Leverage better, Grow Smarter Owning and operating your own premium funding business
“At first, we were apprehensive and nervous about starting our own premium funding business. However, the team at FlexiFundIt were fantastic! They provided us the with the knowledge, confidence, guidance and, coaching we needed to get started. This is one of the best decisions we have made.” – Luke Kelly, Delany Kelly Goulding Insurance Brokers
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pool is small relative to the volume of policies it supports. A New South Wales Government-commissioned study released in 2016 found some insurers charged average annual premiums of $35,000-$50,000. At the lower end of the scale were Allianz and Latevo, which charged $25,000 and $27,000 respectively. For the 2016 winter cropping season, only 150-200 policies were written nationally. The study shows take-up of such cover in New South Wales was less than 1%. But the market is showing promising signs after various false starts since the re-emergence of multi-peril insurance in the Australian market in 2014. Crop insurer Latevo reported a 40% rise in policies sold in 2016, the study says. “This indicates that multi-peril crop insurance is becoming competitive with other risk management strategies,” the study report says. “We also note the potential use of emerging satellite and drone imagery to reduce the administration costs associated with assessing claims and loss adjustment. “Therefore, there is potential for multiperil crop insurance to become a commercially viable product over the medium to 0 longer term.”
Earn extra income
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Start your free trial today, contact us on 1300 850 890 hello@flexifundit.com.au
insuranceNEWS
June/July 2018
www.flexifundit.com.au
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