Recapping Ensombl’s PD Day: how to unlock new opportunities to support your clients with risk

 

It was wonderful to see over 1,000 advisers register for the Ensombl PD Day recently, in person and online. I hope you got a lot from the sessions.

For those of you who might have missed it, I presented a session on ‘Putting risk back on the agenda’. We received great feedback and engagement from attendees, so I wanted to share some insights from the presentation to help you put risk back on the agenda.

It’s a timely topic: it’s a great time to recommend risk.

  • For the first time in many years, the industry is growing in a real and sustainable way, showing greater resilience and a renewed focus on risk, supported by input from advisers, licensees and the broader industry. 
  • On the client side, with 60-80% of Australians underinsured1 and household debt up 23% since 2015, the need to help Australians secure their financial future has never been greater.

Risk advice can create better client outcomes, help you meet your best interests' duty, and be profitable for your business as well.

The opportunities of risk advice

Create better client outcomes

Risk advice improves outcomes for clients, and recent CALI research showed that 46% of Australians want that tailored advice. There are proven benefits for them in:

  • Finding the right policy: your support can help them consider factors they may not be aware of and weigh up the benefits, risks and trade-offs of their cover
  • Improving the application process: having an expert to guide them through the process of applying for insurance and any questions that arise
  • A better claim experience: advised clients see higher acceptance rates, faster time to decision and fewer disputes2
  • Accessing the most comprehensive cover around through Retail policies and, in turn, helping to address underinsurance.

Meet your best interests' duty

Without a solid foundation, even the best strategies can fall apart if the unexpected happens. Risk advice creates wealth protection and provides that foundation for your clients’ future. It should be an extension of your services to give them:

  • Reduced reliance on their savings if they become ill and can no longer work
  • Financial support to help with household expenses, debts or medical costs
  • Peace of mind that their loved ones are protected if they become ill or pass away
  • Future proofed investments: previous wealth creation strategies remain in place.

Access a new revenue stream

Risk advice can be profitable for advice businesses, with long-term risk solutions for clients also translating to a long-term remuneration framework for your business. Including risk within your holistic advice comes with four significant advantages:

  • Accessing the real value of long-term revenue from risk advice
  • Improving client acceptance of advice fees through tax deductions
  • Reaching new clients and increasing the value of your book through intergeneration wealth transfer
  • Improving retention with increasingly sustainable product options.

No matter what path you’re on, it’s a great time to recommend risk and include it in your holistic advice strategies. You can introduce risk advice to your practice by:

  1. Recommending risk yourself as part of your advice strategy and process
    Risk advice is easier to add to client conversations than you may think: most of the information you need is already there, in what you’ve gathered for a wealth creation strategy. And it means you’re providing more holistic solutions that create better outcomes for your clients.

  2. Introduce a risk specialist to your in-house team
    Specialisation within a holistic practice is increasingly common and can create significant efficiency benefits. Collaborating with other advisers, an in-house specialist helps deliver a total advice solution, providing product expertise, strong relationships with underwriters and support at claim time to create better client outcomes. This doesn’t have to be the advice giver, it can be someone in the business with a passion for insurance who can help to control the process.

  3. Refer your clients to an external risk advice partner
    Interested in offering your clients wealth protection but would prefer to outsource? Get in touch with your local BDM who can introduce you to a trusted risk partner. We have relationships with a range of partners and can help you connect with a specialist who suits your client base and business needs, to build a partnership that lasts.

Resources to help you get started with risk

Enhancing your Insurance Advice Podcast 
Hear how well-delivered risk advice can fit into a positive advice experience for clients.

‘Future life focused’ Ensombl research paper 
Drawing on adviser insights, explore common themes that could help you on your own pathway to a more sustainable future in risk advice.

Ready to get into risk?

As a leading risk specialist, we’re here to help. Reach out to your local TAL sales team or your BDM if you have any questions or would like more information about putting risk back on your agenda.

 

CONTACT YOUR LOCAL SALES TEAM 

 

1. Deloitte, 'Mind the Gap’ Report, 2023

2. Moneysmart, Life insurance claims comparison tool Report, Retail and Direct, accessed April 2025.

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