Addressing complex risk needs of Australian businesses

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As businesses face increasingly complex challenges, Vero’s new specialty insurance line can offer tailored solutions across a broad spectrum of commercial risks

VERO HAS a not-so-secret plan to ascend the market share rankings of commercial insurers in Australia, and it’s aiming to get there within a few short years. It’s a bold goal, hinging not just on scale but on a new suite of carefully crafted products and propositions to help cater to brokers’ and clients’ needs. “We want to be an insurer of choice for brokers, and while we’ve got really good momentum in our existing portfolio, we have realised we need to expand our offering,” says Haydn Greentree, executive manager at the new business unit Vero Specialty Lines (VSL). VSL will be central to the growth strategy for Vero, and it’s already off to a flying start, having launched three key offerings in six months and with plans to release another seven by the end of FY28. “Vero Specialty Lines essentially has two core objectives,” says Greentree. “It’s the area that we’re going to be launching new insurance products and propositions from, but also an area where we’re really trying to replicate the strong customer outcomes that underwriting agencies do provide.” The first three cabs off the VSL rank are Equipment Breakdown (November 2024), Higher Hazard Property (February 2025) and Higher Hazard Liability (April 2025). More than just providing capacity, VSL’s offering helps to deliver tailored solutions for complex business needs. “Take Higher Hazard Property,” Greentree says. “While clients in this space are looking for insurance capacity for their higher-severity occupation-based risks, there is also a market desire for a comprehensive insurance proposition to help cater to some of their complex needs.” Rather than competing solely on price, VSL is providing personalised service, strong broker support and training and a proactive risk management and mitigation approach. Its offering includes direct access to underwriters and dedicated claims contacts, coupled with risk insights and support to help improve business resilience – positioning Vero as the go-to insurer for clients with complex needs, while setting the stage for long-term growth.

Vero provides quality business insurance products to help protect Australian businesses. Because Vero believes that impartial specialist advice is paramount when it comes to selecting insurance, it offers its products through insurance brokers. With over 190 years of experience in providing insurance, Vero delivers an award-winning claims service so brokers can be confident in recommending Vero to clients. Vero provides brokers with access to one of the largest risk engineering teams in Australia, as well as local business development managers and underwriting and claims teams who bring expertise, intelligence and experience to their relationships. For more information, visit vero.com.au .

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How Australia's businesses approach risk management

No formal process – we are aware of risks but do not have a formal risk management process

“What we really want to be able to do is be a one-stop shop as much as possible for brokers”

Haydn Greentree, Vero Specialty Lines

Both the Higher Hazard Property and Higher Hazard Liability products are tailored propositions, beginning with dedicated underwriting teams focused solely on these specialised risks. “The risks that are in this space are quite complex and nuanced, and having consistency of decision-making gives better outcomes for customers as well,” says Greentree. Each policy includes a dedicated claims contact, providing

clients with direct access so they don’t need to wait in a queue. Risk mitigation is another cornerstone of the offering: risk engineering reports are included with most* Higher Hazard Property policies. “With our Higher Hazard Property proposition, we’ve gone a step further than traditional insurance by introducing a risk mitigation rebate program to reward eligible businesses that take active steps towards lowering their risk,” Greentree explains. “Traditionally, what happens is that risk engineers come back after assessing a risk, and they say, ‘The risk is OK, but the client needs to improve these few things – for example, fire sprinkler checks or gutter maintenance or putting dangerous goods cabinets in place.” Instead of penalising clients who don’t implement these recommendations – a common industry approach – Vero is adopting a more collaborative strategy. “We’ve actually leveraged our scale to partner with some of our supply network to provide clients with people that can do those services and will provide a level of financial assistance for the clients who complete those services,” Greentree says. This rebate program incentivises clients to proactively manage risks, helping to improve their exposure and keep premiums competitive, despite the products being tailored to higher-risk industries.

The Higher Hazard Property enhanced proposition, targeting higher-severity occupations, is aimed at clients who have strong risk management and standards. Key assessment criteria include location, natural hazard exposure, fire and security measures, construction type and claims history. The focus is on collaborative risk management and building long-term partnerships. The Higher Hazard Liability product likewise targets a clear gap in the market for brokers struggling to secure cover for higher-risk occupations.

“We see this as a fantastic opportunity for Vero to leverage our award-winning claims service and our national footprint to provide more mainstream solutions for our brokers”

James Samut, Vero Specialty Lines

“Occupations such as plumbing trades, electrical trades and some more exposed manufacturing like chemicals are difficult to place for some of our brokers,” says James Samut, Higher Hazard Liability manager at VSL. “There’s often only niche, localised markets that can provide solutions. “We see this as a fantastic opportunity for Vero to leverage our award-winning claims service and our national footprint to provide more mainstream solutions for our brokers. This will give VSL customers an opportunity to tap into the superior claim service that we’re able to offer.” The company has aligned occupations across both products where possible, offering brokers and clients a streamlined experience. A wide range of higher-hazard occupations are within risk appetite, from sawmilling to chemical manufacturing to plastics risks. “What we really want to be able to do is be a one-stop shop as much as possible for brokers,” says Greentree. “The synergies between Higher Hazard Property and Higher Hazard Liability mean that in some instances, brokers can come to us for a whole-of-account solution, which can reduce the complexity of placement for them.”

The company’s approach to launching products and propositions to market is methodical and broker driven. Vero’s distribution teams consulted major broker groups to pinpoint where they needed product solutions. “We want to enter markets that have a really strong broker need,” says Greentree. “We therefore asked our distribution teams to go out to literally ask brokers, ‘Where do you struggle to place business at the moment, and where do you need products?’ I think there’s no better way, really, than to actually get the news straight from the horse’s mouth.” This broker feedback, combined with Vero’s research, has identified around 30 potential products. Vero acknowledges that not all will make it to market, but the company is committed to reassessing as conditions evolve. “We’ve set targets around where we want our products to be after a few years, and we can reassess accordingly,” says Greentree. “But I think what’s really important for us is that we really, really deliberate the decisions we make when we go into new products, because we don’t want to just be going in and going out of markets. It’s also important that we enter markets where we can provide a truly differentiated customer proposition.”

Business crisis management conceptual image

Customer-centric approach

Long-term strategy

Published 21 Apr 2025

90%

Basic measures – we provide basic risk management training and have implemented some measures to reduce risks

Documents with no/rare audits – we have a documented risk management strategy, but we never or rarely audit controls

Documents with regular audits – we have a documented risk management strategy, and we regularly (eg once a year) audit controls

Documents with continuous controls – we have a documented risk management strategy, and we continuously audit controls

Source: Vero SME Insurance Index 2025

Frequency of risk analysis at australia's businesses by size

20%

40%

60%

80%

100%

At least every 6 months

Annually

Less frequently or never

1–4 employees

5–19 employees

20–200 employees

200+ employees

Addressing market gaps

Vero’s specialty expansion comes as the insurance industry grapples with challenges around talent attraction and retention. “The biggest challenge really has been in line with the current insurance industry talent shortage,” Greentree says. According to Insurance Council of Australia data, 58% of insurance employees are over 45, while only 18% are under 34. By 2030, about 30% of professionals will reach or exceed retirement age. As a result, a large amount of specialised knowledge has left firms. In response, Vero is developing a product training suite to support brokers navigating this talent crunch by assisting them to better understand these complex products. “There’s been significant people movement within and across companies over the last five years. A lot of senior experience has moved between firms, retired or is planning to transition to retirement, while a large number of less experienced people are coming into the industry,” says Greentree. “We’re building out this training suite to help brokers better understand these products so they can serve their clients more effectively.” These initiatives have already garnered strong broker interest, with the Equipment Breakdown webinar attracting over 2,700 registrations, one of Vero's highest ever.

Responding to industry challenges

Vero’s specialty lines strategy doesn’t stop at three offerings – it aims to have 10 under the VSL banner by FY28.

For brokers, this represents a prime opportunity to step in as risk advisers, helping clients adopt formalised risk management strategies. The VSL team knows there are exciting times ahead in developing and refining the Higher Hazard Liability product and watching it impact the market. “This is just a starting point for us,” Samut explains. “We’ve isolated some really distinct areas of need that our brokers have given us feedback on. But we fully expect that as we get more submissions from our brokers, there’ll be opportunities for us to further refine and provide additional solutions down the track.” What unites VSL’s approach is its commitment to supporting brokers and clients with comprehensive, tailored solutions that go beyond traditional insurance. “We’re confident that what we’ve chosen so far is a really good starting point,” says Samut. “We’ll be able to deliver meaningful value and good outcomes for both our brokers and their clients by leveraging our distinct product offering, which makes Vero different from some of the other players in the market. “We’re really excited to see what we can deliver for our brokers.”

Opportunities for brokers

According to the 2025 Vero SME Insurance Index , 90% of businesses lack formal risk management processes, and only 2% have a documented strategy with continuous audits. Even among medium and large businesses, structured risk processes are often absent.

Disclaimer: This article is sponsored by Vero Insurance. The information is intended to be of a general nature only. Subject to any rights you may have under any law, Vero Insurance and its related bodies corporate do not accept any legal responsibility for any loss or damage, including loss of business or profits or any other indirect loss, incurred as a result of reliance upon it – please make your own enquiries. Insurance issued by AAI Limited ABN 48 005 297 807 trading as Vero Insurance (‘Vero’). Limits, conditions and exclusions apply. *Risk engineering report is limited to up to one report per policy period and is not available in regional areas and is subject to Vero’s underwriting guidelines. ^To be eligible for the rebate, a client must have a current Vero Higher Hazard Property (HPP) policy or confirm renewal of their Vero HPP policy by the renewal date, complete risk mitigation service(s) identified in the Vero Risk Engineering Report as qualifying for the rebate using one of Vero’s suppliers and submit paid invoices for those services to Vero. Maximum of one (1) rebate per policy period. Full terms and conditions available at vero.com.au/specialty-lines/higher-hazard-property.

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