Steadfast introduces data-driven risk management tool

Steadfast introduces data-driven risk management tool | Insurance Business New Zealand

Steadfast introduces data-driven risk management tool

Steadfast Risk Group, the risk management division of Steadfast Group (Steadfast), has launched a data-driven risk management tool to help brokers quickly identify major risk hazards and NatCat exposures for their clients by geographic locations and operational activities.

The risk management tool, called iProfileRisk, aims to provide brokers with the confidence to have more robust risk conversations with their clients through solid data evidence when making critical risk and insurance considerations.

The tool allows brokers to show their clients the most prominent risks aligned to 12 classes of insurance and includes a NatCat risk-grading summary showing the likely severity of a loss occurring.

Robert Kelly, the managing director and chief executive officer of Steadfast, said: “The risks we face from NatCat events are on the rise and largely driven from climate change. While many of these events are inevitable over time, with the right tools and data, their nature and scale are often predictable.”

Steadfast expects iProfileRisk to assist brokers in helping clients identify their risk exposures and the potential impact of natural catastrophe activities by highlighting any potential hazards using detailed hazard index ratings and NatCat modelling, which is crucial in assessing and quantifying a business’s exposure to natural hazards.

“For more than 10 years, Steadfast has been building its own insurtech platforms, such as the Steadfast Client Trading Platform, to give Steadfast brokers access to a contestable digital marketplace and improved pricing competition and coverage,” Kelly said.

“We’re dedicated to continual improvement of technologies that will not only equip our brokers to deliver the best value for their clients but [also] help the industry become more focused on prevention, rather than simple protection, and iProfileRisk is an example of that.”

iProfileRisk was developed exclusively for the Steadfast broker network and is free for network brokers in Australia and New Zealand.