Tech firm launches underwriting agency with capacity backing from Allianz

Australian technology firm SafetyCulture has launched an SME-focused underwriting agency backed by capacity from Allianz.

SafetyCulture Care will distribute its offerings via brokers and MD Frank Costigan tells insuranceNEWS.com.au its main product is a commercial insurance package designed specifically for small to medium-sized businesses with a blend of Business Package and Industrial Special Risk (ISR) cover features.

The business says the newly created agency starts operations today and represents the next evolution of Mitti, a venture it launched in 2020 in partnership with QBE Ventures.

A QBE spokesperson says the Mitti partnership has been “great” and told insuranceNEWS.com.au “now is the right time for SafetyCulture to grow Mitti and we wish them continued success”.

Mr Costigan says the business recently acquired 100% ownership of Mitti so that it could launch SafetyCulture Care and the plan is to expand to other markets with the US next on the itinerary later this year.

“As we launch, SafetyCulture Care will act under binding authority for Allianz Australia Insurance Limited,” Mr Costigan said.

“We’re excited to have the backing of Allianz, although SafetyCulture Care will design the product, develop the pricing models, underwrite and most importantly provide an in-house claims team.”

The business says it hopes the majority of Mitti’s customers will work with their brokers to transition to SafetyCulture Care policies at renewal.

Mr Costigan says SafetyCulture Care is a “really unique offering”.

“Business insurance is long overdue for some disruption and what we’re bringing to the table with SafetyCulture Care has the potential to redefine the nature of the relationship that businesses have with their insurer,” Mr Costigan said.

He says SafetyCuture Care’s point of difference is that the underwriting agency provides risk solutions, insurance and technology to help customers run better, safer businesses.

“Being owned by SafetyCulture allows us to work with brokers and in turn, allow them to provide the opportunity for customers to access the SafetyCulture platform, formerly known as iAuditor, and its technology, including checklists, sensors and training.”

The business says Mr Costigan will oversee both the Australian and International operations of SafetyCulture Care and will act as the key contact for both broker and carrier/insurer relationships.

Mr Costigan joined SafetyCulture last year after leaving QBE, where he was Interim MD of the insurer’s Australia Pacific division.

SafetyCulture runs a technology platform that helps clients perform checks, train staff, report issues, and automate tasks. Its clients include companies such as DHL, US airline JetBlue and European hospitality giant Accor.