Qiducia an underwriting agency purposely built to service Australia’s owner builders

Media Release Insurance Industry Publications 

Qiducia is an underwriting agency purposely built to service Australia’s insurance brokering community and financial intermediaries. Qiducia acts on behalf of Guild Insurance Ltd

Melbourne - February 23, 2016

Celebrating their launch to introduce state-of-the-art owner builder success formula, Qiducia Underwriting resets Broker interest in owner builder business. 
The new company is wholly focused on providing Brokers and AR’s with efficient and effective owner builder solutions.  Their solutions allow Brokers to focus on their operational excellence, customer intimacy and client relations and importantly, deliver above average financial returns. The owner builder segment has remained steady and resilient since 2008.  This steady course is underpinned by population growth and an insatiable home renovators market. Great news all around, as Brokers and in particular, AR’s continue to secure the largest share of new business as they leverage their client base and professional networks.  However, this resilience has not necessarily translated into broker profit.
Owner builders are non-professional builders embarking on the project of their lifetime and in most cases anchoring their economic future to an incident free and successful completion. In these complex scenarios the value of quality Broker advice is paramount. Time and again on-line retail and call centre solutions fail the most basic test of communicating appropriate detail with relevant advice.  Advice omissions or over-simplification places owner builder’s economic future at high risk.
Maha Raslan, Head of Underwriting comments, “Qiducia inherently are underwriters who understand owner building risks. Our promise to Brokers and AR’s is simple; sustaining growth and profitability in non-renewable business requires low operational touch, fast quote and bind processing.  This requires seamless back office administration, banking and reconciliation. In addition, quality of security including their affinity with the insured’s profile and requirements is critical. Qiducia is perfectly balanced in this regard.”
The newly launched Qiducia offers the industry the following:
·       First-class security for this sector’s client and risk
·       Underwriting Team boasts over 10 years deep, rich owner builder underwriting heritage
·       Underwriter with strong brand and reputation which resonates with client profiles
·       Premiums price points which will delight and win business
·       Pertinent, relevant and on-point Wordings specific to owner building
·       Broker commissions that break tired outdated traditional modes
·       Seamless, end-to-end Broker interface into core Broker transaction systems eliminating the requirement to access third party websites, or retain Brokers confidential information on uncontrolled third party systems or websites. Eliminate time-wasting phone calls or completing primitive application forms. Gain real time live quotes, quote management, bind and reconcile, all without leaving Broker systems
If the difference between insurance value and premium is the customer’s incentive to buy, then releasing Broker staff from mundane and error-prone re-keying of quote and Schedule information is a priority. Under the Qiducia model Broking staff are freed up to serve clients and feed business growth, not serve underwriters or administrators.
For more information visit www.qiducia.com.au.
About Qiducia Underwriting Australia:
Qiducia is an underwriting agency purposely built to service Australia’s insurance brokering community and financial intermediaries. Qiducia acts on behalf of Guild Insurance Ltd. 
About Guild Insurance Ltd:
 Established in 1963, Guild Insurance Ltd is a tier 1, first-class Australian insurer with a rich heritage in owner builder clients.  The company has grown from a small business focused purely on the pharmacy industry, into a multi-faceted business dedicated to protecting Australian professionals.  Ever evolving their insurance products and core industries, Guild Insurance now offers a variety of commercial and personal insurance products and legal support. They are an Australian Prudential Regulation Authority (APRA) and a regulated insurer with an A.M. best rating of A- positive outlook.  ABN: 55 004 538 863, AFSL 233791

 

UAC Expo Hilton Hotel Sydney 2016

UAC Expo Hilton Hotel Sydney 2016

Wednesday 9th March 2016
 
Qiducia’ first outing amongst Sydney’s vibrant broking community was rewarding, challenging and  motivating.
  1. Rewarding in validating upstream growth in owner builder activity as Sydney’s house and ownership costs increase, but so is the need to renovate and extend the family home. 2015 legislative changes to owner builder warranty are not reflected in new insurance requirements.
  2. Challenging as brokers expect progressively better quality insurances and relationships than ‘same as year over year’, particularly in non renewalable lines.
  3. Motivating because there is more work to be done particularly in areas of risk and risk mitigation practices, procedures and activities
Over 150 insurance professionals visited our exhibition and we thank them for their interest and warm welcome.
UAC Sydney 2016
 
 

No-Brand and Poor Cover Owner Builder Insurance Farewelled

FarewellNoBrandOwnerBuilderInsurance

To underscore insurers renewed focused towards quality underwriting of owner builder risks, two Australian underwriting agencies were waved goodbye during 2015 and one waved off during 2016.
 
As insurers push for growth in vibrant markets, they are not prepared to accept diluted or de-skilled underwriting expertise and knowhow. Intermediaries, brokers and retailers also demonstrated a preparedness to shift business to first class, known and local Australian insurers rather than continue to juggle with No-Brands. The uniqueness of the owner builder insurance segment lies in retail clients (mums and dads) requiring to purchase construction insurance (commercial insurances class), and an inevitable gap of what an owner builder should know and what they actually know.
 
The knowledge gap responsibility is then filled by the intermediary or broker, who carry the advice responsibility.
The owner builder insurance sector is subdivided along basic common similarities, such as non-professional builders undertaking building activities and new home builds or extensions and additions. In other words at its’ most basic level, owner builders share something similar: building’ activities.
 
Underwriting owner builder risk requires precision and surgical analysis if any competitive and sustainable advantage is to be delivered. Underwriting agencies act on behalf of the insurer and in all reputable underwriting agencies knowledge management, analysis and people skills development is at the core. This means constant detailed attention across the industry sector as well as the insurance sector and household retail behaviours.
 
 
An underwriting agency’s competitive advantage in our view, is all about concentration of force which allows brokers, intermediaries and retail sales channels to value add their client intimacy strategies and value propositions. Moreover, insurance cover in the retail markets sector often requires added attention to communications language, tone and context as well as relevance and appropriateness to underpin reliable resources support and competitive advantage.
 
The Australian owner builder market has traditionally been driven by the need to acquire new customers by offering an incentive or introductory offer, when in our experience, in-experienced owner builders look for relevant, solid and practical advice in the very first instance.
 
The Qamvis Insurance Group, through its wholesale underwriting agency Qiducia Underwriting Australia saw this as an opportunity for a fresh approach to build an owner builder insurance knowledge hub. A knowledge centre built on proactive and real time responsive systems which empowers and incentivise intermediary channels by direct systems access from their desk tops, without the need to access third party websites or undertake time consuming phone calls to underwriters.
Qiducia Underwriting wanted to provide these independent insurance brokers with the capability and resources to deliver better client services, faster and more streamline client experiences and best in class transaction costs. Through Qiducia iClose Solution, intermediaries, brokers and retail channels enjoy direct online access with fully integrated workflows back into their back of house systems. In other words, Qiducia iClose Solution facilitates quoting, binding, managing policy life cycles, premiums payments and monthly reconciliations, and fully automated and integrated into Brokers in-house systems.
 
Through the owner builder insurance knowledge hub, coupled with seamless systems and far superior, more generous commission plans, intermediaries and brokers are allowed to focus on what they do best  and serve their clients.
 
Qiducia Underwriting Australia underwrites and acts on behalf of Guild Insurance Ltd.

Construction Shoring, Underpinning and Propping and Insurances

Shoring is the process of supporting a building, structure or trench with props or support. For examples shoring include retaining walls, boxing up of drainage pipe or temporary formwork.
 
The requirement for shoring could indicate significant excavation which would impact on ground support.

Underwriting Consideration
When assessing shoring, it is vital to understand the reason for shoring and the impact it has on the surrounding ground and neighbouring structures.

Underwriting Requirements
To assess the risk where piling is required we would require the following:
1. Description of the works.
2. Details of the Engineer and Subcontractors including their insurance details and experience.
3. Copy of engineering and site plans.
4. Copy of building permit.
5. Reasons for Shoring.
6. Size of the shoring including depth and width and distance to boundary line and neighbouring structures.

What to know Vibration, Weakening and Removal of Support

What to know when Vibration, Weakening and Removal of Support is Part of the Construction Process

Owner builder construction activities that may result in Vibration, Weakening and Removal of Support should be assessed along the same criteria as licenced builder projects. Owner builders are generally not qualified nor skilled to comment or draw inference to the risks surrounding specialised construction actives and rely heavily on their engineers and building consultants recommendations.

What to know when Piling activities are required in owner building environments:

Piling is the activity when deeper foundation are required because shallow foundation would not be suitable for the proposed new structures. For example, construction of structures with heavy loads, poor soil or close proximity to neighbouring structures.

Piling Methods
Screw Piles are wound into the ground much like a screw into wood. Screw piles are the least impact on the ground and surrounding structures as there is no or limited vibration.

Bored piling is a method that involves boring a circular hole into the ground, installing steel reinforcement and filling the bore hole with concrete to form a pile.

Driven or Drilled Piles are driven in the ground by force. This method has great vibration impact on the ground and can be a concern if done close to existing or neighbouring structures.

Underwriting Consideration
When assessing construction risk where piling is required, special consideration is required to liability risks. The risk of damage to neighbouring structures is the primary concern for insurance. Where driven/drilled piles are being used damage to neighbouring properties is common and therefore proximity to these structures and the experience of the engineer and contractors carrying out the work should be carefully assessed.
While screw piles and bored piles carry the least risk, proximity to boundary line and neighbouring structures could impact soil and foundation stability.

Underwriting Requirements
To assess the risk where piling is required we would require the following:
1. Description of the works.
2. Details of the Engineer and Subcontractors including their insurance details and experience.
3. Copy of engineering and site plans.
4. Copy of building permit.
5. Details of Piling work including method, number of piles, distance to boundary line and neighbouring structures.

Contact Us

Qiducia Underwriting

Financial Services Licence No 442158 ABN: 32 097 620 758
T: 1300 817 835
AH: 0417 473 749
W: qiducia.com.au
Post Office Box 88, Glen Iris 3146
L1, 269a High Street Ashburton VIC 3147
 
Qiducia Underwriting is a trading name of Qamvis Insurance Group Pty Ltd (est 2001)
Financial Services Licence No 442158 ABN: 32 097 620 758