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[00:00:02] Paul Lucas: 
Hello everyone, welcome to Insurance Business TV as we prepare for this year's Wholesale Specialty Insurance Association Conference from San Diego. With that in mind, we're delving into the wholesale market and we are doing so with a genuine expert in the field. Britt Smith is Executive Vice President, Head of Wholesale, Lower Middle Market at Axis. Britt, welcome to Insurance Business TV. 

[00:00:25] Britt Smith: 
Paul, it's an honor to be here. Thank you. 

[00:00:27] Paul Lucas: 
So talk us through the general market conditions right now, Britt, in the lower middle market wholesale space. What's going on? 

[00:00:35] Britt Smith: 
Well, what I'd say is that the market right now is very dynamic and there's a tremendous amount of opportunity out there in the marketplace. We're seeing a surge in demand for specialists in the small to mid-sized commercial space as well as for solutions. And part of what's driving that is the continuation of claims inflation on the casualty side and the increased frequency and severity that we're seeing on the property side. Also, too, since the two years that Axis has had a wholesale lower middle market division, we've seen a lot of new entrants come into the marketplace, which is helping to fill in that missing capacity and that surge in demand. But one thing that's very important is for underwriting discipline to remain and for a prudent cycle management to be there as well. And then lastly, from a technology perspective, because of that surge in demand, markets like Axis, who are embracing technology and finding new ways to work more efficiently and better serve our wholesale partners, are going to be the ones I think they're going to win. 

[00:01:40] Paul Lucas: 
No surprise to see you talk about technology there. Just tell us a little bit more. How is technology and AI in particular shaping how you do things in this space? 

[00:01:49] Britt Smith: 
Yes. So, Axis is greatly embracing technology. Axis's wholesale low and middle market is at the forefront as basically embedding technology and AI services to look at different ways of actually tackling the opportunities that exist in the wholesale market space right now. And three of the avenues that we've decided and determined are out there is what we're calling no touch, low touch, and high touch. And also, there's a record number of submissions coming in. And without the use of that technology, it's going to be very, very difficult to service all that business, get the wins that are needed, and to handle our key wholesale partners in the best way possible. 

[00:02:31] Paul Lucas: 
And going back to what you said earlier as well, you mentioned that there are opportunities for growth in the lower middle market wholesale space. So tell us more, where are those opportunities? 

[00:02:41] Britt Smith: 
We are continuing to see dynamic growth across all three of our product lines, which includes primary casualty, excess casualty, and E&S property. And one thing that we noticed, Paul, is that we really needed to expand upon our geographic footprint. And so what we've done is we've placed great underwriters in key strategic cities to best service our customers, grow that relationship, and to continue to build upon the success that we're currently having. And then lastly, too, it's looking at the opportunities that's going to be developed from the technology, the use of AI, the better and more effectively service the submissions, work in an efficient manner, and to, again, identify key ways to drive new business in the doors through distribution channels. 

[00:03:29] Paul Lucas: 
Of course, we talked about WSIA at the top there. Any key messages for brokers attending the event this year? 

[00:03:35] Britt Smith: 
We're going to continue to say that Axis' wholesale lower middle market business unit is key. It's getting a continued large investment as part of the large growth objective to make us one of the leading specialty wholesalers in the marketplace. Also, too, we cannot forget that service and client relationships are paramount and want to really, really lean into that. And then lastly, and most importantly, is just to continue to thank our wholesale partners that have supported us for the past two years and tell them how much we look forward to continued growth into the future. 

[00:04:09] Paul Lucas: 
I'm sure plenty of people will be looking out for you in San Diego, Britt. I'll be there too, by the way, but Britt's much more interesting. Whether we see you in San Diego or not, make sure that we see you next time right here on Insurance Business TV.