19 Nov 2021

AUSTRALIA’S FIRST DIGITAL UNDERWRITING AGENCY TURNS TWO - AND HAS A LOT TO CELEBRATE

Five years ago, leading strata insurance specialist CHU launched Australia’s first digital underwriting agency, CHUiSaver, as its innovation lab.

And this time two years ago, after listening to extensive market feedback, CHUiSaver was revamped and rebranded Flex Insurance

Flex is now one of the market leaders, its residential strata insurance cover making it even easier for customers to get the right cover for them - at the right price. It can be tailored by the broker for their customer’s needs and give them full digital control to quote, bind, endorse or renew 24/7 through digital underwriting platform StrataTech.

Flex has a lot to celebrate besides just turning two. Its success has been phenomenal. In those two years its GWP has grown by more than 350% and its growth in policies by more than 250%.

During that period Flex has enhanced its wording with additional special benefits. It has also enhanced the functionality of its online platform to enable instant quotes and easy policy renewals 24/7.

From get-go, Flex has been well received by the market, gaining a high Net Promoter Score of 43in its first NPS survey with brokers.

Just to put icing on Flex’s birthday cake, its Senior Underwriter Lilian Zhou was earlier this year winner of ANZIIF’s Making a Difference Award.

CHUiSAVER Underwriting Agency Pty Ltd (ABN 85 613 645 239, AFSL 491113) trading as Flex Insurance acts under a binding authority as an agent for certain underwriters at Lloyd’s and QBE Insurance (Australia) Limited (ABN 78 003 191 035, AFSL 239545), the insurers of the products.

Terms, conditions, limits and exclusions apply to the products referred to above. Any advice contained on this website is general advice only and has been prepared without taking into account your objectives, financial situation or needs. Before making a decision to purchase the product or to continue to hold the product we recommend that you consider whether it is appropriate for your circumstances and read the Product Disclosure Statement (‘PDS’), Target Market Determination (‘TMD’) and Financial Services Guide (‘FSG’), which can be which can be viewed on this website or obtained by contacting Flex Insurance directly.

Flex Insurance is a wholly owned subsidiary of CHU Underwriting Agencies Pty Ltd (ABN 18 001 580 070, AFSL 243261) (‘CHU’). CHU is a wholly owned subsidiary of Steadfast Group Ltd (ABN 98 073 659 677) (‘SGL’). SGL may receive a professional services fee (‘PSF’) from insurers, premium funders and underwriting agencies such as Flex Insurance and CHU (‘Partner’) for access to regulatory and compliance support; marketing and communications; data insights; and access to technology platforms. The PSF is an agreed amount between SGL and the relevant Partner, usually annually. The PSF is not determined by the volume of the business that the Steadfast Network brokers place, nor is the amount of the PSF known to the Steadfast Network Brokers, so it is not able to influence recommendations to their clients.

Flex Insurance may have access to shared services from SGL, including: compliance tools; procedures; manuals and training; legal; HR banking; and group purchasing arrangements. These services are funded by SGL, subsidised by SGL or SGL receives a fee for them. SGL’s FSG is available at www.steadfast.com.au or on request by telephoning SGL’s Company Secretary on +61 2 9495 6500.

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