You asked. We listened.
A new technology upgrade to the Vero SCTP Packages offering
We have been working closely with the Steadfast Leadership team as well as many of you across Australia to understand your needs and create an improved SME Packages quote and bind experience that better reflects the way you want to do business today.
You’ve told us that placing SME business with Vero has not been as simple as it needs to be.
And so, we are focused on making it quicker, easier, and more consistent.
We’re very excited to announce a significant technology upgrade to improve your experience with Vero via the SCTP. We have been working closely with the Steadfast leadership team as well as many of you across the country to understand your needs and create an improved SME package quote and bind experience the better reflects the way you want to do business.
The improved offering is a key part of our commercial insurance strategy, marking it easier for you to offer Vero’s award-winning claims service to your clients. Our new technology, along with a complete review of our appetite and pricing, will now enable us to meet more of our shared clients’ needs.
This investment in the SCTP business product firstly delivers a seamless experience across the platform Vero participate on and demonstrates to the Vero commitment to be a major partner of ours on the SCTP business product. The investment made by Vero reflects the feedback Steadfast brokers have been telling us. However, the real positive in all of this is that the Vero team have also heard that feedback and importantly made the investment and the changes to their SCTP business presence.
The biggest benefit of the Vero improved technology solution for our brokers is all around clarity, clarity of risk appetite, clarity of pricing.
Steadfast want to acknowledge the Vero team. The listened and importantly acted and made the investment to ensure Vero are well positioned to the capitalise on the benefits of being on the SCTP.
This is just the start of the upgrades we plan to roll out. In the next phase, we will focus on delivering an enhanced experience on SCTP renewals for SME packages and introducing commercial non-fleet motor within SCTP as well.
You’ve asked and we’ve listened.
Broker Tools & Resources
SME Packages New business experience on SCTP
Vero’s recent technology updated means they’re in the best position possible to continue to support brokers and their clients through the SCTP. Vero and Steadfast Technology team have worked closely to ensure that Vero will bring the full functionality to the SCTP, along with the ability to be agile and make real time adjustment to appetite and pricing.
We have removed almost all system generated referrals, and brokers can continue to have the option to refer in any inquiries they see fit. You will receive a yes or no answer on all SCTP business package new business quotes.
This provides an immediate indication of our appetite for the risk presented. We have used data and broker feedback to understand where our current appetite is not meeting broker and customer needs and improved where possible.
The aim is to quote up to 70% of all opportunities that are presented to Vero on the platform. We have expanded our occupation codes aligned to Steadfast, enabling you to choose the most appropriate occupation to reflect the risk, which will significantly improve selection and drive a fairer risk-based price for SME customers.
There will be alignment between the SCTP and Vero Edge. A lot of two work on a contestable platform is behind the scenes, so brokers won’t necessarily see anything different. But what they will see is that Vero are now front and center. That means being clear on their appetite upfront, fewer referrals and providing conditional quotes so brokers will know where Vero want to be from first click.
In today’s market, brokers need insurers to remain relevant. Vero are no longer hamstrung by legacy technology in the way that some other insurers are. Looking ahead, we will be able to make changes in real time to adjust the market insights across pricing, business rules, occupation codes and trade-specific questions.
Thank you for your continued support. As always, we invite you to provide feedback to your local Vero representative or via our Vero dedicated broker feedback survey.
What are the changes I will see when I quote Vero SME Packages on SCTP?
Vero now offers the full range of SCTP features including Conditional Quotes, Partial Declines, and Alternate Values so that you will understand what is required for the quote to proceed with Vero.
You will receive quoted/declined/information required responses on SME Packages quotes, providing an immediate indication of our appetite for the risk presented. Vero has now adopted the existing SCTP functionality where further information is required which will remove a key pain point of our SCTP brokers. The Information Required response replaces our previously limited functionality that made the quote appear declined in the SCTP system when the underwriter simply required some additional information.
Referrals have been reduced and/or removed by leveraging the upgrades made to our Vero policy administration last year. You will receive an immediate response indicating our risk appetite for the risk.
What changes have been made to occupation codes?
All 4800+ SCTP occupation codes have been mapped to a new Vero code enabling you to choose the most appropriate occupation to reflect the risk. Where there are more Vero codes than SCTP codes, we have adopted the SCTP one-to-many functionality. These changes will enable us to provide up front occupation acceptability decisions and drive a fairer risk-based price for SME clients.
Whilst you cannot select multiple occupation codes for the same quote, we have expanded our occupation codes to include a number of blended activities and additional occupation codes to choose from. The Business Description field can still be utilised and will not trigger a referral. If you are unsure of the correct occupation code to use, please contact the Steadfast SME Underwriting Team or your dedicated local Vero representative.
For Property Owners, we have revised 100+ occupation codes to make them easier to understand and select the most appropriate one. Additionally, 100+ occupations codes that were a decline are now acceptable as tenants of Property Owners.
Can I adjust commission without referring to Vero?
Yes, you can continue to adjust commission for New Business anywhere between Net and 26.5%. We will also be introducing the ability for you to adjust commission yourself in the SCTP system for renewals in a future release. Until then, should you wish to adjust commission on a renewal, you will be presented with an error in SCTP, and you will need to manually refer into an Underwriter for assistance.
Can I refer a backdated cancellation and how will return premium be handled?
Yes, you can submit a referral on a policy that needs to be cancelled prior to the last effective date.
Can I refer a Decline on New Business to understand why or request a review by Vero?
The business rules determine the response (accept or decline) which cannot be overridden by an underwriter, so a decline response cannot be referred. If you are unsure of the occupation code to use, we encourage you to contact our dedicated Steadfast SME Underwriting Team for assistance on 1300 076 121. For acceptable quotes, you can still refer through SCTP if needed.
What happens when a mid-term adjustment (MTA) or renewal on an existing SMI policy presents you with an error or a decline?
Can I apply a premium discount at renewal?
Can I bind a quote that was completed prior to the changes to SCTP?
You can still process a quote including binding if it was created prior to 21 August 2023. After this date, back-dated quotes will no longer be possible, and a new quote will only be able to be created with an effective date after 21 August.
All policies prior to 21 August 2023 will have an SMI policy prefix and new business policies post 21 August 2023 will have a new SPI prefix.
Can I backdate the policy start date?
Yes, you can 'Edit Period of Insurance' via the reply/edit function on an unbound New Business quote. After New Business is bound, there is no option to change the inception date.
Can I reinstate a SCTP New Business or mid-term adjustment if cancelled in error?
There is currently no functionality to reinstate a cancelled policy or mid-term adjustment.
Can Vero back out of a transaction or renewal under SCTP?
For existing policies with an SMI policy prefix, if you have already bound a renewal and changes are required in the prior term, the policy can be referred to an underwriter for assistance to reissue amended renewal terms.
From 21 August 2023, for new SPI policy prefix policies, the renewal cannot be backed out of as this functionality does not currently exist.
Can I request an update to sums insured or risk details by an underwriter?
No. All changes to sums insured and risk details on Quote/ New Business must be completed within SCTP.
How will the highest risk tenant be rated for Property Owners?
The Vero functionality in SCTP will automatically select the highest risk tenant on all the tenant data that is entered into the system. This means you can enter the various tenants in any order rather than trying to determine the highest risk tenant.
If one of the Property Owners tenants is considered a decline occupation will the whole risk, be declined?
Yes, unacceptable tenants would make the risk unacceptable.
Will I have the same benefits and experiences currently available on VeroEdge?
Yes. Business rules, base pricing acceptability, occupation codes and sum insured limits are now aligned and consistent across both SCTP and VeroEdge platforms for SME Business Packages Quote and New Business, subject to policy wording and commission arrangements.
Will I receive claims history data at renewal?
Claims information for the last 12 months or last period of insurance will be passed to SCTP and displayed under the Claims Experience section of SCTP on renewal, and will include risk data, date of loss, incurred amount and description/claim type.
Hairdressing Treatment Risk endorsement question
The Hairdressing Treatment Risk endorsement will now be applied automatically to relevant hairdressing and hair and beauty occupations, however the existing question (Does the business require cover for specific hair and beauty treatment activities?) will remain in SCTP to cater for existing SMI prefix policies that may require the addition of this endorsement on a mid-term alteration.
Update is live only for new Business Insurance Policy quotes on the Steadfast Client Trading Platform. Insurance issued by AAI Limited ABN 48 005 297 807 trading as Vero Insurance. Read the PDS before buying this insurance. Go to vero.com.au for a copy. Target Market Determination also available. This advice has been prepared without taking into account your particular objectives, financial situations or needs, so you should consider whether it is appropriate for you before acting on it.