Professional lines insurance insights and learnings from Procover

During her 15 years in professional lines underwriting, Lisa Miranda has seen it all – from the administrative side of the business to technical underwriting.

Lisa, a Procover Senior Professional Lines Underwriter, is a known and respected specialist in the underwriting field. So, how did she get there and what insights has she picked up along the way?

The modern underwriting journey

Lisa began working in the underwriting field in 2008, first at Brooklyn Underwriting before moving to Procover in 2018.

From there, she worked her way up from underwriting assistant to assistant underwriter, underwriter and finally, senior underwriter.

The evolution of technology has been one of the biggest changes Lisa has seen throughout her career.

"I've gone from working in a paper-based office with a lot of hard copy files requiring printing to a paperless office which is a process change I've driven at Procover."

"This shift has given us a lot more time to focus on the work of underwriting rather than administrative record-keeping. It also enabled a smooth transition to working from home during Covid."

An evolving market

Lisa says that she's learned a lot between the different approaches taken by different businesses with professional lines insurance.

"Each market is different in how they want to grow their business," she says.

"Procover focuses heavily on technical underwriting and rigorous risk assessment – our aim is not to take on a risk we're going to lose the next year but to curate a book of quality business based on relationships with longevity."

Strong relationships form the foundations at Procover.

"We know the brokers. So, we know when the businesses change, the help they may need, and we assist with all of that."

When it comes to the individual risks under the umbrella of professional lines insurance, Lisa says that while cover for professional indemnity has largely remained the same, the risk appetite has changed, often based on claims experiences.

For example, in recent years, finding markets for geotechnical engineers, valuers and building surveyors has become increasingly difficult.

"Sometimes it's not until an event happens that insurers really understand the risk exposure that they're taking on."

She draws a parallel with the evolution of management liability insurance.

"When I was selling that product 10 years ago, few brokers knew what the product even covered,” Lisa says.

"However, there's been a lot of management and director exposures that have played out in the news in more recent years, so it's much easier to cite examples of some of the potential exposures that the product can protect against."

But the flipside to that can be an increased risk profile.

"These days, the general public and employees really know their rights. When it comes to fair work, employment practices, work health and safety, the media has helped to increase awareness. That means employers need to evolve and adapt, as well.”

Embracing change 

Lisa has learned to embrace change over the course of her career.

"You often don't know your capabilities unless you seek out a new challenge and move forward," she says. "In doing this, I've learned that change is good."

She has taken this outlook and embraced new challenges at Procover, such as taking on more responsibility for marketing, webinars and training.

"But underwriting is my main passion, and I always want to learn more and grow in that space."

Here to help

At Procover, we can help you obtain the right cover for the risks your clients face. To contact Lisa, Senior Professional Lines Underwriter at Procover, you can email her at lmiranda@procover.com.au. or call Procover on 02 9307 6600.

Procover Underwriting Agency Pty Ltd (an AR of Miramar Underwriting Agency Pty Ltd) acts under binding authorities as agent for the insurers, certain underwriters at Lloyd’s.