The FPA’s professional indemnity (PI) insurance scheme, Pro PI, has signed up 10 polices since its launch in July this year.
“It’s going really well, we have had lots of quotes done and signed up 10 actual policies,” FPA chief executive Jo-Anne Bloch told InvestorDaily.
“We thought it would take quite a long time to ramp up, bearing in mind that a lot of our members have existing arrangements, and not everyone renews at the same time… so we have been very pleased with the response.”
The Pro PI service has also created healthy competition in the market, according to Bloch.
“It has created… some of the competitors to go out there and really think about their terms and conditions, because the proposal certainly meets with all the minimum requirements that ASIC has set out, but also the requirements that the FPA sets out in terms of professional standards,” she said.
“It is genuinely one of the better policies out there, and I think that in itself has created a lot of good, healthy competition.”
The Pro PI service has been implemented to improve insurance options for FPA members, and strengthen the tripartite relationship between underwriter, broker and the FPA.
The industry body is hoping the initiative will give its members competitive premiums, as well as certainty and consistency surrounding their PI insurance cover.
