PROFILE
Precision Underwriting Precision Underwriting is an independently owned agency with highly experienced industry professionals. Precision’s specialty is working with brokers to provide tailored insurance products to achieve the best possible outcome for their clients. 1300 486 467
www.precisionunderwriting.com.au
PRECISION UNDERWRITING was established in 2017 and provided specified structured programs exclusively to a handful of brokers. In June 2018, Paul Douglas officially began working for Precision and started promoting the agency to the broader broker market. Douglas’ background is as a leisure liability underwriter and dates back to the early ’90s. His focus has always been in the underwriting agency arena, and he has held various roles, including underwriter, claims manager and risk management roles. Whilst Precision still has a strong focus on the leisure side, Douglas likes to work with various broking houses on structuring scheme business, master policies and group policies. With a desire to expand its product suite, Precision welcomed Richard Hardy in January 2020 to develop the agency’s property division. Hardy began his
insurance career in the London market. Since arriving in Australia, he has held a number of senior positions in the insurance industry, including direct and reinsurance management in both underwriting and broking with major corporations and, over the last six years, in the agency space. Being an acquisitive company, Precision recently acquired an accident & health portfolio from a local agency. Although it has a broad scope, it does specialise in aviation exposures. Precision also has a number of online specialty schemes with certain broking partners, including top-up for group PA clients. Precision sees the online distribution model as crucial to some of our offerings, in particular A&H. We look forward to working with both our existing brokers and all new brokers in providing individual service for them and their clients.
PRODUCTS • Accident & health • Aviation risks, including loss of licence • Commercial and industrial property • Contingency • Hard-to-place occupations • Leisure liability • Online sellers’ product liability
RICHARD HARDY, PROPERTY UNDERWRITING MANAGER RICHARD HARDY has been in the insurance industry since the mid-1980s. He began his career in the London market, writing both direct and facultative property business, before settling in Australia in 1996.
What challenges are you seeing in the property market today? It is, without doubt, the hardest market cycle seen in decades. You could say the perfect storm – poor results driven by CAT losses and occupation segment results, low investment returns, a global contraction of capacity creating a ‘nowhere else to go’ scenario, and an extended period of competitive rates. All this has led to reduced capacity from companies previously writing 100% and
requiring many brokers, internationals and non-internationals to seek more co-line support or new markets altogether. In doing this, it has driven very steep rate increases for many insureds, and when combined with the current pandemic, these increases and contraction in coverage have made it very difficult to obtain terms close to expiring.
How is Precision addressing these issues facing insureds? We look to take a partnership approach with brokers in discussing the insured’s insurance requirements. The market has been so focused on ISR and business pack policies that taking a ‘back to the future’ look, we can tailor a policy to suit the risk
requirements of the insured. If insureds just want a fire policy, we can provide it. Should their business interruption figures be affected by COVID, we can discuss options on basing the premium calculation on an adjusted basis. The key is listening to our business partners – brokers – to create the best outcome suitable for the insured.
What’s your outlook for the future? I believe these market conditions will continue for some time, but our foremost objective is to continue to provide service: constructive assistance in enabling brokers to retain and build their client base, with Precision providing a suitable product reflecting their clients’ needs and requirements.
Special Edition Underwriters Guide | 31
30-31_Mecon and Precision-SUBBED.indd 31
16/04/2021 9:14:48 am
