SafetyCulture is launching a new insurance arm ‘SafetyCulture Care’, which will support small and medium-sized businesses in Australia, before launching in the US later this year.
SafetyCulture Care is an intermediated insurance agency business, offering risk management and insurance products for small and medium-sized businesses, distributed through brokers. Its products will include a commercial insurance package.
Unlike traditional insurance providers, SafetyCulture Care starts with risk management and from a position of wanting to help customers run a better, safer business. Customers can use the workplace improvement tools and technology provided by SafetyCulture to leverage data and create insights relevant to their specific industry or business. The intention is for SafetyCulture Care, the broker and the end customer to create a three-way partnership focused on mitigating risks and helping customers to improve their businesses.
When used correctly, SafetyCulture’s technology will help identify the businesses that are actively taking steps to mitigate risks. Some businesses are riskier than others, and the SafetyCulture Care offering will help businesses that effectively manage risk to differentiate themselves from those that don’t.
SafetyCulture Care will be run by Managing Director, Frank Costigan, who has over 30 years of experience in financial services and insurance, both locally and offshore. Before joining SafetyCulture in 2022, Frank was Interim Managing Director of QBE’s Australia Pacific division, and prior to this, he was the CEO at Youi Insurance. Costigan has also held senior roles with IAG and Berkshire Hathaway Specialty Insurance Australia. He 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.
“I believe in SafetyCulture’s mission, and I can see that this company genuinely has the potential to help change the way people work. I’m also incredibly passionate about the role of insurance in providing businesses with certainty and security, and I know that by expanding into insurance, SafetyCulture can play a positive role in influencing the way businesses operate and think about risk.”
“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,” said Costigan.
One of SafetyCulture Care’s differentiating features will be its focus on providing an excellent customer offering. SafetyCulture Care will design the product, develop the pricing models, underwrite and most importantly provide an in-house claims team. The business will aim to provide customers with a higher level of ‘care’ from quoting a risk, to binding a policy, issuing documents and all the way through to claim.
SafetyCulture Care has been created leveraging the learnings of the highly successful insurtech model SafetyCulture established via Mitti in 2020. SafetyCulture Care is the next evolution of this business model and the company hopes the majority of Mitti’s customers will work with their brokers to transition to SafetyCulture Care policies at renewal.
SafetyCulture Care will act under binding authority for Allianz Australia Insurance Limited to administer and issue policies and provide claims handling and settling services.
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