In 2022, insurance firms are also innovated and adapted. During the year, brokerages, underwriters and other insurance companies launched many new offerings, including in the intermediated space. Here are some of the innovations covered by Insurance Business during the past year:
Vero realignes broker propositions
“We have realigned our broker value proposition offering that enables easy access to decision makers across our underwriting, distribution and claims teams as well as valuable resources such as clear risk appetite guides,” said Anthony Pagano (pictured above), Vero’s head of distribution for commercial insurance.
Pagano said his firm, Suncorp’s primary intermediated insurance brand, had worked closely with brokers throughout the year.
“As a result of their feedback, we adopted the ‘You asked, we listened’ initiative and launched our new VeroEdge, a straight-through quote and bind platform for SME packages and commercial motors, making it quicker and easier for brokers to place business. and recommend Vero to their clients,” he said.
In 2023, Vero will continue its NIBA YP Broker of the Year program which, Pagano said, is “a prestigious and highly regarded education academy” that has highlighted industry excellence for more than three decades.
“We will also deliver our Vero Learning Campus, Insightful Broker Series, SME Insurance Index, Future Ready You and Engage programs in 2023, which are all designed to upskill and elevate our brokers talent and capability in the ever-evolving insurance industry,” he said. said.
Descartes’ parametric frost insurance
In June, Descartes Underwriting launched a parametric frost insurance product for local brokers and clients that it was first developed for French vineyards.
“Parametric frost insurance for French vineyards was the first product Descartes offered after the founders identified a market niche,” said Sydney based Ben Qin, head of North Asia and Australia for Descartes.
Read more: Parametric frost insurance product launches