When the market softens, an underwriter’s instinct is often to play it safe, protect existing customers, and park anything new until conditions improve. As margins compress and competition intensifies, that reaction is understandable. Innovation starts to feel like a luxury, and it’s often the first thing to be quietly put on ice in favour of small changes dressed up as differentiation. But that instinct is wrong, and acting on it can come at a great cost when the market turns.