Steadfast has provided its brokers in Australia and New Zealand with a free data-driven management tool to identify risk hazards and natural catastrophe exposures by geographic locations and operational activities.

The new iProfileRisk service replaced the RiskCoach product provided by Melbourne-based loss management company LMI on July 1.

Steadfast says iProfileRisk will enable brokers to have more robust risk conversations with clients through strong data evidence when making critical risk and insurance considerations.

The tool helps brokers to 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.

Steadfast developed the tool exclusively for its broker network, with MD and CEO Robert Kelly saying it reinforces the group’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,” he 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. iProfileRisk is an example of that.”