Perhaps you are wondering what exactly program insurance is and how it works. Or maybe you already know the basics and you simply want to know how program insurance can help you place risks and grow your business. The purpose of this whitepaper is to illustrate the facts. A program can mean many things to those in the insurance industry. Zurich defines a program as an insurance proposition with a competitive advantage for a defined market
delivered through a collaborative value chain of a program administrator and a carrier. The market-facing underwriters are program administrator employees with explicitly defined
and managed authorities. This arrangement comes to fruition when a carrier grants underwriting authority to a program administrator — a recognized expert in a niche class of business — in order to collaboratively write a book of business for groups of customers with consistent characteristics or needs.