LOGiQ3 partners with Munich Re in Canada to deliver new initiative
Munich Re has identified a need for more underwriting training in the reinsurance industry and has partnered with LOGIQ3, a life reinsurance services company, to host a new training program in Canada.
The intensive underwriting training program covers all facets of risk selection offered by LOGiQ3 to the North American underwriting community. Munich Re sponsored the training in order to raise awareness of the training shortage and contribute to the quality of program.
The LOGiQ3 course was created because there was a perceived reduction in underwriter training across the industry due to business volumes and budget constraints. The course has taught 69 underwriters in Canada since inception, with the most recent training session including students from a reinsurer for the first time. The most recent graduates are from Munich Re and three life insurance companies.
Joan Tolan of Munich Reinsurance Canada, said their was mutual gain in the training cooperation arrangement.
“By sponsoring the LOGiQ3 underwriting training course, we develop not just talented underwriters but great working relationships with future leaders in the industry," she said.
The course, titled Taught by Underwriters for Underwriters, teaches underwriting principles such as analysing a series of facts and evaluating the risk from an insurance perspective.
Carmela Tedesco, Vice President, Underwriting at LOGiQ3, says that life underwriting training had been put on the back burner by many companies in Canada as a result of business volumes increasing, and less time or resources being made available to invest in training underwriters internally: “We are seeing seasoned senior underwriters retiring, creating a large knowledge gap in our industry which makes it difficult for management to plan for succession. Companies are now seeing the benefits of underwriting training, not only for today but for the future.
“Because underwriting training is a challenge in the industry, the LOGiQ3 program has become a career changing event to some of the individuals who attended it, as the testimonials from students at our recent graduation ceremony affirmed, when they spoke about their thoughts on the program in front of invited management from each of their companies,” she added.