AXA cuts PI premium for reps
Licensed advisers within the AXA Financial Advice Network will be able to access cheaper professional indemnity (PI) insurance under a new deal announced today.
Annual PI insurance premiums have been cut to $195 plus 0.330 per cent of the adviser’s income, AXA said.
AXA national compliance and advisory services manager Simon Wallace said the new deal is at least 50 per cent cheaper than other similar insurance premiums.
He added that this figure had been confirmed by the independent research conducted by Dealer Group Advisers.
Wallace said that the new premiums were a 10 per cent reduction on current AXA premiums.
“This premium is made possible by the continued excellent low claims record of AXA advisers,” Wallace said.
He said that AXA placed great importance on helping advisers in its network improve the quality of their advice, and that all advisers were encouraged to complete the AXA Certified Quality of Advice Program (CQAP).
He said that practices with CQAP accreditation receive a further 10 per cent discount on their premiums.
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