Vero has introduced a refreshed pricing approach and broader risk appetite in its Business Insurance Packs for businesses with annual turnover of up to $20 million.
This has been enabled by the introduction of a sophisticated pricing engine that accesses Suncorp's entire dataset to reflect the 'real risk' of specific perils by location.
The implementation of the pricing engine ensures that SME pricing functionality is managed through a single application where risk pricing will be consistent and can be deployed rapidly.
"This delivers power for more focused pricing," said Andrew Mair, Executive General Manager. Intermediated Distribution, at Suncorp.
"We can tailor our price for brokers and their customers' individual risks and circumstances, taking into account factors like the customer’s location, occupation and the construction of their premises.
"Vero now has the capability to write bigger risks and wants to explore opportunities of different size, complexity and location."
With the pricing engine Vero's underwriters are also being furnished with greater underwriting authorities.
"This means brokers are more likely to deal with a decision-maker when they speak to Underwriting – delivering quicker decisions and faster turnarounds," Mr Mair added.
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