2024 Underwriters of the Year | Monica Waddell, Personal Lines Underwriter, Intact Insurance

Monica Waddell’s career began over two decades ago when she joined the industry as a customer service representative with Renfrew Thompson Insurance in 2001.

Two years later, she joined Intact Insurance as an underwriting assistant, a role that marked the beginning of her journey in underwriting. Today, Waddell’s experience in nurturing broker relationships is a testament to her unwavering dedication to excellent service.

Waddell holds a business administration degree from the Southern Alberta Institute of Technology. When she’s not working, she enjoys hiking and kayaking during summer weekends and cross-country skiing in the winter.

Waddell says she’s honoured to be recognized for her hard work by Acera Insurance, a member of the Canadian Broker Network, Canada’s largest network of independent brokers.

Q: What makes a great underwriter-broker working relationship? “Everyone has a different work style and personality. It’s crucial to get to know how each broker operates by listening to them and trying to accommodate risks where we can. Knowing the right questions to ask, thinking outside the box, and looking at the whole picture while talking through their thought process really help.”

Q: Why did you become an underwriter, and what do you love most about your role? “Having worked on the broker side, I wanted to see what it was like working on the company side and experience insurance from a different perspective. Since joining Intact, I’ve stayed in underwriting, as I enjoy helping out brokers and seeing all the unique situations that come up.”

Q: What’s the biggest challenge for underwriters in P&C currently, and one thing they can do to overcome it? “Insurance is always changing, and we need to be able to change with it. One of the challenges is climate change and how unpredictable weather can be. We’re seeing more wildfires, floods, and hail. If insureds are evacuated from their homes during a wildfire or flood, Intact makes it easier for them to access their home/auto policies and pink cards digitally. Intact has also partnered with Wildfire Defense Systems to help give insureds peace of mind during wildfire season.”

Q: What’s one opportunity you think underwriters should focus more on in today’s marketplace? “We’ve come a long way in terms of evolving and being there for customers. An example is when Direct Compensation Property Damage came into play in Alberta auto. Claims get resolved faster, making for a better customer experience.”

Q: Given the current talent shortage, what would you say to encourage people to join the industry?

“Everybody needs insurance, whether it’s for their home or vehicle, and what better way to understand insurance than by working in the industry and having hands-on experience.”

Q: How do you see technology, including AI, impacting the role of underwriters in the coming years? “Our roles as underwriters will definitely change with new technology, and it’s important we always improve and ensure we keep up. But insurance will always be there, so there’ll always be a need for skilled underwriters.”

 

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