Cuttleflow Systems will exhibit its Go platform at the Underwriting Agencies Council’s Perth Market Exchange on Wednesday after successful showings in Hobart and Geelong.

The platform is designed for new underwriting agencies, those expanding their product sets and insurers that want to automate a new product, Cuttleflow co-founder Max Broodryk told insuranceNEWS.com.au.

“The traditional route is often too expensive for them – we’re pre-building so that we’re reducing the build cost to almost nothing, which is a very different approach to what they have in the market at the moment,” he said.

“Go lets an underwriting agency, MGA, Lloyd’s coverholder or insurer put a product into market with its own rates, rules, limits and name, without a build project.

“If you’re a small agency or underwriter without an IT department and you want to start operating an agency, we help you get into business and grow business much more quickly and efficiently.”

Mr Broodryk was formerly Axa head of cyber and Allianz regional underwriting manager, and was most recently country manager at Probitas 1492, which Aviva acquired and has rebranded Aviva Syndicates.

He says a large client has already signed on since Cuttleflow opened for business in September.

The insurtech is also in talks with insurance companies that want to sponsor agencies or delegate authority.

“Go is actually a very good tool from a capacity provider perspective as well. We provide controls around delegated authority – they just do their due diligence once on us and then they can plug in lots of agencies more cost-effectively and with more controls than they can at the moment,” Mr Broodryk said.

Go lists 25 insurance classes across eight product groups: professional indemnity; management liability, directors and officers, crime and cyber; medical; liability and construction; business, property and cargo; motor; accident and travel; and home and landlords.

A rate card offers four pricing bands, starting from standard wording with agency-set rates, rules and limits, up to an agency’s own wording. Go also takes care of bordereaux and compliance infrastructure.

Cuttleflow is in talks in New Zealand and Singapore, and expects to explore opportunities in Canada, the UK and US.

“There’s no reason to limit the platform to Australia – we support any agency anywhere, especially ones backed by Lloyds,” Mr Broodryk said.