{"id":66751,"date":"2023-07-18T11:23:44","date_gmt":"2023-07-18T00:23:44","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=66751"},"modified":"2023-07-18T11:23:44","modified_gmt":"2023-07-18T00:23:44","slug":"new-partnership-offers-lower-pi-premiums-for-afsl-holders","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2023\/07\/18\/new-partnership-offers-lower-pi-premiums-for-afsl-holders\/","title":{"rendered":"New Partnership Offers Lower PI Premiums for AFSL Holders"},"content":{"rendered":"

Financial advice technology company Asendium<\/a> has partnered with LML Insurance Group<\/a> to offer reduced PI premiums for AFSL holders who use Asendium technology for their advice production, describing it as an industry-first.<\/p>\n

LML\u2019s Managing Director Bryan Leibbrandt<\/strong>\u00a0 confirmed in a statement that \u201c\u2026any licensee groups engaging Asendium for their compliance product may be eligible for a reduction up to 20% off the insurer\u2019s standard Professional Indemnity rates.\u201d The offer is arranged and facilitated through LML Insurance Group.<\/p>\n

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Bryan Leibbrandt …data suggests Professional Indemnity insurance costs have increased over 75% between 2019 and 2022<\/figcaption><\/figure>\n

The move aims to address the escalating issue of increasing PI insurance premiums facing many AFSL holders.<\/p>\n

Leibbrandt states the data suggests Professional Indemnity insurance costs have increased over 75% between 2019 and 2022 “\u2026and although it is leveling off somewhat with additional capacity coming into the market, we are still seeing pockets of increases.”<\/p>\n

He says attributing factors, such as clients\u2019 risk profiles, fraudulent claims, poor underwriting results and a surge in claims, have seen Australians becoming increasingly litigious.<\/p>\n

“We see the robust compliance system that Asendium has created as a positive for insurers, because it creates an environment of tangible transparent business processes and procedures with diligent communications and record keeping.”<\/p>\n

\"\"<\/a>
Scott Miller …Asendium provides the flexibility for AFSLs to limit the scopes of advice and strategies available down to the individual adviser level<\/figcaption><\/figure>\n

Asendium’s CEO, Scott Miller<\/strong> says his firm “\u2026provides the flexibility for AFSLs to limit the scopes of advice and strategies available down to the individual adviser level, while tracking every input into the system to minimise errors and streamline the process.”<\/p>\n

He adds that by leveraging Asendium\u2019s capability to configure compliance wording and frameworks “\u2026it allows for guard rails to be inbuilt into Asendium defined at a licensee level.”<\/p>\n

Leibbrandt\u00a0 says the PI Insurer, through LML “\u2026is confident that the advice produced will be enhanced to meet compliance and regulatory requirements, while lowering their risk of claims, and improving defensibility given the architecture of the Asendium solution.”<\/p>\n

Miller explains that his firm’s mission is to “\u2026help every eligible Australian access high-quality, affordable financial advice and to empower the financial planners in doing so. This starts with streamlining the advice production process for financial planners and providing the guard rails for AFSLs to manage their compliance responsibilities with confidence through Asendium.\u201d<\/p>\n

The firms add that the tripartite relationship between the broker, insurer, and Asendium, provides “\u2026a solution to the financial planning industry with sound advice, robust compliance, and backed by an insurer with a focus on sound underwriting and claims deliverables.”<\/p>\n","protected":false},"excerpt":{"rendered":"

Financial advice technology company Asendium has partnered with LML Insurance Group to offer reduced PI premiums for AFSL holders who use Asendium technology for their advice production, describing it as an industry-first. LML\u2019s Managing Director Bryan Leibbrandt\u00a0 confirmed in a statement that \u201c\u2026any licensee groups engaging Asendium for their compliance product may be eligible for […]<\/p>\n","protected":false},"author":24,"featured_media":66756,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-66751","post","type-post","status-publish","format-standard","has-post-thumbnail","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/66751","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=66751"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/66751\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/66756"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=66751"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=66751"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=66751"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}