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IQumulate strengthens its sales focus

Premium funder IQumulate has developed two new executive positions that CEO Raj Nanra says are crucial to the company’s further growth.

Wayne Tower, who is at present Head of Sales, has been named Head of Business Development and Strategic Partnerships, while Head of Sales Victoria, SA and WA Elizabeth Lawry has been promoted to Head of Sales Australia and New Zealand.

Both managers stayed with the former Macquarie Pacific Funding in May when Steadfast purchased from Macquarie Bank the 50% share that it didn’t already own.

Mr Tower had been 11 years with the bank, the past three working in premium funding. He says his new role will focus on leveraging IQumulate’s strong partnerships and “doing more with the existing channels”.

“We want to transact with a greater range of brokers both inside and outside Steadfast,” he said. “We’re also interested in engaging with ‘new-new’ business opportunities from left field.”

Mr Nanra told insuranceNEWS.com.au premium funding in Australia has a relatively low market penetration.

“The penetration rate for commercial and personal lines in Australia is 25%, while it’s 60% in the UK, which is a comparable market in many ways,” he said.

“Premium funding helps customers to avoid underinsurance and it also supports them by providing a more efficient cashflow. It’s a very important piece in the insurance puzzle.”