AIA wins best insurance provider for SMSFs

The SMSF Awards recognise outstanding achievement in service and product solutions to SMSF professionals, as rated by more than 1,700 practitioners.

AIA Australia’s chief retail insurance officer Pina Sciarrone said the award demonstrates the company’s commitment to the unique needs of the SMSF market.

“Insurance has become an increasingly important component of SMSFs, with latest ASFA figures suggesting just 19 per cent of Australia’s 500,000 SMSFs have insurance in place,” Ms Sciarrone said in a statement.

“To maintain compliance requirements and manage the fund efficiently, insurance needs to be customer-friendly and offer service features like online quoting and application and flexibility in underwriting for SMSF members.”

Ms Sciarrone said AIA Australia is focusing on educating trustees on their obligations to include insurance inside self-managed funds, adding that it aims to work with advisers and accountants to highlight the importance of a well-constructed risk management plan to cover unforeseen situations.

The company recently announced its partnership with boutique advice group, MyPlanner, to offer its insurance products and services to MyPlanner’s advisers and accountants nationally.

“We are dedicated to expanding our partner network with quality wealth management groups who share our commitment to servicing the growth in SMSFs in the next decade,” Ms Sciarrone said.