Broker group Steadfast says usage of its virtual underwriter platform has increased by more than 700% this year, with 48% of shareholders now actively using it.

Steadfast Virtual Underwriter (SVU) CEO Niels Laaper says the growth “is due to shareholders continuing to move even greater volumes of business onto the platform as they realise the benefits of its ease of use and substantial productivity gains”.

“The launch of business insurance earlier this year has attracted a large number of shareholders to the platform,” he told insuranceNEWS.com.au.

Lumley has recently been added to the business insurance component of the platform, joining Chartis and Vero.

Mr Laaper says feedback from users shows they have welcomed a third insurer being available for business insurance on the platform.

“This feedback was supported with a 48% increase in the number of opportunities being presented on the platform last month,” he said.

“Steadfast anticipates there will be substantial growth on the platform next year, with two more insurers scheduled for integration.”

There are now eight insurers offering industrial special risk products on the platform. Steadfast is also planning to add an occupation-specific professional indemnity product as well as commercial motor and management liability products.

“We now have 12 insurers offering professional indemnity products and this year saw the first insurer integration of a rating engine to their product,” Mr Laaper said.

“Steadfast recently launched a raft of new features that make it easier for insurers to integrate with the platform. With these new features in place it is expected that a number of insurers will commence integration to the platform’s negotiated products next year.”

Another feature to be launched next year will be online forms that enable brokers to obtain proposal information directly from their clients.

“The secure online forms will deliver further enhancements and productivity gains to Steadfast’s brokers and the platform,” Mr Laaper said.