{"id":70249,"date":"2024-03-05T09:40:01","date_gmt":"2024-03-04T23:40:01","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=70249"},"modified":"2024-03-08T07:10:10","modified_gmt":"2024-03-07T21:10:10","slug":"new-professional-indemnity-solution-for-financial-advisers-launched","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2024\/03\/05\/new-professional-indemnity-solution-for-financial-advisers-launched\/","title":{"rendered":"New Professional Indemnity Solution for Financial Advisers Launched"},"content":{"rendered":"

Adviser Ratings<\/a> and Numerisk<\/a> have announced a new strategic partnership to create a new professional indemnity insurance product for advisers.<\/p>\n

The two companies say they are “…combining industry leading insights with exclusive industry relationships”.<\/p>\n

The product is \u201c\u2026supported 100% by Lloyds of London, utilising Adviser Ratings\u2019 insights as a foundation to underwriting and pricing.\u201d<\/p>\n

\"\"<\/a>
Angus Woods …an opportunity to use AR\u2019s industry knowledge to improve PI underwriting and bring new insurers to the market<\/figcaption><\/figure>\n

Adviser Ratings is a data and insight platforms for the wealth industry and it says it’s now “…relied upon by financial advisers, asset managers, superannuation funds, and life insurers as a reliable and trusted source of industry insights. This is in part due to the significant investment and capability in data and information sets captured over the past decade.”<\/p>\n

Numerisk is an insuretech with an insurance broking operating model that focuses on utilising data to build better insights for insurers.<\/p>\n

“These insights enable existing insurers to better identify quality advisers and support Numerisk\u2019s clients to achieve improved outcomes on professional indemnity insurance.”<\/p>\n

…this partnership presents an opportunity to solve a significant challenge…<\/p><\/blockquote>\n

The two organisations say that for financial advisers \u201c\u2026this partnership presents an opportunity to solve a significant challenge, access to high-quality and cost-effective professional indemnity insurance.<\/p>\n

“Insurers have long lamented poor underwriting results because of significant claims arising from the impacts of the GFC. Whilst conditions have fluctuated, PI remains a difficult environment.\u201d<\/p>\n

\"\"<\/a>
Richard Silberman …the focus is about providing value to all stakeholders \u2013 advisers and insurers alike<\/figcaption><\/figure>\n

Angus Woods<\/strong>, Managing Director of Adviser Ratings, and Richard Silberman<\/strong>, Ex-Aon Director, and Managing Director of Numerisk, identified an opportunity to use AR\u2019s industry knowledge to improve PI underwriting and bring new insurers to the market.<\/p>\n

Woods says Adviser Ratings \u201c\u2026saw Numerisk as a natural partner for us as we continue to find ways to leverage our investment in high quality information to improve outcomes for consumers and advisers alike.\u201d<\/p>\n

It is expected that the combination of new and innovative data products developed in the partnership and the newly established Lloyds PI Insurance offering will deliver significant improvements for advisers and insurers.<\/p>\n

…the tough PI market has played a significant role in the reduction of adviser numbers over the last five years…<\/p><\/blockquote>\n

Silbermann says the market has been \u201c\u2026financially unpalatable with considerable obstacles for all concerned. The tough PI market has played a significant role in the reduction of adviser numbers over the last five years.\u201d<\/p>\n

He adds that there have been few winners in the past decade \u201c\u2026and we see success as a market where insurers can deliver a profit and advisers can enjoy conditions that aren\u2019t a drag on their margins.\u201d<\/p>\n

He says the focus is about providing value to all stakeholders \u2013 advisers and insurers alike.<\/p>\n

\u201cOur view is the only solution to solve these challenges needs to be deeply ensconced in accurate, reliable, and complete, quantitative data across the entire industry,\u201d Silberman says.<\/p>\n","protected":false},"excerpt":{"rendered":"

Adviser Ratings and Numerisk have announced a new strategic partnership to create a new professional indemnity insurance product for advisers. The two companies say they are “…combining industry leading insights with exclusive industry relationships”. The product is \u201c\u2026supported 100% by Lloyds of London, utilising Adviser Ratings\u2019 insights as a foundation to underwriting and pricing.\u201d Adviser […]<\/p>\n","protected":false},"author":24,"featured_media":70253,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,4],"tags":[],"class_list":["post-70249","post","type-post","status-publish","format-standard","has-post-thumbnail","category-general","category-products"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/70249","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=70249"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/70249\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/70253"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=70249"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=70249"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=70249"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}