Underwriter Spotlight: Meet Phil Iordanou, Head of Professional Liability

In this issue of our Underwriter Spotlight Series, we’re thrilled to recognize Phil Iordanou, our new Head of Miscellaneous Professional Liability (MPL). 

Phil has a diverse background that spans both the hospitality and insurance industries. He initially joined At-Bay* as a Southeast Regional Underwriter but quickly transitioned into overseeing the entire MPL team and product. At the helm of At-Bay’s Professional Liability operations, Phil is committed to driving growth and evolution within the product line. His ability to cultivate meaningful relationships and leverage his technical expertise has been instrumental in his success. 

Read on to learn more about Phil’s thoughts on At-Bay’s underwriting technology, MPL pricing trends, and common challenges underwriting this complex line of insurance.

1.  How does At-Bay’s technology enhance the underwriting process, particularly for MPL clients, and how does it benefit brokers?

I’ve never had as fluid an experience working with underwriting technology as I have at At-Bay. Our tech enhances the underwriting process by simplifying logistics, giving us more time to analyze each risk in a robust, holistic way.  

MPL is an inherently niche business with so many industry classes. On any given day, we could see both a management consultant and a property manager — two totally separate businesses with vastly different exposures. At-Bay’s technology helps underwriters remain nimble, allowing us to adapt to each unique business. Because our tech enables our underwriting team to spend more time on more complex risks, we can often find ways to underwrite them creatively and responsibly, even though those risks may be an automatic decline for other MPL providers. 

The simplification of logistics and increased agility inherently benefit brokers in terms of At-Bay’s turnaround time, which we are very proud of. It also pays off by providing me and our other underwriters with a deeper understanding of the accounts we’re seeing. The extra time we’re able to devote to each account helps ensure that coverage and pricing are appropriate for each individual risk. 

2. What’s a common misconception brokers have about At-Bay, and how do you address it?

A common misconception brokers often have about At-Bay is that we solely specialize in Cyber, Tech E&O, and security products. However, it’s important to note that we’re a comprehensive provider of MPL as well!

At-Bay offers full-service solutions for MPL coverage needs, and we are currently undergoing a significant growth initiative. Our appetite for risk is continuously adapting to market conditions and industry trends. As technology evolves and businesses undergo transformations, we are committed to evolving alongside them. We’re always working to align our MPL product with the changing landscape of industries and the professional services they require.

3. What trends do you think brokers should pay attention to when advising MPL clients?

Due to the saturation of the market in terms of how many insurance providers are writing MPL, brokers should warn clients of the coverages that are sacrificed in order to get lower pricing. 

Just because a quote has the most competitive pricing doesn’t mean it’s the best option. In fact, it’s a red flag that the client is probably missing protection they need. Professional services carry unique exposures, and choosing a cheaper quote sacrifices crucial coverages. That’s why the broker relationship is so important for MPL: They can advise clients on how to secure a policy that doesn’t leave them vulnerable.

4. What specific challenges do you encounter when assessing MPL risks, and how do you address them?

The more information I have when assessing a risk, the more accurate I can be. But sometimes it’s challenging for a niche company to explain exactly what they do and what their professional services are. In these cases, it takes time to hone in on the information I need, requiring back-and-forth with the broker to actually understand what I’m underwriting to.

I view this back-and-forth as not only part of the job, but as one of the highlights of the job. A major factor that draws me to this role is working with people, so this process of digging in to understand a client’s needs is a way that I really get to work with and support my broker partners, cultivating better relationships along the way. I’m happy to put in that extra effort to understand each client and ensure we get to the right coverages. It may sound corny, but it’s true — I always view these challenges as opportunities to build deeper connections.

5. What’s something that most people don’t know about you?

I’m actually an immigrant from Cyprus. My family and I came to the United States when I was a toddler, seeking a better life and pursuing the American dream. We settled in Queens, but despite being raised in New York, my roots are still deeply intertwined with Cyprus. I try my best to visit at least once a year, remaining connected with my extended family still living there.

About At-Bay

At-Bay is the InsurSec provider for the digital age. By combining world-class technology with industry-leading insurance, At-Bay was designed from the ground up to empower businesses of every size to meet cyber risk head on. At-Bay Insurance Services, LLC provides insurance protection and security prevention solutions to close to 40,000 businesses in the US, safeguarding up to $800B in collective business revenue, and offers coverage by admitted and non-admitted insurers for Cyber, Technology Errors & Omissions (Tech E&O), and Miscellaneous Professional Liability (MPL). The At-Bay Group also includes an active full-stack insurance company and a cybersecurity company. At-Bay Security offers proprietary cybersecurity solutions including At-Bay Stance Managed Detection & Response (MDR).

*At-Bay Insurance Services LLC is a wholly owned subsidiary of At-Bay, Inc.