Industry First – Asendium and LML Insurance Group lower PI premiums for AFSL holders
In a ground-breaking move, Asendium, a tech-disrupter, has partnered with LML Insurance Group, to offer an industry-first; reduced PI premiums for AFSL holders who use Asendium for their advice production. This step forward aims to address the escalating issue of increasing PI insurance premiums facing many AFSL holders.
LML’s Managing Director Bryan Leibbrandt states, “the data suggests Professional Indemnity insurance costs have increased over 75% between 2019 and 2022, and although it is leveling off somewhat with additional capacity coming into the market, we are still seeing pockets of increases. Attributing factors, such as clients’ risk profiles, fraudulent claims, poor underwriting results and a surge in claims, have seen Australians becoming increasingly litigious. 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.”
Asendium’s CEO, Scott Miller advocates, “Asendium provides the flexibility for AFSL’s 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. By leveraging Asendium’s capability to configure compliance wording and frameworks, it allows for guard rails to be inbuilt into Asendium defined at a licensee level.”
“The PI Insurer, through LML, is 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”, Bryan Leibbrandt added.
“At Asendium, our mission is to help 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 AFSL’s to manage their compliance responsibilities with confidence through Asendium”, Scott Miller said.
The tripartite relationship between the Broker, Insurer, and Asendium, provides a 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.
LML Insurance Group’s Managing Director, Bryan Leibbrandt, has confirmed “any Licensee Groups engaging Asendium for their compliance product may be eligible for a reduction up to 20% off the insurer’s standard Professional Indemnity rates”. This exclusive offer is arranged and facilitated through LML Insurance Group.
The partnership between Asendium and LML Insurance Group revolutionises the financial planning industry by offering reduced professional indemnity premiums to AFSL holders who leverage Asendium’s financial planning software. This collaboration enhances compliance, reduces risk, and empowers financial planners to provide high-quality, affordable advice to Australians. Asendium and LML Insurance Group are committed to driving positive change and shaping the future of the industry through innovative solutions. Together, we can pave the way for streamlined processes, improved defensibility, and increased efficiency, setting a new standard for excellence in financial planning.