Vero has revised its pricing model for SME business in a bid to lift its market share in this segment.

It has built a sophisticated pricing engine linked to Suncorp’s entire dataset to estimate the “real risk” of specific perils by location.

Suncorp EGM Intermediated Distribution Andrew Mair says the move ensures SME pricing functionality is managed through a single application, which enables risk pricing to be consistent.

“This delivers power for more focused pricing,” he said. “We can tailor our price for brokers and their customers’ individual risks and circumstances, taking into account factors like the customer’s location, occupation and the construction of their premises.”

Mr Mair says the pricing engine will allow Vero to write bigger risks and he hopes this will expand its SME client base.

He says Vero’s underwriters are being given greater underwriting authorities for SME business.

“This means brokers are more likely to deal with a decision-maker when they speak to us, which will deliver quicker decisions and faster turnarounds.”