5 minute read
ProRisk
Brokers servicing SME and mid-market clients have specifi c requirements, so they’ve been turning to ProRisk. We tailor products for this market and give brokers the ability to package and tailor wordings to suit their clients’ needs.
WHILE SOME of ProRisk’s solutions are still underwriter-managed, six key products can be quoted, bound and renewed in minutes on ProBind, our simple-to-use mobile broker trading platform. ProBind features 24/7 full policy life cycle functionality. It lets brokers quote, bind, mid-term endorse and cancel.
We currently o er management liability (ML), sole traders and partnerships ML, healthcare professionals’ civil liability, cyber and privacy liability, and association liability through ProBind. Eventually, all of our products – including general liability, professional indemnity and property – will be available on the platform at www.probind.com.au.
ProBind actually lets brokers’ clients interact with the platform, if the broker wants them to. It opens the possibility for ProRisk to deliver bespoke scheme solutions designed to meet an insured’s desire to self-serve, while improving broker e ciency, accuracy and profi tability. It can save your sta ’s time and increases their e ciency which means they can spend more time engaging with your client.
Last year, ProRisk was named Underwriting Agency of the Year at the Insurance Business Australia Awards. This was based on a number of factors, including the quality of our tech, our innovative products – for example, ProRisk developed the sole traders and partnerships ML policy to address the uninsured exposures of businesses structured as sole traders or partnerships – and our claims management team and system. Our cyber product was also recently awarded a 5-Star Award in cyber insurance by Insurance Business magazine.
We live and breathe our company motto: that protection is our promise, and when you buy a ProRisk policy, that’s our guarantee.
MATT HARKIN, DIGITAL APPLICATIONS MANAGER
AS THE digital applications manager at ProRisk, Matt Harkin’s main role is to ensure that ProRisk has the best possible technology solutions to streamline underwriters’ processes and procedures. Working with a Melbourne and o shore team, he also delivers enhancements, tools and solutions to ProRisk’s broker clients, employing best practice and security principles at all times.
Harkin has worked in insurance for more than 20 years. Originally an insurance broker, he moved between insurance and technology solution providers. “Throughout my time, I have seen many changes in the way insurance contracts are provided – from microfi che fi lms and a single computer sever taking up an o ce fl oor in Collins Street to the use of fax machines and call centre operators to purchasing insurance without human involvement,” he says.
Harkin says he’s grateful to work in a business that consistently aims to be at the forefront of technology to improve interactions with brokers and insurance capacity providers. Harkin developed ProBind, ProRisk’s most signifi cant broker enabling tool, with his o shore team.
“In my eyes, it is one of the best insurance software applications within the Australian market,” he says. “It ticks so many boxes for us and our partners, and can be upgraded and adapted as necessary. Brokers use the platform to get smart insurance contracts for their clients because it’s simple to use, fast, secure and robust.”
So far, ProBind has exceeded all expectations in terms of broker uptake, with around 2,020 brokers currently registered and rising daily. Harkin sees this as a tribute to the platform and its developers. He believes that technology will continue to evolve in ways we cannot comprehend today.
“Technology within the insurance sector will be moving into a more collaborative and closer arrangement than what we have seen in the past,” he says. “Insurance providers want to help and work with the intermediaries and association groups, ensuring that they are getting the best solution for their clients and members. Technology is just a tool – however, it’s also an enabler in many areas, including being able to break down barriers that exist today relating to transparency.”
HAMISH MCDONALD NYE, EXECUTIVE DIRECTOR
What do you see as your most important feature as a company? We are a digitally enabled multi-line underwriting agency. By that, I mean we have over 20 products, and we enable brokers to quote faster with more flexibility using ProBind, our broker platform. All our products are backed by Australianregulated insurers, including Swiss Re International, HDI Specialty and Lloyd’s.
How did 2020 change the way ProRisk does business? For us, it reinforced the need to have great technology available for brokers to make their job easier and more flexible. Twenty-twenty was a massive year of change in ProRisk, despite COVID-19 and the lockdown. We switched our capacity provider to Swiss Re; introduced a new broker portal, ProBind; and launched four new products: healthcare professionals’ civil liability, management liability, sole traders and partnerships ML, and association liability. of other products planned for a ProBind launch later in the year.
Is there an achievement you’re most proud of? In 2020, ProRisk was awarded Underwriting Agency of the Year, and recently we received a 5-Star Award in the cyber insurance category from Insurance Business for our cyber product.
Do you have any new products in the pipeline? We kicked off 2021 by launching cyber and privacy liability insurance. We have new liability and professional indemnity products in development and a range What’s the ideal broker to work with? We love authorised representatives. They are entrepreneurial, client-focused and efficient because they are time-poor.
Do you have any plans for broker engagement, either now or in the future? We have a comprehensive calendar of educational product and broking webinars and masterclasses, a list of which can be found on the ProRisk website.
What do you think are the greatest challenges facing underwriting agencies today? A lot of underwriting agencies have had capacity challenges as a result of Lloyd’s. Also, managing the heavy burden of administration and compliance requirements.
PRODUCTS
Financial lines • Association liability • Directors & officers liability • Management liability • Marine professional indemnity • Professional indemnity • Sole traders and partnerships management liability
General liability • Product liability • Public liability
Healthcare professionals • Allied health • Medical establishments
IT and data risks • Cyber • IT liability
Motor • Commercial motor fleet • Novated lease comprehensive motor
Property • Accidental damage schemes • Business pack
Accident & health • Journey • Personal accident • Voluntary workers
Consumer products • CCI • GAP • Lease protection • Residual protection • XS waiver
