We've tweaked our question set to increase our auto-approval rate. These updates are purely cosmetic and do not affect our wording.
The wrinkles have been smoothed out immediately for Residential Strata, and the effects for Annual Construction will be visible from Friday 26/7. There have been no changes made to Professional Indemnity.
From today, you will see the following improvements to the question set on both SCTP and Sunrise...
You will now have multiple fields to capture mixed wall and cladding construction instead of currently having only one field and having to leave comments to capture additional wall materials. We can automate more when you use these fields instead of asking you to write comments about wall construction. Comments always trigger referrals. So this means our Auto-Approval rate has increased.
“Does the property contain any Asbestos”. Instead of leaving us a comment to advise of Asbestos you can now capture it in this tailored question. We always require you to attach a copy of the Asbestos report for our review.
When you disclose commercial units, we will now ask you to enter the commercial floorspace percentage in the designated field.
From this Friday, you will see the following improvements to our Construction question set on Sunrise...
This question has been removed as this is captured within the Maximum Contract Value.
We have removed the value of items, so you can simply select the appropriate CCC Sum Insured for your client.
We have changed referral rules for Maximum Contract Value to Turnover Ratio and the percentage usage of subcontractors/labour hire, to provide for significantly improved automation.
We have adjusted our liability excesses in the $5m - $10m turnover band.