Genesys Wealth Advisers has axed its list of preferred insurers from 13 to just four in a bid to make risk writing easier for advisers.
Aviva, CommInsure, Macquarie and Tower won a tender to service the network of 400 advisers that generates $13 million in new risk premium annually.
“By partnering with these four insurers, we can develop business relationships that enable us to ensure a highly consistent, quality service delivery for both advisers and their clients,” Genesys Wealth Advisers director Andrew Creaser said.
“After all, a product is not simply policy terms and conditions, it is the whole risk experience from new business underwriting through to claims settlement.”
Creaser believes advisers will find writing risk easier by having a smaller group of risk providers.
“Advisers are less inclined to write risk because it’s become so difficult and therefore less profitable,” Creaser said.
Online applications and underwriting and advanced claims management offered by the preferred risk partners will make the process quicker and easier.
A panel made up of seven advisers from each state and territory and five Genesys managers made the final decision.
