Procover automates professional indemnity insurance underwriting on the SCTP

Procover has become the first SCTP panel insurer and  Steadfast Underwriting Agency business to have a fully automated profession indemnity (PI) insurance product on the Steadfast Client Trading Platform (SCTP).

Procover senior professional lines underwriter Lisa Miranda says that through the SCTP platform, the agency’s PI product for miscellaneous professionals and real estate agents can now be quoted, bound and closed, and policy documentation generated, within 30 seconds.

This new automated standard applies to risks that fit the online criteria and that aren’t referred by the system to an underwriter for further review.

She says this compares to a response time of a day and a half or two days for some other insurers using the SCTP manual path on the platform.

Aside from the speed of turnaround, Ms Miranda says the brokers can also submit business after hours and receive the same turnaround time, even on weekends. “Brokers can also now do an auto-endorsement or cancellation without underwriter approval through the SCTP system for this Procover product,” she adds.

While Procover has been offering PI through the SCTP for15 years, the underwriting process had remained hands on and substantially slower, with submissions generated by brokers reviewed manually by underwriters, who would then upload quotes back onto the system.

Underwriters remain behind the wheel

However, Ms Miranda says brokers should feel comfortable that underwriters remain in control of the process.

“Our highly experienced Procover underwriters have set the online underwriting criteria and parameters for the product and there are underwriters reviewing referrals that come through the platform so brokers can feel comfortable that their business is still in safe hands while benefiting from the enhanced commissions the SCTP offers,” she says.

“If a broker is uncertain as to whether they’ve selected the correct occupation or anything else, the system also allows them to refer the request to an underwriter for review and . Our aim is not only to provide the most time efficient solution for our brokers but to continue to offer our technical knowledge and expertise when required.”

Next steps

Ms Miranda says Procover is currently refining the system further and is also in the process of testing a similar straight-through processing approach for renewals in this product class. “In the future, brokers waiting for renewals to be sent to them will be a thing of the past,” she says.

Automating PI products for other occupations underwritten by Procover, such as accountants and tax agents, is also in the planning, Ms Miranda adds.

Here to help

If you’re new to the SCTP training can be provided to help you get up to speed with the system. And if you’d like any more information about Procover products on the SCTP, you can call us on 02 9307 6600 or visit our website to find the contact details for our underwriting team.

 

Procover Underwriting Agency Pty Ltd (an AR of Miramar Underwriting Agency Pty Ltd) acts under binding authorities as agent for the insurers of the product under a coinsurance arrangement between certain underwriters at Lloyd’s and HDI Global Specialty SE – Australia.