Insurance industry round-up – 6 April

Missed any of the insurance developments or new product launches over the last week? Then our insurance industry round-up will fill in the gaps, with updates from Premium Funding, Vero, Honan, CFC, Sura and WorkSafe Victoria.

WorkSafe Victoria agent panel confirmed

WorkSafe Victoria has announced a new agent panel to manage workplace injury insurance claims and premium collection, effective as of  1 July 2016.

The new agent panel will comprise of:

  • Allianz Australia
  • CGU
  • Employers Mutual
  • Gallagher Bassett
  • Xchanging

Employers Mutual replaces QBE on the agent panel. WorkCover insurance registrations and claims currently managed by QBE will be moved to either Xchanging or Employers Mutual.


Premium Funding claims industry first

Premium Funding has announced a new “industry-changing product”, which they claim will allow brokers to earn more commission.

The product, Premium Funding Advance, launched this week following a successful trial with a small focus group of brokers. It offers brokers’ clients pre-approved business loans up to a value of $20,000, with the dual advantage of providing brokers with a new value-add and revenue stream via commission, while helping clients access capital.

Read more about the product here.


Honan expands into Malaysia

Honan Insurance Group has expanded into Malaysia, via a strategic relationship with the Hayat Group.

Based in Kuala Lumpur, Hayat is an established Malaysian Insurance Broker, handling both incoming and outgoing multinational business since 1977.

The Worldwide Broker Network (WBN) has formalised this new position and appointed Honan as the second WBN member in Malaysia.

Honan also has a presence in Singapore through its acquisition of MACS Insurance Brokers in 2015.


Brokers help shape Vero’s online business platform

A new online business platform, ‘VeroEdge’ will launch this month, with brokers playing a key role in its development.

‘VeroEdge’ is designed to streamline the way brokers do business with Vero. A focus group of brokers were involved throughout the development phase to ensure it was meeting their expectations.

VeroEdge initially allows brokers to quote and bind GIO underwritten workers compensation insurance through either Sunrise or Vero Central, with quotes available in under a minute. Additional products will join the VeroEdge platform in due course with business packages scheduled for launch later this year, followed by motor fleet.


CEMAC moves under Sura umbrella

Sura Plant & Equipment has launched following the rebranding of the long-standing specialist agency CEMAC.

Part of AUB Group, a host of specialty underwriters now sit under the Sura umbrella as part of an on-going streamlining of Austagencies brands, including Film & Entertainment, Travel, Construction, Labour Hire and Hospitality.


CFC launches transaction liability product suite

Specialist lines underwriting agency, CFC, has launched a transaction liability insurance product suite.

Backed by Lloyd’s, the CFC offering is designed to meet the needs of clients and M&A professionals in the mid-market, lower mid-market and SME spaces across Australia and much of the rest of world. CFC has the capacity to offer limits up to AU$40m.