Asendium partners with broker for reduced rate PI (Professional Indemnity)

Asendium, the financial planning software provider, has teamed up with broker LML Insurance Group to provide professional indemnity (PI) insurance to advisors grappling with escalating premiums.

AFSL holders in Australia using Asendium for their “advice production” could potentially receive a discount of up to 20% on the insurer’s standard PI rates.

LML’s Managing Director, Bryan Leibbrandt, expressed confidence that the PI insurer, in partnership with Asendium through LML, would improve the advice produced to comply with regulatory requirements, reduce the risk of claims, and enhance defensibility, owing to the architecture of the Asendium solution.

According to him, data indicates that PI insurance costs have risen by over 75% from 2019 to 2022. Although the situation is stabilizing to some extent due to increased market capacity, there are still certain areas experiencing price hikes.

He stated that various attributing factors, including clients’ risk profiles, fraudulent claims, unfavorable underwriting outcomes, and a surge in claims, have contributed to Australians becoming more litigious.

The strong compliance system developed by Asendium is viewed as a positive by insurers, as it fosters a transparent business environment with tangible processes, diligent communications, and comprehensive record-keeping.

According to Asendium CEO Scott Miller, the company’s mission is to enable every eligible Australian to obtain high-quality and affordable financial advice while empowering financial planners in the process.

“Our approach begins with simplifying the advice production process for financial planners and offering AFSLs the necessary guardrails to manage their compliance responsibilities confidently using Asendium,” stated the CEO, Scott Miller.

Asendium, a provider of financial planning software, has partnered with broker LML Insurance Group to offer an exclusive deal on Professional Indemnity (PI) insurance.

This partnership aims to support financial advisers who have been struggling with rising PI premiums. Australian Financial Services Licence (AFSL) holders who utilize Asendium for their “advice production” may be eligible for discounts of up to 20% off the standard PI rates offered by the insurer.

The partnership is expected to enhance the quality of advice produced, ensure compliance with regulatory requirements, lower the risk of claims, and improve defensibility through the utilization of Asendium’s architecture.

The initiative comes as the insurance costs have increased significantly between 2019 and 2022, leading to heightened litigation due to factors like clients’ risk profiles, fraudulent claims, poor underwriting results, and an increase in claims.

With a focus on accessible and affordable financial advice, Asendium aims to empower financial planners through efficient compliance management and streamlined advice production processes.



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By Ryan

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