Life insurer AIA Australia has been awarded the Best Insurance Provider at the annual SMSF Awards 2016, announced recently.
The awards recognise outstanding achievement in service and product solutions to SMSF professionals, as rated by over 1700 practitioners.
Insurance has become an increasingly important component of SMSFs, with latest ASFA figures suggesting just 19% of Australia’s 500,000 SMSFs have insurance in place.
AIA Australia, in conjunction with administration partner Australian Group Insurances (AGI), has developed the SMSF Master Insurance Plan product which allows advisers to tailor insurance needs of SMSF clients to meet their specific regulatory obligations and risk management needs and offers group insurance pricing rates.
AIA Australia’s SMSF Master Insurance Plan product, administered by Australian Group Insurances (AGI), allows advisers to tailor insurance needs of SMSF clients to meet their specific regulatory obligations and risk management needs and offers group insurance pricing rates.
AIA Australia’s Chief Retail Insurance Officer, Pina Sciarrone, said the award demonstrated the company’s commitment to the unique needs of the SMSF market, and its ability to form long-term partnerships with insurance specialists like AGI.
“Trustees want a simple online insurance solution that can be delivered with or without advice. To maintain compliance requirements and manage the fund efficiently insurance needs to be customer-friendly and offer service features like online quoting and application and flexibility in underwriting for SMSF members.”
Ms Sciarrone said AIA Australia is focusing on educating trustees on their obligations to include insurance inside self-managed funds and, through working with advisers and accountants, highlighting the importance of a well-constructed risk management plan to cover unforeseen situations.
AIA Australia continues to partner with advisory licensees, financial advisers and trustees to improve the level of financial literacy of insurance in super. The company recently announced a partnership with boutique advice group, My Planner, to offer its insurance products and services to My Planner’s 181 advisers and accountants nationally.
“We are dedicated to expanding our partner network with quality wealth management groups who share our commitment to servicing the growth in SMSFs in the next decade,” said Ms Sciarrone.
Please note: This article was updated on 29/7/16 to reflect the fact that the SMSF Master Insurance Plan is supported by AGI.
