‘Regulations are always evolving, it’s important for us to help our partners adapt quickly’
‘Regulations are always evolving, it’s important for us to help our partners adapt quickly’ | Insurance Business New Zealand
Reinsurance
‘Regulations are always evolving, it’s important for us to help our partners adapt quickly’
Greg Poorvin, AVP at FM Boiler Re, on the rise of tech in meeting client expectations
Reinsurance
By
Chris Davis
Greg Poorvin (pictured), AVP and senior reinsurance territory manager at FM Boiler Re, has navigated significant shifts in the reinsurance landscape. Transitioning from the direct side of casualty insurance to a niche-driven reinsurance role, Poorvin revealed to Re-IB the importance of understanding and adapting to ongoing challenges.
“We need to be in touch with our partner companies, asking them what’s happening in their world and how we can support them,” he explained. “Sometimes it involves taking a closer look at price, other times it’s about what we can do from a coverage standpoint.”
This adaptability extends to identifying opportunities within the reinsurance market, particularly in the alternative market space, including Excess and Surplus (E&S) lines and program business.
“We see significant opportunities in the alternative market,” Poorvin added. New capacity is entering this segment, with Managing General Agents (MGAs) and hybrid carriers becoming increasingly relevant. “We’ve been pretty successful in this space, thanks to our flexibility and understanding of how these hybrids operate.”
At FM Boiler Re, industry events play a vital role in both building and maintaining relationships – something which is also key to the firm’s overarching strategy of always pursuing new opportunities.
“Persistence pays off,” said Poorvin. “Sometimes it takes two, three, or four conferences to build trust and open up business opportunities.”
Claims handling and customer experience are critical differentiators in the niche market of equipment breakdown reinsurance. With only a few competitors, FM Boiler Re distinguishes itself through exceptional service. And it’s Poorvin’s background in claims that gives him a unique perspective and advantage.
“My claims background helps me understand how it works,” he explained. “We adapt to the client’s existing processes rather than imposing a one-size-fits-all solution.”
Trends in technology and regulatory changes continue to shape the reinsurance industry. Poorvin identifies weather as a significant factor affecting the property side of the market. Leveraging the resources of its parent company, FM Boiler Re focuses on resilience and loss prevention.
“We believe that resilience is key,” Poorvin added, highlighting the importance of helping partners become more resilient to challenging weather and climate change.
Supply chain issues have introduced new layers of complexity to the reinsurance market. Poorvin explained that the disruptions have a cascading effect on the entire risk management process.
“Any operation that’s absorbing risk is being affected by all the supply chain issues that we dealt with and continue to deal with,” he said.
Looking ahead at broader industry trends, Poorvin noted the increasing importance of technology and data analytics – tools that allow for more accurate risk assessments and better decision-making.
“We are constantly looking for ways to incorporate new technology into our processes,” he told Re-IB. “Regulations are always evolving, and it’s important for us to help our partners adapt quickly.”
As the industry continues to evolve, the role of partnerships and collaborations becomes even more significant. As Poorvin explained, the value of strategic alliances in navigating the complexities of the reinsurance market really can’t be overstated right now.
“Building strong relationships with our partners is essential,” he concluded.
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