Alex Sarafoglou

How did you get into underwriting? 

I entered the world of underwriting in a pretty unconventional way. After studying medicine I realized my interests lay elsewhere. I was drawn into the world of acting, where I explored different creative roles before an unexpected opportunity came my way with Lloyd's syndicate. The role was tempting, and it marked the beginning of my journey into underwriting.

Fast forward eight years, and I found myself at Sompo International in 2022. Initially, I focused on regulatory matters, diving into the intricacies of the insurance landscape.

Fast forward eight years, and I found myself at Sompo International in 2022. Initially, I focused on regulatory matters, diving into the intricacies of the insurance landscape. Over the past 18 months, I have had the privilege of leading a talented team of ten individuals. This role has been a rewarding challenge, especially within Sompo's extensive global workforce of almost 10,000.

What part of your job do you find most rewarding? 

The most rewarding aspect of my job is navigating the world of unconventional contract structures. Each day brings new, unique challenges—whether it's dealing with an unexpected clause, a non-standard coverage request, or an unusual risk assessment. 

The most rewarding aspect of my job is navigating the world of unconventional contract structures.

Dealing with various contract types and finding innovative solutions to peculiar business scenarios is where the real excitement lies. I like the opportunity to dissect complex cases, think outside the box, and devise creative solutions that meet both regulatory and business needs. It’s about flexing those creative problem-solving muscles.

What is a common misconception about underwriting? 

One common misconception I'd like to dispel about underwriting is the notion that it's simply a way to make a quick buck. In reality, our work is focused on ensuring that each decision is backed by a deep understanding of risk, customer needs, and long-term value. We strive to demonstrate the tangible benefits we bring to our customers, so underwriting is far from being a transactional or superficial process.

One common misconception I'd like to dispel about underwriting is the notion that it's simply a way to make a quick buck.

‍What is your best advice for getting started with underwriting? 

My best advice for anyone starting out in underwriting is straightforward: be the kind of person others genuinely want to work with. It’s easy to get caught up in technical details and numbers, but the true strength of a great underwriter lies in building strong relationships. Take the time to connect with colleagues, brokers, and clients—each connection helps you learn and adds a human touch to what can often feel like a numbers-driven field.

‍How do you keep up with industry trends? 

I rely on the usual suspects like Insurance Insights newsletters and Slipcase, a UK-based news aggregator that keeps me in the loop with the latest developments. Two industry events I highly recommend are the TINtech in London, excellent for networking, and Insurtech Insights London, which offers valuable insights into the industry.

‍What is your preferred work setup? 

I prefer a hybrid work setup, with two days in the office and three days at home, allowing flexibility based on the task at hand. At home, I find the quiet setting ideal for focusing on numbers and diving deep into spreadsheets, where uninterrupted time really boosts productivity. On the other hand, the office environment is perfect for collaborative tasks like creative workshops and problem-solving sessions, where in-person interactions and spontaneous discussions are invaluable.

A must-read book recommendation for anyone in the underwriting industry?  

A book that has had a major impact on me is Risk and Reward by Stephen Catlin. It delves deep into market dynamics and the evolution of Lloyd's syndicate, offering valuable perspectives on the industry. It’s a compelling read that I’d recommend to anyone looking to understand the intricacies of underwriting and risk management on a larger scale.

A book that has had a major impact on me is Risk and Reward by Stephen Catlin

What excites you most about the future of underwriting?

In the coming decade, I would be excited to see a substantial transformation in the wholesale specialty market. I envision a future where risks are exchanged and underwritten in a dynamic, electronic auction system, similar to how stocks are traded. Imagine a streamlined, real-time marketplace where risks can be subscribed to by multiple underwriters, each evaluating and competing for coverage based on precise data, transparency, and speed.

In the coming decade, I would be excited to see a substantial transformation in the wholesale specialty market.

Of course, proper regulation would be essential to ensure the integrity and fairness of such a system. With the right checks and safeguards, this approach could bring unprecedented efficiency, allowing us to allocate capacity in ways that are both more responsive to market needs and more aligned with technological advances.