Steadfast to reveal SCTP update by December
Steadfast MD and CEO Robert Kelly says the group expects to reveal future plans for the Steadfast Client Trading Platform (SCTP), which could include an international expansion, by the end of the year.
COO Samantha Hollman takes up a new role at the end of this month as Steadfast International CEO, it was revealed in August, looking after the group’s oversees businesses, including New Zealand, Singapore, London and Hamburg-based Unison Steadfast. AIG’s local CEO Nigel Fitzgerald will become Steadfast COO.
“As we’ve spoken about before, Sam Hollman will go into the role of CEO of elite national assets and spearhead this part of what we’re going to do,” Mr Kelly said on Wednesday.
“We’re not elaborating on it at this stage, because it’s a little wider than our first thoughts about what we could do with the client trading platform.
“When we formalise what we’re going to do there – which will be towards the end of this year – then we’ll share it. I would say by the end of 2023 we’ll be in a position to tell you what we feel what we’ve done as a result of probably five years – and particularly 18 months – of intense investigation.”
Mr Kelly says continuing development and enhancement of SCTP is an important part of Steadfast’s strategy and it is adding more product lines, new insurers and expanding auto-rating capabilities for insurers for liability and professional indemnity.
The next commercial product line under development is farm, which is expected to launch next year. There are nine business lines and 16 insurer and underwriting agency partners currently live on SCTP.
“We’ve always been asked repeatedly about what we will do with the asset of the client trading platform. It is still an incredibly viable and world-leading technology. There’s nothing out there that does exactly what it does around the world,” Mr Kelly said.
“We continue to increase the product, and we continue to look at how we can apply that internationally. Over the last three years, more particularly in the last 18 months, we’ve been looking at what we could do with that system and software.”
There was $945 million gross written premium transacted through SCTP in 2022. The technology is exclusive to Steadfast Network brokers, clients and participating insurers
On the INSIGHT broker management system, Steadfast says there are 182 brokers live, with over 4400 user licences and an additional 21 brokers are committed to migrate onto INSIGHT, as well as ongoing discussions with another 75 brokers.
“There continues to be strong interest from Steadfast Network brokers wanting to utilise INSIGHT to help manage their business. Steadfast Group is making a significant investment to roll out the platform as it delivers substantial efficiencies and cost savings for brokers who can remove their dependency on legacy systems,” the network said.
