Brian Beggs, EVP, Surety, Sompo International U.S. Insurance, recently authored an article published in Insurance Journal about the often misunderstood surety sector of the insurance industry, what the future of surety may look like, and the value of mentoring.
Surety requires a highly specialized form of underwriting. It is also an excellent career path for those who thrive on complex challenges, have a genuine interest in buildings and infrastructure, and enjoy playing a role in getting things done. Given how important and profitable the business line is, it’s unfortunate that it’s not better understood within the insurance industry, and that more people don’t seek out a career path in surety. According to Beggs, the time has come to change this.
He also noted that, “The lack of understanding about surety seems to begin during the early stages of insurance industry education. Major universities with risk management curriculums spend all of two days on the topic of surety; hardly enough time for future underwriters and risk managers to fully grasp the basics, let alone the nuance and value that make surety unique.” He added, “If we only hire for experience now, surety will face a potential gap in the years to come. In fact, this is already happening in the industry.”