It’s no secret that Professional Indemnity (PI) insurance is a major challenge for Financial Planners. Following on from the Hayne Royal Commission, there has been a significant reduction in capacity in the insurance market, which has led to soaring premiums, increasing excesses, and in some cases challenges in even procuring cover. This approach is industry wide, with many planners feeling they aren’t being treated as an individual business, despite improvements in compliance, documentation, training and reporting not being given the attention it deserves.
We have developed a comprehensive renewal strategy that will help your business demonstrate your point of difference to the market. Together with our expert knowledge and relationships, we can help you get the best possible outcome each and every renewal.
The Association of Independently Owned Financial Professionals (AIOFP) have been working with GSA over the past 12 months to assist our members with their Professional Indemnity insurance. Prior to GSA’s involvement, a number of members were being hit with unaffordable premiums, and in some cases being advised by their Broker that PI was unobtainable altogether, which would leave them in breach of their ASIC requirements. We have been consistently referring these members to GSA and they have achieved astounding results, helping these business find the best possible solution in a challenging market, and on some occasions keeping these businesses alive.