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.