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APEX platform about independence: PSC  

PSC Insurance Group has given more details about its new APEX insurance trading system, an online bot-supported platform it launched after leaving the Steadfast network at the end of May. 

The platform has five products at present: private motor (four insurers), home (six), landlords (six), commercial motor (five) and business pack (nine). 

PSC says the system, developed and built internally, has “bots” to connect to PSC databases and retrieve policy data and then link up with insurer platforms via Sunrise Exchange or direct to obtain quotes. 

The system’s use of Robotic Process Automation technology removes the need for manual repetitive data entry tasks. 

“We're not claiming APEX is a miracle cure for all processes… the complexity of solving the mystery and complexity of insurance processes,” MD Tony Robinson said in an earnings call yesterday where details of APEX were publicly introduced for the first time. 

“What APEX allows us to do is ensure that we’ve got a platform that can evolve and improve and it's in our hands to do that.” 

He says the goal is also to “stand independently of anyone else so that we're dealing directly with Australian underwriters”. 

“We’ve got great relationships with those underwriters, and are already seeing the benefits of dealing directly with them with the wordings [that] we’re working with them on and the arrangements that we have with them.” 

PSC says it is working on mapping issues causing a 15% error rate and also working with insurers on 15% referral and 15% decline rates. 

The business yesterday posted a rise in full-year earnings, supported by strong results across its distribution and agency businesses in Australia as well as its UK operations.   

Underlying earnings before interest, tax, depreciation and amortisation (EBITDA) for the year to June 30 rose 19% to $111 million from a year earlier, in line with PSC’s revised guidance at the start of the month. 

Net profit after tax and amortisation, also on an underlying basis, gained 23% to $78.4 million. 

The Melbourne-based broker also announced Deputy Chairman Paul Dwyer, who founded the group in 2006 and was MD until 2019, will succeed Brian Austin as Non-Executive Chairman.