2024 Underwriters of the Year | Michael Watts, Senior Commercial Lines Underwriter, Intact Insurance
Over the course of 25 years, Michael Watts has honed his deep commercial underwriting expertise and dedication to building broker relationships.
Watts started his career in 1999 as a Personal Lines Customer Service Agent, then moved into commercial lines where he rose through the ranks, eventually taking on his current role. He holds a BComm from Toronto Metropolitan University (formerly Ryerson University) and has completed his FCIP and CRM designations.
When he’s not immersed in the complexities of underwriting, Watts enjoys sports and travel, and cherishes time with family and friends — often spending weekends at the hockey rink with his son or at dance competitions with his daughter.
Watts feels honoured to be recognized by AIM Insurance, a broker member of the Canadian Broker Network, Canada’s largest network of independent brokers. “It shows that the hard work from both parties paid off.”
Q: What makes a great underwriter-broker working relationship?
“The most important aspect is open and honest communication above all.”
Q: Why did you become an underwriter, and what do you love most about your role?
“I have a degree in marketing and was looking for a job in that field. My sister told me about an insurance job that came up, and it seemed like a good start. More than two decades later, I haven’t left! I love the problem-solving that comes with underwriting.”
Q: What’s the biggest challenge for underwriters in P&C currently, and one thing they can do to overcome it?
“One of the biggest challenges is keeping up with the constant changes in our industry and the markets – including changes in technology, competition, and service standards. One of the best ways to overcome this is to continue having open and honest communication with your brokers and build solid relationships.”
Q: What’s one opportunity you think underwriters should focus more on in today’s marketplace?
“One opportunity I think underwriters can focus more on is classic communication. Things like picking up the phone to call a broker and being available to pick up when a broker calls. With all the new technology, we sometimes forget the basics.”
Q: Given the current talent shortage, what would you say to encourage people to join the industry?
“I would tell them that if they want a challenging and rewarding career, the insurance industry is the perfect fit. It may not be as glamorous as other careers, but it’s stable and offers many different career opportunities and paths for growing your career if you want to.”
Q: How do you see technology, including AI, impacting the role of underwriters in the coming years?
“Technology will undoubtedly change broker-underwriter touchpoints, as there will be less contact and fewer conversations between both sides. However, in order to keep up with people’s wants and needs, as well as maintain high standards of service, technology has to continue to evolve. We must simply find a way not to lose that human connection and communication that are so essential to our industry.”
The Canadian Broker Network Underwriter of the Year awards is a flagship program that CBN has been running on behalf of its members since 2017. The program is exclusive to CBN in partnership with Canadian Underwriter magazine. The categories allow for each of our member firms, at their option, to select one commercial lines underwriter winner as well as one personal lines underwriter winner from a primary market. The program evolved in 2021 to also allow for one commercial lines underwriter from an MGA in addition to the other two categories. The criteria includes underwriting excellence and risk knowledge; prompt and effective responsiveness back to CBN members; writing business that satisfies clients’ needs while creating a win-win for the broker and the insurer; a positive, helpful attitude; and investing time to develop trusting relationships with brokers.
Full list of 2024 Underwriters of the Year Award
