The Art of the Deal

Deals Over Drinks: The Legacy of Relationship-Based Insurance

For decades, insurance was less a data science than a social craft. Brokers and underwriters spent years building reputations, knowing that a good word from the right person could secure coverage for even the most complex risk.

This was especially true in the Lloyd’s market, where face-to-face negotiations in the underwriting room defined the culture. A broker didn’t just submit a slip, they told a story. They advocated for their client, explained the nuance of the risk, and negotiated bespoke coverage terms on the strength of their relationship with the underwriter.

In the United States, regional brokers operated with similar values. Carriers trusted local knowledge. Relationships built over years meant everything. If something wasn’t in the wording, a handshake could still carry it forward.

There was inefficiency, yes. But there was also flexibility, creativity, and trust.

Enter the Algorithm: The Forces Redefining Insurance Deal-Making

The shift began slowly, then all at once. Several converging forces transformed how deals are made in the insurance sector:

1. Digitization of Submissions and Quoting
   Platforms like Bold Penguin and Ivans revolutionized how brokers interact with carriers. What once required multiple emails and a paper trail can now be processed in seconds. With pre-built API integrations and digital quote-and-bind capabilities, insurers began prioritizing speed and scale.Insurtech players like Chubb Studio have built digital ecosystems that enable embedded insurance to be delivered at the point of sale. Lloyd’s Blueprint Two is modernizing the London market with standardized digital submissions and data-first underwriting.This has changed expectations, especially among corporate clients. They want real-time insights, not a delayed PDF. They expect brokers to navigate these tools with fluency.
2. AI and Analytics in Underwriting
   Machine learning models now analyze risks with stunning speed. Carriers use AI to ingest submissions, triage them, assess loss history, and even recommend pricing based on prior outcomes. For lower-complexity risks, underwriting is becoming a digital function.Claims, too, are seeing automation. Photo-based appraisals, smart contracts, and parametric triggers are reducing the time from event to payment.
3. A New Kind of Risk
   Globalization has introduced new exposures, cyberattacks, climate volatility, pandemic-related losses, that demand a more dynamic and continuous understanding of risk. These don’t fit neatly into traditional frameworks. The deal is no longer static. It must be adaptable, real-time, and data-driven.

The EPIC Perspective: Human + Machine

At EPIC, we view technology not as a replacement, but as an enabler of better deals.

Modern brokers must be fluent in both risk and tech. We help clients translate their business exposures into language that digital underwriting systems understand, while ensuring no nuance is lost in the algorithm.

It’s not just about being fast; it’s about being accurate. It’s about knowing when a data-driven submission is sufficient, and when a phone call or meeting is needed to advocate for a complex or misunderstood risk.

We’ve seen firsthand that relationships still matter:

• A well-positioned underwriter is more likely to stretch on terms when they trust the broker
• A broker with a deep understanding of a client’s business can argue for coverage enhancements an algorithm would overlook
• A trusted advisor can push back when a client is overpaying or underinsured—even if the system says otherwise

In short: the broker has become the translator between the human world of risk and the machine world of underwriting.

What’s Next: Embedded, Decentralized, But Still Human

Looking ahead, the future of insurance deal-making will be increasingly:

• Embedded: Coverage will be integrated into buying journeys, whether you’re leasing a truck or launching a startup
• Decentralized: Smart contracts and blockchain infrastructure could change how capacity is deployed and risk is syndicated
• Predictive: With more data, insurers can underwrite risk proactively, not just reactively

But even as the tools evolve, the foundation remains the same: trust, judgment, and relationship capital.

Insurance isn’t just about numbers. It’s about what’s behind those numbers, the people, the values, and the business priorities they reflect.

Conclusion: The Deal Has Evolved, But the Art Remains

The art of the deal in insurance isn’t dead. It’s just been redesigned.

Technology has transformed the speed, structure, and scope of deal-making. But it has not, and cannot, replace the human insight at the core of every great insurance placement. Behind every data point is a story. Behind every policy is a relationship.

At EPIC, we sit at the intersection of these worlds. We use the best tools in the industry to get deals done, but we never forget that trust, advocacy, and strategic thinking are still the most valuable assets in the room.

The future may be digital. But the art? The art is human.