Woodina Underwriting Agency Pty Ltd

Woodina Underwriting Agency (Woodina) is recognised as a leading professional indemnity (PI) underwriting agency with an award winning, unique in house law firm. This claims model reduces defence costs and allows stable premiums even during ‘hard’ markets.

Woodina prides itself on its service to brokers. This extends from its front end fast quote turnaround and popular online portal to its unique and highly awarded in house lawyer claims model. With 60 staff split between underwriting and the law firm, Woodina is one of the foremost PI underwriters in Australia and has offices in Brisbane, Sydney, and Melbourne.

Woodina is the market leader, by some way, on property valuers and has established schemes for estate agents (NSWRE), bookkeepers, building designers, and pre-purchase, pool, and pest inspectors.

The defence cost savings through the in house law firm handling claims not only lead to more efficient claim resolution than using external law firms but also allows Woodina to offer a unique PI benefit – the insured’s deductible does not get eroded by internal defence costs. This is a big selling point for insureds and brokers. This model also means there is no pressure to settle unmeritorious claims simply to avoid large legal costs.

Woodina’s unique claims model was recognised when it won the Insurance Business award for Underwriting Agency Claims Team of the Year 2022. Not to be outdone, Woodina Underwriting won the Broker’s Pick award for Underwriting Agency of the Year 2022 and runner up for Broker’s Pick Underwriting Agency - Professional Indemnity 2022 and 2024.

Sustainable and profitable growth is always front of mind for Woodina. Michael Wood, CEO, says “We are constantly focusing on new schemes and products or modifying the way we offer traditional products. We like to think of ways to make our brokers’ lives easier."

For example, Woodina recently introduced “continuous policies” whereby if there is no material change in the risk, the policy automatically renews, and a new proposal form is only required every third year. Half of all Woodina policies are now processed by brokers online.

Check our website at: www.woodina.com.au, email us at [email protected], or just call us on 07 3222 9400.