a great way to meet the client properly – and, of course, try out some lovely restaurants!

The in-person time with clients is super important because we spend a lot of time asking difficult questions and negotiating. It’s vital to balance those moments with some time to talk about life in general.

The in-person time with clients is super important because we spend a lot of time asking difficult questions and negotiating. It’s vital to balance those moments with some time to talk about life in general. Negotiations have a bit of necessary friction – if they don’t exist, the broker or I, aren’t doing our job properly. We always come to a happy landing ultimately. Socializing afterward helps to reset and reminds everyone that it’s just part of the process.

What is one thing about your job that might surprise people?

You don’t need to be particularly numerate to be an underwriter. People always think insurance is all about numbers – and it's not really the case – as long as you understand the shape of the data and ask the right questions, you’ll be absolutely fine. Having a logical process helps quite a lot. 

What skills do you think are essential for success in casualty underwriting?

I think there are three essential skills for an underwriter, not necessarily in equal proportions. First, an appreciation of numbers, again, not necessarily numeric. Second, to be skilled with wording and analysis because you need to understand what you’re underwriting and how it applies to the policy and risks. Lastly, strong negotiation and relationship-building skills are crucial.

Having a service mindset is also essential because we’re ultimately in a service industry, providing solutions to clients.

Not everyone is equally good at all three, and that’s okay. Some people are very good risk analysts, but struggle with negotiations, while others might excel at relationship-building. A balance of all of those three things is essential. Having a service mindset is also essential because we’re ultimately in a service industry, providing solutions to clients.

How has the underwriting role evolved in recent years?

When I joined in 2012, everything was still heavily reliant on spreadsheets. Some people still track information on spreadsheets, but it slows things down. If you’re continuously having to look up a spreadsheet and which one is the most recent one you’re putting yourself on the back foot with speed and accuracy. 

When I joined in 2012, everything was still heavily reliant on spreadsheets. Some people still track information on spreadsheets, but it slows things down.

We’ve moved from Excel and now we’re on to a Python-based web program and we’re starting to see what AI can do for us. Even though I believe that there will always be underwriters, I want to make sure that I’m an underwriter who understands the data, if and when, how AI applies, and how it will be used for my line of business.

What aspect of your job do you find the most fulfilling?

I love solving problems. I mentioned earlier a piece of business that didn’t exist in London before, and it didn’t really exist in the U.S. either. It doesn’t fit into anyone else’s pricing models, but I’ve done one piece of business like it before. It’s small, fiddly, and complex because there are so many exposures to consider, at the same time, there’s protection from those exposures via different indemnity agreements.

I get to look through all of that and hopefully structure something for the client. That’s the most exciting part - solving problems that others bring to me.

That’s the most exciting part - solving problems that others bring to me.

What’s your best piece of advice for those starting out or thinking about getting into underwriting?

Be conscientious. It’s very easy to want to say “yes” to brokers, but if you say yes to everything that’s put on your plate, that’s not really underwriting – real underwriting is about risk selection, structuring, and pricing your risks in a way that’s sustainable.

Real underwriting is about risk selection, structuring, and pricing your risks in a way that’s sustainable

How do you stay informed about industry trends?

I’m a big fan of The Voices of Insurance podcast. I like to listen to it on my way to or from work. LinkedIn is also a great tool for staying informed. In terms of more sector-specific news,  I keep up through daily conversations with colleagues, clients, and even claims—lawsuits and settlements are often where you learn the most.

But for the broader insurance market, Voices of the Insurance is the best – I love it!

Can you recommend a book that has been influential in your career?

There are three books I would recommend. First, From New Recruit to High Flyer by Hugh Karseras, which was written in 2008. It’s about how to navigate when you first come into a company – things like how to structure an email, and how to network on a junior level. How do you demonstrate that you’re conscientious for example? It’s absolutely fantastic.

I’m currently reading Underwriters of the United States: How Insurance Shaped the American Founding, which explores how insurers in the U.S. reacted after losing Lloyd’s during American independence and how they built the domestic insurance industry. 

Another great read is Ultimate Risk by Adam Raphael. It’s the story of when Lloyd’s almost went bankrupt and how U.S Casualty was a contributing factor. It’s a good memento mori to what I’m doing and how I need to be paying attention!

What changes would you like to see in the underwriting industry over the next five to ten years?

I think underwriters need to have greater ownership over their data, not just risk data. If we aren’t in control of our own data,  we’ll end up losing our position as the ones who accept and manage risk to data scientists and actuaries. If underwriters can’t communicate in data, they’ll become more like figureheads, just stamping approvals without real understanding. It’s essential that underwriters speak the language of data – knowing how it’s useful and how it applies to specific risks and wordings.

I think that will be the most important thing in the next five years, if you don’t want to be kept in the dark by AI or algorithmic underwriting – you’ll just sort of lose relevance. To keep relevance you need to have a data mindset.
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I think underwriters need to have greater ownership over their data, not just risk data.