Leading commercial insurer Vero is pleased to announce a new product range of specialty products to support its network of brokers and authorised agents that provide advice to businesses with complex needs. The new offerings support brokers managing clients with specialised commercial risks such equipment and machinery breakdowns, and complex risks in higher-hazard severity occupations, enhancing both the broker and customer experience.
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Vero insurance (part of Suncorp) announced the official launch of Vero Specialty Lines, a new offering that delivers specialist risk solutions for brokers, backed by the expertise of Vero's large-scale operations.
Vero Specialty Lines will consist of a suite of niche commercial insurance products designed to equip brokers with specific risk solutions to meet their clients’ complex needs. Backed by a skilled team of dedicated underwriters, the launch will provide support to brokers across a spectrum of specialised commercial risks, with plans to house up to ten specialty products under the Vero Specialty Lines banner by FY28.
Michael Miller, Vero’s Chief Executive Commercial & Personal Injury Insurance, said the upcoming launch demonstrates the insurer’s ongoing commitment to provide an enhanced and high-quality experience to brokers.
“Following our transition to a pure-play insurer, we need to continue to support our broker partners in new ways, constantly striving to strengthen the experience for the brokers themselves. We have listened to feedback, taken learnings from our competitors and overlayed Vero’s scale and award-winning claims service, culminating in our first new product launch in over ten years,” Mr Miller said.
Vero Chief Executive Commercial & Personal Injury Insurance, Michael Miller
Through exceptional service support, targeted customer propositions and an expanded product suite, Vero Specialty Lines delivers specific solutions to brokers with a focus on expertise and efficiency.
Vero Specialty Lines will launch with a refreshed offering of Vero’s Equipment Breakdown product. Designed to safeguard the insured against costly machinery exposures, this comprehensive solution will continue to cover repairs and loss of profit due to equipment and machinery breakdowns, from air conditioning systems to computer-controlled production plants.
The newly upgraded Equipment Breakdown product wording prioritises new-for-old coverage under specific circumstances, ensuring clients can get back to business as soon as possible with new equipment following a breakdown. The updated offering also includes an equipment upgrade provision, with Vero providing financial assistance to upgrade equipment following an insured event.
These enhancements complement the robust coverage already offered, including protection for all equipment on-site, no limitations for obsolescence, depreciation, or age, as well as comprehensive business interruption and spoilage of stock coverage.
Following this in 2025, Vero will expand the Specialty Lines offering with a refreshed Higher-Hazard Property proposition and a brand-new Higher-Hazard Liability offering, focusing on well risk-managed, higher-severity occupations.
“Higher Hazard Property, insuring businesses with more complex occupation risk profiles, is something we write today but decline a significant portion of opportunities due to the added time it takes to underwrite these risks effectively.
"To support this, we’re investing in expanding our team to unlock more capacity to underwrite these complex opportunities,” Mr Miller said.
