Judy Bianco on Her Career in Insurance

Judy Bianco joined Aspen in 2015 as part of the team that opened Aspen’s first Property branch in Chicago and was recently promoted to U.S. Head of Open Market Property. We sat down with Judy to understand her role and what opportunities lie ahead for her team.

 Could you please tell us a little about your background and your current role at Aspen?  

I began my career as a File Clerk at a small, local broker. I was lucky and ambitious enough to take on every opportunity that presented itself and to volunteer for additional responsibilities and projects. I stayed late, read policies, reviewed claims and asked a million questions, quickly advancing to brokering property facultative business. The small company I worked with was, subsequently, purchased by Aon Corporation and I spent the next 25 years working my way up to Director before turning to underwriting. I then served at AxaXL for three years as a Property Underwriter before joining Aspen in 2015 as part of the team that opened Aspen’s first Property branch in Chicago.   

How does your team work with the other segments, support functions and entities?  

When speaking with our broker partners, our underwriters always ask them how else we could help their insureds better manage and transfer their risk. If a risk does not fit in Property, we will see if it might be an opportunity for our Inland Marine team. Internally, our team relies on the expertise of our actuaries, CRM (Cat Risk Modeling) and claims teams to help us underwrite, price, line set and provide terms for our insureds. Each function plays an integral part of our underwriting process, and we would not be able to perform our job as successfully as we do without their guidance and support.    

What are some of the skills needed to have a successful career in insurance?  

Property and analytics are certainly important but equally important, is the ability to look at a risk critically and assess what could go wrong and how we can best protect both the insured while smartly providing balance to Aspen’s portfolio.  

On the E&S side, we are partnering with insureds that are not in the standard markets for a reason – either they are a high loss risk or have a CAT component, sometimes both. We use data analytics to evaluate the CAT along with our detective skills to determine the level of risk and then put together a policy which maximizes the premium and mitigates losses.  

Because this is a people business, you need solid communication and people skills and the ability to pivot as needed. You also must be curious, innovative and flexible. And creativity in finding solutions to complex issues is key to being successful as underwriter.  

Where do you see the greatest opportunities for you and your team over the next 12 months?  

The E&S market is growing, and we are, despite softening conditions, seeing a steady and increasing flow of submissions. The opportunities for us will be reliant on our ability to quickly respond, provide viable and sellable solutions and to continue to adjust our approach to this challenging market while remaining disciplined in our underwriting approach.  

A soft market can be difficult on our newer underwriters, so our success will depend on how well our management team guides their responses. Although market conditions are challenging, this brings with it a chance for us to innovate and differentiate. The more we develop our talent, improve our skills and implement creative solutions, the more we are regarded as a relevant partner that can thrive under any conditions.  

Have you had a formal or informal mentor or someone you looked up to?  If so, can you share your experience and how this relationship has been helpful in guiding your career.  

I have been fortunate in my career to have been surrounded by people who both encouraged and supported me in every way. My first boss pushed me to learn as much as I could and to challenge myself constantly. When I had an idea that the facultative department should also be handling facultative claims, he let me run with it and with his support, I helped to create a separate facultative claims department to service our clients. I have been very fortunate to have worked with some of the best in the business and I am forever grateful for their advice and guidance which have greatly influenced my career.