AIOFP to guide global insurer through China expansion

The Association of Independently Owned Financial Professionals (AIOFP) has been selected by Auto and General Ltd to assist its expansion into the mainland Chinese advice market.

Auto and General Ltd China CEO Sharon Wan initially approached AIOFP to help upskill their adviser network to Australian standards back in 2019, AIOFP executive director Peter Johnston said in a statement.

The onset of COVID-19 and political tensions delayed the process at the time, but the thawing of political relations with China has now enabled the opportunity to progress, AIOFP explained.

The expansion was announced at AIOFP’s recent Gold Coast conference.

“We are pleased that the AIOFP brand and business model has been independently and internationally recognised as the best for advisers and their clients in Australia,” Mr Johnston commented.

“Considering most of Asia has an insurance-based advice culture like China, there will be other opportunities in neighbouring countries.”

Auto and General are a global underwriter and distributor of general and life insurance products, with Qantas, Virgin, Budget Direct, ING and Compare the Market as its Australian partners.

Moreover, the insurer has 9 million clients, 7,500 employees and 31 offices across Australia, France, UK, Turkey, Thailand, Singapore, South Africa and China.

AIOFP added that Ms Wan has monitored the development of the association since the 1990s.

“Ms Wan recognised that the adviser-focused AIOFP culture, our consumer-relevant certified financial strategist designation, and our advice training course are the foundation tenets of a successful service to consumers and professional advisers in China,” Mr Johnston said.

He added that any new revenue from the partnership will be used to increase member services and promote the brand to Australian consumers.