IAG has launched a new digital trading platform to support its intermediated business.

The insurer’s Intermediated Insurance Australia division says the PolicyPlace quoting and binding system is part of a two-year, $180 million platform technology transformation.

To mark the launch, the CGU brand has released a new commercial property product, Padlock, that is available only on the portal.

“From today, all Padlock new business quotes will be transacted on PolicyPlace,” IAG said.

“PolicyPlace is CGU’s new front-end digital quoting and binding platform, which provides a streamlined experience for brokers through easier connection and faster turnaround times, with fewer referrals needed due to increased straight-through processing of quotes.”

IAG says PolicyPlace will not replace other broking portals such as Sunrise and the Steadfast Client Trading Platform. 

“It is an additional channel that brokers can access via the CGU broker portal,” a spokesperson told insuranceNEWS.com.au.

The spokesperson says PolicyPlace will have further enhancements this year to accommodate renewal business.

“Once full functionality is delivered, brokers will be able to manage the entire policy life cycle through this digital front end.”

IAG says the portal underscores the importance of its intermediated business – which also includes WFI Insurance.

CGU and WFI CEO Jarrod Hill said: “We’ve listened to our brokers, and we’re responding. We know they want a more modern, efficient and streamlined experience so they can better serve their customers. This system will provide that.”

PolicyPlace’s launch today is part of a phased delivery, with additions to include automated underwriting rules and activity workflow.