Two prominent Australian industry executives will lead a new business that aims to “redefine” insurance delivery through AI and automation.

Outgoing Steadfast COO Nigel Fitzgerald and AIG local CEO Grant Cairns will team up on the digital “underwriting venture”, due to launch towards the end of this year.

“It’s incredibly exciting to officially partner with Grant, an industry executive I’ve always held in the highest regard, with a remarkable track record,” Mr Fitzgerald said. “We see a genuine long-term opportunity in the insurer segment to lower operating costs and significantly improve both broker and employee experiences using purpose-built, cutting-edge technology, free from legacy constraints.”

Steadfast announced in March that COO Mr Fitzgerald would leave on July 1. Mr Cairns will join him in October as a founding executive partner in the new business.

Mr Cairns took over as AIG’s local CEO in July 2023 after predecessor Mr Fitzgerald departed for Steadfast.

The business is due to launch with the acquisition of an underwriting agency that “will then be expanded with enhanced capability to attract and support the industry’s best talent”, Mr Fitzgerald says.

A purpose-built platform will address “long-standing operating and cost inefficiencies” in the industry. 

“This foundational step will pave the way for industry-leading talent to join. The mission is to serve brokers and their clients with greater speed of response and superior underwriting and claims service.”