Leading crane, plant and equipment insurer UAA continues to create new roles designed to generate greater efficiencies and more comprehensive cover for its customers. Jacinta Fryer was recently promoted Senior Technical Officer, a new position within UAA.
Jacinta began her insurance career straight after university on a graduate program with QBE. The program involved underwriting various insurance products and included time within the claims department, predominantly reviewing liability and personal injury claims. From there she specialised in underwriting Contract Works for a number of years.
After spending two years working in the London insurance market, Jacinta joined UAA in 2017 as an Underwriter in the company’s Melbourne office, and has been the Senior Underwriter for the Victorian and Tasmanian portfolio since 2019.
“In my new role as Senior Technical Officer, I will provide support to Jane King as Group Chief Underwriting Officer assisting with the management of our plant and machinery portfolio on a national level. Aspects of the role will involve analysing our risk appetite and pricing to ensure consistent and sustainable outcomes that benefit both our commercial partners and Insureds across UAA’s portfolio,” said Jacinta.
In addition to retaining and promoting experienced staff, with the merger with Mecon and growth of the portfolio, UAA has heavily invested in additional resources for the Underwriting and Claims teams across the country.
“Part of my role will be to continue that journey by providing ongoing training to our Underwriters and Business Development Managers and to provide technical expertise and guidance for complex and emerging risks. Another aspect of the new role will be to streamline processes, implement smarter technologies and gain efficiencies for the group to allow underwriters to focus on assessing risks and providing insurance solutions to our customers,” said Jacinta.
Whilst every insured entity’s risk is different, whether it be geographical, involving different types of equipment, or levels of experience or claims history, there should always be a consistent approach to underwriting. At a Group level, the company is combining and enhancing the complementary strengths of MECON and UAA. These changes will create better visibility and the ability to be adaptable in an ever changing market.
“By understanding well-performing aspects of the portfolio and identify adverse trends early, UAA can implement specific and targeted strategies for improvement, avoid broad-brush or knee-jerk reactions and work with industries to reduce these risks moving forward. By doing this we are then able to provide stable and consistent offerings on both pricing and coverage to the industry across a sustained period of time,” she said.
In Jacinta’s time at UAA she has been involved in significant projects and developments within the underwriting team, including the successful transfer and integration the MECON plant portfolio to UAA over the last 12 months.
“Alongside training and development, another part of my role will be to continually improve the efficiency of our internal processes and technologies to enable the underwriting team to fully focus on providing the best product and service to our broking partners and Insureds,” she said.
Jacinta goes on to explain how her new role will benefit customers.
“As a specialist plant and machinery insurance agency, we work closely with our broking partners to understand our Insureds and their risks. With over 50 years’ experience providing insurance solutions, UAA know that no two businesses are the same. Our insurance products are designed to be tailored to the needs of our Insureds and my role will assist our underwriters in this endeavour,” she said.
Through data analysis and utilising its vast experience, UAA can provide valuable insights about insurance trends in the industry to broking partners and for the benefit of its Insureds, says Jacinta.
READ MORE: UAA proudly puts face to insurance.
“UAA has always worked with industries to understand the risks our insureds face on a day to day basis, and by listening to the needs of our Insureds, we continue to provide market leading solutions.
“Over the last few years, we have seen more requests to increase certain limits, such as Damage to Lifted Goods, Recovery Costs and Expediting Costs, to ensure Insureds are adequately covered in the event of a claim.
“Additionally, more of our Insureds are acquiring financial protection cover, so that in the event of a claim, they can continue fulfilling jobs and meeting their lease obligations. From a Claims standpoint, we are seeing increases in overall costs due to inflationary pressures.
“Also owing to claims activity, we are seeing dry hire companies increasing their expectation that third-parties purchase their own insurance rather than including this extension under their own insurance policies,” she said.
Jacinta explains how this will effect insurance policies for crane customers.
“As a specialty insurance provider, through our BDMs and relationships in the market, we ensure our broking partners are aware of the additional coverages we can provide. In turn, brokers can discuss these coverages with their clients to determine what is needed for their insurance program,” she said.
“Insurers continue to be concerned with the increasing costs of worker to worker injury claims, with many markets already increasing excesses. Due to the lengthy nature of these claims, mitigating this risk will require ongoing discussion between industry and insurers for years to come.
“Over the past few years, we have seen some other insurers reduce limits and restrict coverage extensions for crane businesses due to claims levels. This began with reductions in liability coverage for crane operators but has now extended to insurance for the equipment itself.
“Availability of cover has been reduced in part due to consolidation of specialty insurers but also though lack of long-term insurance capacity for perceived higher-risk occupations and equipment. By contrast, UAA has remained a consistent insurance provider for the industry for over 50 years and has the right structure in place to continue supporting the industry for another 50,” said Jacinta.
READ MORE: UAA’s renewed customer focus.