2020 was certainly one heck of a year around the world. As heard from contacts around the insurance industry and in year-end news recaps, many view 2020 as a year they hope to forget. This sentiment does not resonate well with me. There is no doubt the year was exceptionally challenging, with Work-from-home, kids in virtual school, way too many catastrophes to count, and loads of uncertainty at every level of our business. The challenges kept us up many nights, including the ever-present worry for the health of loved ones. I think it was a year that we should remember for the rest of our lives.
To me, building a business (and culture) for sustainability is all about how we face challenge and uncertainty. This year we got the two together over and over with some surprises sprinkled in along the way. We did not fold up shop but rather we faced it all head on and thrived together. This tenacity and resiliency, working through problems, cast a bright light on the crucial growth in character and leadership of many of our employees and the firm’s culture advanced considerably because of it. This thriving allowed us to:
- outperform expected combined ratio and portfolio targets
- better align underwriting and premium
- create countless success stories of effectively writing business in a challenging market
- handle high claim volumes and complicated cases with record speed and quality
- make significant investment in talent at virtually every level
- elevate our trajectory in training, data, modeling, technology, operations, compliance, marketing/branding, finance/accounting, and many other critical areas of the firm
Quite frankly, 2020 was a year of significant progress, and it will not soon be forgotten. We learned many lessons, but we also positioned the firm as a top 10 MGA in North America with the ability to build our own insurance companies should we so choose.
I want to thank all our team members for their diligence and resiliency throughout 2020 – and for a job well done! I hope we all have a prosperous New Year; I expect many exciting developments for Velocity in the coming year.
Bring on 2021!!
Phil Bowie, CEO
Velocity Risk Underwriters, LLC