Steadfast today introduced a data-driven management tool to assist its brokers with identification of risk hazards and natural catastrophe exposures by geographic locations and operational activities.

The broking network says iProfileRisk helps brokers show their clients the most prominent risks aligned to 12 classes of insurance as well as a NatCat risk grading summary of the likely severity of a loss occurring.

Steadfast says the tool is free for its network of brokers in Australia and New Zealand and will enable them to have more robust risk conversations with clients through strong data evidence when making critical risk and insurance considerations.

“The risks we face from [natural catastrophe] events is on the rise and largely driven from climate change,” Steadfast MD and CEO Robert Kelly said. “While many of these events are inevitable over time, with the right tools and data, their nature and scale is often predictable.

“This enables businesses to put into place the appropriate risk mitigations strategies and insurance coverage to support their individual risk and climate change planning needs.”

Steadfast says the risk management tool was developed exclusively for its broker network, reinforcing the business’s longstanding commitment to invest in technology to support its distribution partners.

“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,” Mr 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 to help the industry become more focused on prevention, rather than simple protection, and iProfileRisk is an example of that.”