making relationships count Welcome to DUAL Australia Innovative solutions for complex insurances
About Us DUAL Australia is a specialty lines underwriting agency focused on providing solutions to the mid market. Established in 2004 with one office in Sydney we ve grown and expanded geographically and now have offices in Melbourne, Perth and Brisbane employing more than 80 people. We commenced trading with a Financial Lines product range, and became a specialty lines underwriting agency in 2009, with our entry into the Accident and Health insurance market. In 2013, we further broadened our product capabilities, with a General Liability offering for the mining and resource sector. We underwrite exclusively on behalf of certain underwriters at Lloyd s. We re a growing business. In 2013, DUAL Australia wrote AUD$90m Gross Written Premium across 30,000 policies, making us the largest independent underwriting agency and Lloyd s cover holder in Australia. We ve consistently achieved high growth across all areas of our business, from premium to policy count. Revenue Policy count Premium 23 % 32 % 52 % Compound Annual Growth Rate COMPANY PROFILE // DUAL Australia //3
Our global strength DUAL International Formed in 1998, our parent company DUAL International is the world s largest unaffiliated international underwriting agency and Lloyd s largest international cover holder. DUAL International has 24 offices in 12 countries across Europe, Asia Pacific and the Americas, employing over 250 people and servicing over 3,400 local brokers and agents. The Group distinguishes itself from other markets by combining a global distribution platform and access to capital and markets with local knowledge and expertise. This autonomy within its local offices has allowed it to achieve compound growth of over 50% since inception. Following the acquisition of PGI Commercial in January 2014, DUAL International will have annualised Gross Written Premium of AUD$745m, up from AUD$630m in the preceding twelve months. DUAL s capabilities and depth are reflected in the quality of its capacity providers, which include Arch. Liberty, Barbican and Hiscox. It is well positioned to maximise its trading relationships as its product diversity continues to expand. Further information about DUAL International can be found at http://www.dualinternational.com/ COMPANY PROFILE // DUAL Australia // 4 COMPANY PROFILE // DUAL Australia // 5
Hyperion Insurance Group OUR PRODUCTS DUAL is part of the Hyperion Insurance Group. The Group was founded in 1994 and is headquartered in London. Hyperion is a true insurance intermediary group, with distinct broking and underwriting agency arms operating independently of one another. Hyperion s structure recognises and responds to the spectrum of client insurance needs, and has enabled the Group to grow significantly through hard and soft insurance markets and economic cycles. Hyperion s goal to become the leading international insurance intermediary group is driven by a focus on building a group with balance in its distribution model, geographic spread, products and services, delivering sustainable, profitable growth underpinned by strong organic and focussed inorganic growth. Financial Lines Accident & Health General Liability The Groups vision is to be an independent, innovative, courageous, dynamic, great company. It s mission is to achieve this by attracting the best people and empowering them to make Hyperion the insurance partner of choice for clients. Hyperion has more than 80 offices in over 30 countries, employing over 1,700 people globally. Across the globe, Hyperion controls over AUD$2bn in premium and had an annual revenue as at 30th September 2013 of AUD$305m. To learn more about Hyperion go to http://www.hyperiongrp.com/ HYPERION INSURANCE GROUP Association Liability Crime Protection Cyber & Privacy Protection Directors & Officers Liability Financial Institutions Information Technology Management Liability Medical Malpractice Professional Indemnity Statutory Liability Corporate Travel Expatriate Group Personal Accident Individual Personal Accident Journey Over 65 s Individual Personal Accident Sports Group Personal Accident Temporary Residents Voluntary Workers For the Mining, Oil & Gas and Resource sectors COMPANY PROFILE // DUAL Australia // 6 COMPANY PROFILE // DUAL Australia // 7
WHAT WE DO DUAL Australia is a specialty lines underwriting agency with product lines in Financial Lines, Accident and Health and General Liability. We give brokers what they want, rather telling them what they need Take up is now estimated at approximately 15%, and there remain significant growth opportunities for the market and DUAL. With Management Liability we took a complex product, Directors & Officers Liability, and adapted it to the small to medium enterprise market where at the time of entry it was estimated that less than 1% of businesses purchased 3. We create innovative solutions for traditionally complex insurances We recognise that small business has the lowest margin for our brokers and for DUAL, which is why we ve invested heavily in creating simple and innovative solutions for SME s. In 2010 we launched the WebRater which is our online trading platform for Financial Lines insurance, allowing brokers to obtain a quote and bind in 3 minutes with only 4 pieces of information. This significantly reduced the transaction time for brokers and DUAL. Since its launch, the WebRater has We identify underserviced or overcomplicated sectors of the insurance market, and using the expertise of our team of specialists, we create simple, innovative solutions for the mid market. This 2 Management Liability. Take up is now estimated at approximately 15%, and there remains significant growth opportunities for the market and DUAL. issued over 150,000 quotes and transacts 20,000 policies annually. common thread across our product range ensures we re committed to ongoing product development and expansion. DUAL Australia underwriters exclusively on behalf of certain underwriters at Lloyd s, and across our product range we represent a number of We grow Lloyd s syndicates. markets not What sets us apart? market share 1. We grow markets not market share As a start up business ourselves, we re committed to creating new markets and 1 What sets us apart? 3 2. We give brokers what they want, rather than telling them what they need We attribute our success to listening to the needs of our broking partners and clients and the ability to react quickly and always provide the right solutions. Our mantra of making relationships count is demonstrated by our ability to create and deliver the right products to the right people. We work hard to understand the needs of our clients businesses to ensure they receive consistently outstanding service that is both tailored to their requirements and superior in its delivery. new revenue for our brokers. Our high growth has been achieved by taking complex products and adapting them to a new market of first time buyers. With Management Liability we took a complex product, Directors & Officers Liability, and adapted it to the small to medium enterprise market where at the time of entry it was estimated that less than 1% of businesses purchased Management Liability. We create innovative solutions for traditionally complex insurances In 2011, Financial Services Minister, Bill Shorten, commented that insurers needed to get with the times and offer protection to older workers as the retirement age had moved well past 65 and Australians were working longer. DUAL was quick to respond to this need and shortly after we released a specialist Individual Personal Accident policy for the over 65 s market. We have also simplified the transaction of Corporate Travel and Voluntary Workers policies by creating an instant quotation called our Offer. We identified that 95% of the submissions we received fit within the same risk profile, and were seeking the same terms and conditions, so we removed the need for a proposal form so that our brokers could offer instant quotations at the point of discussion with their clients. We have now transacted over 3,500 policies through this efficient delivery method. COMPANY PROFILE // DUAL Australia // 8 COMPANY PROFILE // DUAL Australia // 9
Broad distribution We are a strategic partner with the major cluster groups Steadfast and AIMS, and a top 5 trading partner alongside the major insurers with Steadfast for Financial Lines and Accident and Health DUAL is a preferred partner with major broking house WHY WE RE DIFFERENT 1 2 OAMPS We have key strategic relationships with all of the mid-tier broking houses DUAL transacts over AUD$5m with authorised What sets DUAL apart is our dynamic culture and the people that make up that culture. representative models, and deal with over 500 authorised representatives on a regular basis We attract the brightest and best people, with creativity and drive, and we harness these qualities to achieve both their 3 We ve fostered deep relationships with many like-minded individual and our business goals. From our Underwriting and entrepreneurial brokers and have built our businesses in Claims teams, to our IT and Finance department, our people are From our commencement in 2004, we ve worked hard to establish deep relationships in distribution to ensure we are well positioned for future growth and expansion. partnership together INNOVATIVE DELIVERY all experts in their field and they bring these skills to DUAL every day to make us the great company that we are. Our people are: Entrepreneurial Innovative Agile Collaborative Empowered Honest Adaptable Fun Courageous Responsive Ambitious Bright 5 Balance in our distribution is fundamental to our success. This is demonstrated by 30% of our business being transacted with the four major international brokers, and the remaining 70% from non-international brokers. We have a broad distribution reach and engaged relationships with our brokers. We transact over AUD$10m with Aon & Marsh DUAL are a preferred panel participant with each of the major international insurance brokers DUAL continues to invest in product expansion and innovation to position us for the future. We recognise the importance of simple, efficient delivery methods that provide cost efficiencies for brokers transacting small to medium business. We have invested significantly in efficient, effective, innovative, delivery methods including technology platforms such as the DUAL WebRater which has issued over 150,000 quotes in the last five years. Our values are the mantras that we live by, and they remain as relevant today as they did when we opened our doors. 1. Underwrite for profit 2. Service is the only sustainable differentiator 3. Change is the only constant 4. Honest and respectful communication 5. Energetic and fun!! 4 COMPANY PROFILE // DUAL Australia // 10 COMPANY PROFILE // DUAL Australia // 11
CHARITY Giving back is important to us, and since we commenced trading we ve raised over AUD$150k for charity. We ve run, walked, cycled, swum, cross-dressed and even shaved our heads for charity, and along the way we ve donated money to a whole number of charities including Lifeline, Make a Wish Foundation, Heart Foundation, Youth off the Streets, Beyond Blue, Canteen, Cancer Council, Variety The Children s Charity and White Ribbon. Our partnership promise At the heart of the group is the quality of our people. Our goal is to be a magnet for talent, offering the people and the teams that join us a dynamic, exciting and rewarding environment in which to work; an enabling infrastructure to support entrepreneurialism; and an environment in which they can challenge; and are challenged. We provide: Infrastructure support Compliance, claims and infrastructure management IT Finance, reporting to carriers and regulators Actuarial and technical underwriting support Regulatory oversight and controls Underwriting contract support services Turn-key underwriting capability DUAL transacts over 30% of our policies through technology we ve developed which provides full policy life cycle services for brokers. Whilst service is the only sustainable differentiator, technology is the enabler. Global strength World s largest international underwriting agency Lloyd s largest international cover holder Relationships with over 3,400 intermediaries including brokers, agents and Bancassurance Strong investment shareholder base that assist with building Hyperion s businesses. Access to capital to continue the Group s growth strategy We have strong relationships with all of the major international insurance and reinsurance brokers. We re well positioned to maximise our trading relationships as our product diversity grows. Innovation Commitment to ongoing product expansion and development Continued investment in innovative delivery methods Investment in technology for cost efficiencies for our clients and our people Entrepreneurial spirit Ambitious and driven people A dynamic and fast moving Group Strong organic growth across all businesses Significant acquisition activity and plans for the future Our business model facilitates innovation, and rapid expansion into new markets, and enables fast time-to-market for new products, all of which are always developed and executed with our clients in mind. COMPANY PROFILE // DUAL Australia // 12 COMPANY PROFILE // DUAL Australia // 13
NOTES Innovative solutions for complex insurances COMPANY PROFILE // DUAL Australia // 14 COMPANY PROFILE // DUAL Australia // 15
making relationships count SYDNEY MELBOURNE PERTH BRISBANE www.dualaustralia.com.au Tel: 1300 769 772 DUAL Australia Pty Limited Part of the DUAL International Group Registered in Australia under ABN No. 16 107 553 257 AFS Licence No. 280193