Kelly Davis

‍Could you share a bit about your career journey and your experience with underwriting?

‍‍‍My underwriting journey began after I left the banking industry and joined an insurance brokerage firm. At that time, I was licensed in life and health, a requirement to meet with the president's clients in New York State. This license was necessary to discuss various topics. From there, I transitioned into internal underwriting, focusing on pre-qualifying candidates for their products, starting with LTC and DI before delving deeply into life insurance. I later moved to a direct carrier, initially joining as a trainee to grasp the carrier-side impact. Afterward, I transitioned to FAC underwriting at a reinsurer, where I spent over five years.

‍‍‍My underwriting journey began after I left the banking industry and joined an insurance brokerage firm.

Eventually, an internal position opened in their automated rules engine, prompting my move to focus on technical underwriting and team management. I led a team responsible for client solutions, which led me to my current role at EXL. Here, I oversee new business and underwriting innovation on our life platform.

Given your focus on underwriting innovation, how do you define or identify opportunities for innovation?

In order to drive innovation for our clients, I try to listen attentively to all our carriers' pain points and seek solutions to address them. For example, if a carrier aims to enhance their Straight-Through Processing (STP) rates, I thoroughly assess their current processes and decision-making data.

In order to drive innovation for our clients, I try to listen attentively to all our carriers' pain points and seek solutions to address them.

Subsequently, I offer recommendations and showcase how our ecosystem, leveraging real-time data, can optimize STP. It's essential that all suggestions align with their risk tolerance. 

What aspect of your job do you find most fulfilling?

I genuinely get satisfaction from finding solutions for our carriers to assist them in achieving their goals. As previously mentioned, this entails scrutinizing their processes and improving their customer experience, thereby boosting STP and placement rates and ensuring a comprehensive end-to-end solution.

I genuinely get satisfaction from finding solutions for our carriers to assist them in achieving their goals.

It's a win-win scenario; not only does it benefit the carrier, but it also fulfills the needs of the insured individuals by providing coverage. Given the severe underinsurance in the United States, it's imperative to explore avenues to extend coverage while aligning with the carrier's objectives and enhancing their offerings. 

Can you recall a career highlight or a decision you're especially proud of?

I can recall two significant achievements that I'm proud of.

Firstly, obtaining my FLMI designation felt like preparing for a medical exam. It was quite intense; you could only take one exam a year, and the minimum time to complete it was five years, which I achieved. It required a lot of self-study time outside of work hours, given my usual production schedule, but I'm thrilled that I accomplished it.

Secondly, there was a pivotal moment in my career when we had a client launching a brand new product. It involved navigating numerous nuances and ensuring the rules engine could accommodate all their requirements. Despite months of meticulous work, we successfully launched on their initial go-live date, which was incredibly satisfying.

What’s your best piece of advice for those who are just starting out or are considering entering the underwriting industry? 

For new people in the industry I would like to highlight the importance of being open-minded. It’s crucial to explore all avenues, ensuring a thorough understanding of the client's ultimate needs. It's about considering every option without judgment, recognizing that each piece contributes to the broader picture.

For new people in the industry I would like to highlight the importance of being open-minded.

What are some skills that you would say are important for succeeding as an underwriter?

You need to approach each scenario holistically and consider the potential impact of any data changes. Engage in various aspects of the entire life insurance policy cycle, from point of sale to claims. Recognize the valuable insights that claims data offers for underwriting. By volunteering for projects and immersing yourself in different dimensions, remember that it's not just individual components but the collective whole that shapes the risk story.

Engage in various aspects of the entire life insurance policy cycle, from point of sale to claims.

Besides, always aim to venture into the unknown, explore new types of data and data sources before making a decision. With numerous emerging technologies and data sources available—including non-disclosure models, algorithmic engines, voice recognition, facial analysis, and predictive AI—it's essential to select areas of interest and deepen your knowledge to become a subject matter expert.

How do you stay informed about industry trends?

I actively stay informed by reading newsletters from industry analysts, attending various conferences—both industry-wide events and our own Life Pro user conference for EXL users—engaging with publications and webinars, and exchanging insights with peers. I gain a lot of great insights by just chatting with my colleagues on a daily basis. 

Can you recommend a book that has been influential in your career or one that you simply enjoy?

I highly recommend reading Who Moved My Cheese by Spencer Johnson. It prompts reflection on various aspects within a corporate setting, particularly regarding adaptability to change. Given the constant changes in underwriting, the book's insights are relevant for anyone in the field.  

Are there any changes you hope to see in the underwriting industry over the next ten years?

In the next few years, I hope to see more uniform regulations across all geographic locations, particularly concerning the types of data. Currently, navigating regulations can be complex, with variations between states in the US and nearby countries like Canada. Uniform regulations would facilitate smoother operations and reduce the challenges of managing bias and differing rule sets. Having a single governing body overseeing regulations would streamline processes and ensure consistency.

In the next few years, I hope to see more uniform regulations across all geographic locations, particularly concerning the types of data.