David Shaw

A career shaped by nearly three decades in underwriting and risk management has given David Shaw, SVP, Chief Underwriting Officer at Reliance Matrix, a perspective grounded in discipline, curiosity, and practical decision-making. Having worked across major carriers in the employee benefits space, including Cigna, Prudential, and Reliance Matrix, Shaw has developed an approach that balances opportunity with an understanding of uncertainty.

Reliance Matrix operates across employee benefits, absence management, and workforce productivity solutions, combining insurance expertise with technology-driven services.

Understanding Risk through Experience

Shaw’s professional journey across different organizations, cultures, market segments, and business models has influenced how he evaluates risk. He believes effective underwriting begins with recognizing both available information and the limits of what can be known. This mindset has helped him focus on creating sound decisions based on pricing frameworks, market understanding, and the value an insurance carrier provides.

“The more experience I get, the more comfortable I get with what I don't know, or at least can't ascertain with any degree of certainty,” says Shaw. “The game is really about sorting out what you know, what you don't know, and then forming rational and reasonable opinions from there.”

This philosophy shapes how Shaw approaches growth strategies at Reliance Matrix. Rather than relying on narrow market assumptions, he emphasizes portfolio diversification as a way to manage exposure while identifying opportunities. By understanding where the organization is over-or under-penetrated, the company can make informed decisions about expanding or reducing risk in specific areas.

Building Strength through Balanced Growth

For Shaw, sustainable growth comes from maintaining alignment between ambition and underwriting discipline. He believes diversification provides flexibility by reducing dependence on specific industries or market segments. This approach allows Reliance Matrix to pursue opportunities while remaining prepared for changing economic conditions.

Throughout his career, Shaw has observed how concentrated industry strategies can create challenges when external conditions shift. These experiences have reinforced the importance of building balanced portfolios and maintaining awareness of market dynamics. His approach centers on following broader economic trends while ensuring that risk decisions remain consistent with the organization’s capabilities.

Strengthening Underwriting Culture

When Shaw joined Reliance Matrix nearly eight years ago, one of his primary priorities was rebuilding profitability and strengthening risk selection discipline. He focused on assessing existing capabilities, developing talent, and creating a high-performing underwriting culture.

According to Shaw, talent has been central to that progress. Building a capable team, recruiting new expertise, and creating a risk and operations focused environment have been key elements of strengthening the organization’s underwriting function.

“Talent trumps a lot of issues,” Shaw explains. “One of the things that I’m very, very proud of is building a strong, high-performing team and culture.”

Under Shaw’s leadership, Reliance Matrix has continued to emphasize collaboration, reliability, personalization, and integration as important elements of its market approach. The company’s brand positioning highlights its ability to deliver connected employee benefits and absence management solutions while combining the stability of an insurance carrier with the flexibility of a third-party administrator.

Vision for the Future of Underwriting

Shaw’s approach reflects a broader understanding that underwriting is not only about evaluating risks but also about creating long-term value for customers, partners, and the organization. By combining analytical discipline with a strong focus on people and process, he continues to guide Reliance Matrix toward responsible growth.

Reliance Matrix’s integrated model brings together financial protection, absence management, and supplemental health solutions, supported by a history spanning more than a century. This approach reflects the company’s commitment to delivering personalized, technology-enabled solutions backed by deep regulatory expertise, helping employers navigate complex benefits and absence challenges while supporting employees through important moments in their lives. Under Shaw’s leadership, Reliance Matrix continues to focus on combining expertise, technology, and service capabilities to meet the evolving needs of today’s workforce with confidence and impact.

For his leadership and contributions to the underwriting profession, David Shaw, SVP, Chief Underwriting Officer, Reliance Matrix, has been named among the Top 10 Chief Underwriting Officers for 2026. His journey represents a commitment to thoughtful risk management, team development, and building an underwriting organization prepared for the evolving needs of the insurance industry.