Changes in Underwriting Agencies of Australia and its senior leadership are set to present new opportunities for the organisation and its clients, as well as the wider industry.
Underwriting Agencies of Australia (UAA) has recently undergone a period of change.
Throughout its 30-year history, the company has withstood global impacts, such as the Global Financial Crisis and lasting impacts of the COVID-19 pandemic.
Now the company is strengthening its position as one of Australia’s largest providers of specialist plant and machinery insurance solutions, in part due to changes across some of its executive and senior leadership positions.
The most notable change is the announcement of Stan Alexandropoulos as UAA’s new Chief Executive Officer. Alexandropoulos, formerly the Chief Operating Officer, says multiple factors influenced the leadership changes.
“Firstly, our previous CEO retired, creating an opportunity for transitions within the company,” he says.
A core component of this has been maximising new opportunities from across the sector.
“The timing of these changes also aligns with our merger with MECON, which has brought together two strong brands, each excelling in their respective fields,” Alexandropoulos says.
“The merger of UAA and MECON presents an opportunity for synergy, as the two brands complement each other to a degree. By making these leadership changes now, we can focus on increasing the efficiencies of both organisations and enhancing their abilities to effectively serve our customers.”
The merger combines two of the leading providers of insurance solutions for their chosen industries (plant and machinery and construction insurance respectively).
Throughout the merger process, emphasis was placed on providing continuity and stability in leadership, with Glenn Ross staying put as MECON Insurance CEO.
To further support the cohesion between both organisations, George Grasso will continue his tenure as Group Chief Claims Officer but will also now process MECON claims. This move is expected to provide a smoother transition across the board.
Peta Ross, formerly the Chief Operating Officer of MECON will take up the role of Group Development Manager – Systems, Process & Culture.
Ross says the cultural change driven by the executive team offers an exciting future for both companies.
“[It’s created] a stronger and more cohesive management group with fresh initiatives, one of which is an expansion of the claims area with a heightened focus on service and expedient settlement times,” she says.
She says the leadership changes will also aid with an alignment of company values between UAA and MECON Insurance.
“Establishing a clear path of alignment for the direction of the company will see service standards enhanced, to both company and client – this is a ‘win-win’ opportunity,” she says.
An exciting opportunity
Another significant change is the appointment of Marc Crossman as the Group Strategy and Distribution Manager.
Crossman will oversee the sales and market strategy of both UAA and MECON Insurance. He’ll also manage strategic relationships and oversee the global marketing and branding work for the group.
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He’s excited for the new opportunity, and says the changes will open new doors for growth and expansion into new markets.
“The goal is to enhance our offerings to the industries we insure, drive future innovation, and continually improve our services,” Crossman says. “The infusion of new leadership perspectives sets the stage for innovation, enabling UAA to embrace emerging technologies and pioneer new approaches to insurance services.
“Ultimately, these opportunities ensure that UAA remains at the forefront of the industry, delivering exceptional value to its clients and stakeholders.”
Crossman is not shy of change and growth. He played a key role in UAA’s expansion into the Asian market in 2019.
He says that changes, such as those to the UAA and MECON Insurance’s executive team, can help gain a competitive edge in the market, due in part to potentially improving productivity.
“The leadership changes are expected to increase operational efficiencies across the organisation,” Crossman says. “With a more focused distribution strategy, streamlined underwriting processes, and improved claims management, the UAA Group will be better positioned to optimise resources and deliver a higher level of service to our customers.”
He adds that he expects the leadership changes to help further improve the experiences of clients and partners across both UAA and MECON Insurance.
“While it’s still early days, I’m confident that with the support of the UAA and MECON teams, we will make significant strides in achieving our objectives,” Crossman says.
“Together, we can shape the future of the organisation and make a lasting difference in the industry. The possibilities are endless, and I am eager to embark on this exciting journey ahead.”
While only months into his new role as UAA CEO, Alexandropoulos says he’s already seeing an impact.
“Through improved experiences, enhanced offerings, innovative solutions, and a continued commitment to excellence, we aim to solidify our position as a trusted partner and provide the best possible service to our clients,” Alexandropoulos says.
“There seems to be a real buzz around the business at the moment and a renewed vibrancy and enthusiasm which is really encouraging.
“I am really excited about what the future holds.”
This article was originally published in the August edition of our magazine. To read the magazine, click here.