The Reinsurance Games: Submission Nightmares | TRP #157

Hey there, welcome to the re-insurance podcast. The place where we dive into all things re-insurance, the coolest part of insurance. We're your hosts, Jared and Ben, a couple of ex-practitioners who loved the industry so much we found it supersede to tackle some of its biggest headaches and we're here to share our insights and stories with expert guests as we uncover what's really going on in the industry. Hello everybody, welcome back. We are here today with a special mission briefly because we had a tiny bit of spare studio time in the rare opportunity for Jared and I to be in the same place in the same holiday. So it's game time. Ah, re-insurance podcast games are the best. Exactly. But you miss them when we don't do them often enough to say we've come up with one especially before we go into re-insurance renewal season. Well everyone right now, everyone's like in early days or like in the heat of like getting data prepped. So we wanted to do a sort of put on our re-insurer hats and tell you all the things we really love heavy air quotes of what you're giving us in your re-insurance submission data and we're going to go back and forth and see who can break each other down on this. Do you want to start? Should I start? I do mind. Okay. As a re-insurer, I really love it when your data has been hard coded because I trust you immensely that there's no flaws in this hard coded number I'm looking at. Uh, very true. It's how many tabs? More than 20. I love how all these tabs have different colors attached to them and there's no way to know which colors mean what, but I love the theatrics of what you've given me here. I know that we're trying to keep it all up to the minute that you did give me a version that said final version on it four times already. We have this, um, I love how beautifully these tables have been laid out and I especially like how all the equations have broken when you said it over to me. I particularly like that you put the breakers logo on this submission pack because before you did that I would have just thought it was all nonsense but as soon as you had the breakers logo I thought it must be true and preridious and everything was confidence after that point. I love how this submission looks ever so slightly different than last year's submission but in all these strange places. I like how the narrative describes like what I presume must be a deliberately contrasting story. Just put it in. Keep us on auto. That one's going to make me have to think about that was a good one. It's profitable. I thought I'd had you now, now I've got a, you're making me a work card. I don't know which way is it upwards or downwards to say that and he's out. Oh, like a TKO count and like boxes. Is it downwards or upwards? Do you get like one two three upwards right one you count two ten or do you count down from ten? If you've been knocked to the ground in a boxing match are they counting from one to ten or from a second to one? I think they count to two. It must be up right? Ten. If you do a TKO guess it's got to be guys. Towards ten. Got to be. Yeah. Not down from ten. I think. Otherwise he wouldn't be giving people the number of seconds they were down for it. Yeah. Yeah. We just got there. Do you want a second round of the game? I think we just about got time for another round of this game. We have to change it. Change it. Change it. Change it. It's a break. Yeah, yeah. Okay. Yeah, yeah, okay. There's that for the end of something to give first this time. Yeah. All right. It's so kind of you to send me all of these files in separate emails that have to be accessed via a link because the file is too large for the email. I really had nothing better to do today or the day before or the day before then. So thank you for filling my time. I love how all the attachments you send me have 36 alpha numeric characters as the title of the document. Makes it very convenient as I organize my files for you. What is that underwriters favorite drink again because he's going to need a lot of it. I like how you sent me another file with no context of to as or if anything has changed from the last one you sent me and I'm now completely unclear as to which version of this is the correct thing to be working on. By having an existential crisis because I understand that creativity is important but the level of creativity with the truth that I'm being asked off with this state of stretching even my high morals, even my low morals, I should say, if I may break it intentionally facetious. Exactly. Yeah. I really enjoy updating you every single day on the progression of this placement especially with the quotes and authorizations that come in around midnight that I get to wait for to make sure you have an updated version when you get to the office. That's a good one. I know. I imagine that in all this detail. I like especially the fact that our relationship entirely depends on me promising you outrageous discounts on deals that in reality I have every year I'm surprised to see placed at all. I'm incredibly happy that, I was going to say this is going to be a, I'm very happy that you also want to do a rinse and repeat from last year but I would be genuinely happy about that. You make my life a lot easier. Have I a man or am I a monkey? I just sit and I type into the spreadsheet all day, all night and then I'm getting food. How's it? Thank you. Here's a banana and some berries. It goes, this is tangent. If you had this sort of like what's a 10,000 monkeys can write Shakespeare or something, you could 10,000 monkeys write a reinsurance contract just smashing away at, it's pretty more than 10,000 years this up to me. Oh, maybe, yeah, I guess statistically, perhaps depends on the reinsurance contract. I love when you ask me about, I love when you ask me about specific clauses across our portfolio because I know all of that off the top of my head. I love that a large part of my job is to run back and forwards between you and your reinsurers over questions that we could have solved if we got the data right the first time. Yeah, I love forwarding your questions onto the reinsurers and forwarding their responses back to you. I love that the difference between the percentage difference between the value provided this year and last year is at least three digits long. I love doing all of our signings to six decimal places for accuracy. I am also grateful for the time that you provide to me to basically do all of your dirty laundry in the form of a debt to management. I appreciate how much you care about my mental health during the renewal season and the holidays. I am a PhD from Stanford University and I have studied computer science and I accidentally ended up in reinsurance breaking. Oh dear. Oh, I'm running out again. These have been tough. That was a longer run. We did much better on that one, I think. Does that mean you're counting yourself out or are you still getting or is this tough? The little guy in the stripe shirt is pounding on the mat and the count up is going. I love how you continue to give me all the credit for the submission despite me offloading most of the heavy lifting to the placing associate in an intern. I like the fact that every time we prepare, I for renewals, you ask me if we can push back the meeting by two weeks because you're not ready. I'm having to call this one a drawer, I think, because it's the quality might just… We're just going to get rid of this case. Oh, that was a mysterious sound effect. I don't know if that's going to pick up on the mic. I'm curious to put it over the top anyway. The magic of pro-production. I like the idea that at the end of this episode, Cody will choose just the best ones of our game. And then there'll be a little bleep noise. Oh, he makes us look way smarter. Yeah, bleep. I like this. And then you'll be like, bleep. And then you'll be one, and so on and so forth. And you'll be a little pung. Yeah. And then there'll be things that appear on the screen like a little counter, like a penalty shootout almost. And be like, was it a hit or a miss, a little crowd, we'll go like, oh, yeah. Yeah. Depending on how the audience should know that we played this game for 14 straight hours. The three-minute episode that Cody's going to show you is just an evidence of how much a little actually could answer in. I'm sure that we could write quite good ones, but equally, I'm sure that probably Super C-G-P-T especially re-insurance-trained assistant is probably a better podcast than we are now to invite them on to write better material for us. Four hosts, the G-P-T-Us and us. We're reliably human in adaptations. To the humans. Indeed. I guess it's probably time to end. Yeah. But that was fun we got. More re-insurance games. If you have an idea for other re-insurance games, let us know. Yeah. We're always up. We're here for your entertainment value. Definitely. Yeah. Thanks, everyone.