Steadfast SCTP is leading platform for General Liability
Berkley Insurance Australia joined the Steadfast SCTP over 12 months ago now and the take-up from brokers has been better than expected. The SCTP is an online automated underwriting platform where brokers can obtain quotes from a range of Insurers for different product lines.
Kirsty Owens, BIA’s National Portfolio Manager for SCTP discussed the first foray into automated quoting, and our first collaboration with Steadfast on their Client Trading Platform, “We didn’t know what to expect. But overall, we are pleased with the way our first full year went on SCTP for General Liability, and we have certainly learnt a lot – quickly!”.
The Platform is easy to use and allows brokers to obtain instant quotes from multiple insurers by answering only one set of questions. Now that other insurers have come on-board to automate General Liability throughout 2020 “it has created a true market place, a great outcome for brokers.” Owens said.
Currently, BIA offers the Steadfast General Liability product automated on SCTP, however, there is an opportunity to expand in more product lines in the not too distant future. Kirsty sees SCTP as a great avenue for “writing those smaller, straight forward risks, generally under $10,000 premium that don’t require a lot of underwriter attention. This means brokers can get fast and efficient quotes on straight forward risks whilst retaining the ability to work with our underwriters to answer questions or deal with more complex risks.”.
The SCTP is a unique platform that has been well supported by many insurers, with most products having 8 or more insurers involved. This makes the platform the perfect virtual marketplace for brokers to place business, especially now at a time where the digital workplace is where 2021 is directed.
2021 is changing the way we work with the rise of automation and new workplace flexibility being at the top of every businesses mind. The insurance sector is no different and is currently facing its own challenges including rate increases, tightening risk selection and reduced capacity. Many insurers are inward-focused at present so not necessarily focused on rising trends of AI and automation. “We have always prided ourselves on providing some of the fastest quote turnaround times in the market, so from that perspective, automation was not such a giant leap for BIA. The biggest challenge for us has been how we can do it in a way where we can still maintain our strong relationships with local underwriters supporting local brokers.” Owens said.
Kirsty and her team are continuing to develop new and innovative ways to interact with brokers but in the meantime after spending the majority of 2020 working from home “we are looking forward to finally catching up with our Steadfast brokers at PD Days and Town Hall meetings.” However, Kirsty plans to “continually look at ways to improve our SCTP response times and streamlining the renewal process. In addition to this, we are also working with our development team to launch another SCTP product line in the near future – so watch this space!”.