MLC Life and PPS Mutual back risk advice platform
MLC Life Insurance and PPS Mutual have backed the launch of Risk Hub, a support platform for risk advisers.
It aims to lessen the challenges in providing risk advice, including market complexities, legislative changes and efficiency hurdles.
This is achieved by a service directory, articles and resources, forums, an insurer hub, and webinars and events, and it expects to build a comprehensive library of resources that empower advisers in the future.
Marc Fabris, founder of Risk Hub, said: “At Risk Hub, we are passionate about bridging the gap in risk advice and supporting advisers in their quest to deliver genuine value and best practices to their clients.
“Our vision is to create a thriving community that fosters collaboration and elevates the standards of the risk insurance industry.”
While the number of risk advisers in Australia has been declining, Fabris said he is targeting three specific types of advisers.
During 2020–22, risk advisers were between 2.4 and 2.5 times more likely to leave the industry than their holistic adviser colleagues. Research compiled for the 2023 ARdata Life Insurance Study recorded 150 ‘pure risk’ advisers in Australia. The group represented less than 1 per cent of the 15,819 retail advisers across the country.
Fabris told Money Management he expects to work with advisers who have a strong risk focus, such as specialists, or those who write a high volume of risk advice, holistic advisers and non-risk writing advisers.
“For each group, there is an opportunity to help. The biggest growth opportunities are the holistic advisers who could use some help, guidance, strategies and knowledge. I’m talking to licensees about strategies for non-risk writers to refer to, and I’m looking to help risk specialists with efficiencies and automation,” he said.
Michael Rogers, chief individual insurance officer for MLC, said: “Backing advisers has been part of the DNA of MLC Life Insurance throughout its 137-year history, and supporting Risk Hub is one of the many ways we’re continuing that tradition.
“Already we’re committed to helping advisers keep up with the constantly evolving world of risk advice through our CPD-accredited educational content through webinars, articles and face-to-face events. We’re excited to work with Risk Hub to showcase this work and continue to help advisers give high-quality, strategic risk advice.”
Brian Pillemer, director of distribution at PPS Mutual, added: “PPS Mutual supports Risk Hub for two key reasons: our shared commitment to help facilitate the provision of risk advice in the Australian market and our belief in the capabilities of the Risk Hub management to successfully centralise resources for risk advisers.”
AUTHOR
Laura Dew
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