Finsure partners with AIA Financial Wellbeing

Brokers have opportunity to diversify offering

Finsure partners with AIA Financial Wellbeing


By Ryan Johnson

Finsure Group, a major mortgage aggregator, has partnered with AIA Financial Wellbeing, the financial advice arm of AIA Australia, to provide its broker network with access to insurance and financial advice.

Finsure’s head of diversified and asset finance, Damien Thompson (pictured above left), said bringing AIA Financial Wellbeing onto the Finsure panel will enable brokers to assist clients with financial planning, life cover, income protection, total and permanent disablement, trauma insurance and health insurance.

“We are proud and delighted to have AIA as Finsure’s principal advice partner,” Thompson said. “This partnership will boost the diversification of our services that improve the lives of our brokers’ clients.”

Underinsured Australians presents opportunity for brokers

Underinsurance plagues the Australian landscape, leaving individuals and families financially vulnerable in the face of unforeseen events.

Thompson said the problem is worsening. With brokers being trusted advisers to their clients, he said they are well placed to help close this gap, as they deal with clients during life-changing milestones.

“Finsure’s decision to partner with AIA is based on their simple processes and trust,” Thompson said. 

“I have had personal experience with AIA during a life event for my wife. They were simply outstanding, and the partnership with Finsure carries my full endorsement.”

How this works for brokers

The partnership operates under a "no advice referral" model, according to Thompson, where the broker identifies a client's need and connects them with AIA, who then provides advice under their own license.

Finsure has also negotiated a referral commission helping diversify the broker’s offering.

“We have negotiated favourable terms for referral commissions, based upon group volume,” Thompson said.

“This means brokers get maximum value from their relationship with Finsure and reflects our high support model, which is key to brokers diversifying their offering.”

Pina Sciarrone (pictured above right), CEO and managing director of AIA Financial Services, expressed her excitement about the partnership, stating that AIA's vision is to help Australians be better protected.

“AIA’s vision is to champion Australia to be the healthiest and best protected nation in the world – we can’t do that on our own, but by forming trusted partnerships we can create a movement together that helps improve the physical, mental and financial wellbeing of Australians one step at a time,” Sciarrone said.

Finsure’s referral offerings

The partnership with AIA Financial Wellbeing was not the first referral opportunity for the Finsure broker network, which makes part of ASX-listed diversified financial services business MA Financial Group.

In September, Finsure offered brokers an investment vehicle, allowing them to refer their high-net-worth clients, with at least $1 million in liquid assets, to the mortgage broker aggregator’s parent company’s multibillion-dollar asset management division.

The aggregator is also in the midst of a NSW Supreme Court battle with Revenue NSW over payroll tax.

What do you think of Finsure’s latest move? Comment below.

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