The Steadfast Virtual Underwriter (SVU) reached another milestone late last month when the first business pack policy processed through the electronic platform was bound.

The cluster group’s six-year program to build a platform for members to interface with underwriters more cheaply than through existing platforms is now close to full completion, with only occupation-specific professional indemnity (PI) and commercial motor policies remaining to be placed.

Steadfast Hub CEO Niels Laaper told the group’s shareholders’ meeting in Melbourne on Saturday that most major insurers are now using the SVU, with the exception of QBE.

He says extensive testing and comparison has shown that processing times on the SVU are substantially reduced. For example, the time spent processing four quotations on the SVU is 25 minutes faster than a similar operation on Sunrise Exchange.

Twelve insurers are connected to the hub for PI, seven for ISR, five for liability and two for business packs, with two more scheduled to integrate soon.

It’s understood that QBE continues to shun the SVU, which contains a comparison engine enabling brokers to easily compare different insurers’ quotes. Steadfast Chairman Robert Kelly says QBE sees commercial disadvantages in the comparator, because it can allegedly impact on retention of clients at renewal.

While two broking systems are now completely integrated with the SVU, Ebix Australia, which operates the competing Sunrise Exchange system and controls the three major broking systems, has not yet committed to integration.

Mr Laaper says Steadfast is “continuing to engage” these companies to support the SVU.