Financial Service Guide: Insurance

Version 12 (updated 31 May 2023)

About ProSolution Private Clients – Insurance Advisory

ProSolution Advisory Services Pty Ltd (herein referred to as “PAS”) provides insurance recommendations to clients. PAS is an authorised representative of ProSolution Group Pty Ltd, Australian Financial Services License (AFSL) number 238449.

The Corporations Act 2001 defines various financial products and regulates the way in which consumers can be advised about those products. ProSolution Group Pty Ltd has a list of approved financial products which is made available to all authorised representatives. This list of approved financial products is extremely comprehensive. PAS’s insurance practice is independently owned and is not bound in any way to only use insurance products provided by a particular product provider. If you would like to view the approved financial products list, please contact us. ProSolution Group Pty Ltd maintains professional indemnity insurance at all times.

Lack of Independence

ProSolution Advisory Services Pty Ltd is not independent, impartial or unbiased because it receives commissions for the advice we provide on life risk insurance products.

How we deliver our Insurance Advisory Service

The following information outlines the services PAS will provide to you in the initial recommendation and implementation stages as well as the ongoing maintenance of your cover.

Obtain a detailed understanding of your current financial situation and future needs. We will ask you to complete a client questionnaire. The more information that we have upfront will help us to ensure that we are as well informed as possible about your circumstances and goals.
Liaise with your existing insurer(s) to obtain information on your existing insurance policies (if held).
Determine your insurance needs and objectives so that we may establish the levels of cover you require.
Research risk insurance options (including your existing insurance cover) in order to select appropriate cover for your situation (considering both cost and quality of the policy).
Prepare quotes for new policies and/or liaise with your existing insurer(s) to obtain alternative quotes, if applicable.
Document our recommendations in a Limited Statement of Advice.

Application process

We will complete the required application forms on your behalf.

Implementation/Underwriting process

  • Organise any necessary medicals and blood tests.
  • Arrange for the completion of medical/pastimes questionnaires, if applicable.
  • Follow up your Doctor for personal medical attendant/specialist reports.
  • Liaise with your accountant to obtain supporting financial information (if not already held), necessary for all disability and income protection cover as well as certain life products.
  • Negotiate terms with insurers to get you the best possible outcome.
    Request premium on final assessment.
  • Review certificate of currencies to ensure policies have been implemented per your application.
  • Confirm in writing to you your personal insurance summary.

Renewal process

We will send you a policy update each year on the anniversary of each policy.
We will contact you if your renewal premium is outstanding 14 days after the renewal date and continue to follow through until the policy has been renewed to ensure your cover remains in place.

Ongoing service

  • Conduct a formal review on an annual basis (or more frequently if required) to ensure your cover still meets your requirements and changing circumstances – including adjusting the level of cover up or down, if applicable. It is important that you notify us of any changes to your circumstances as soon as they occur
  • Provide details of premiums paid to your accountant at tax time.
  • Provide details of your insurance cover to your bank, at your request.
  • Management of insurance claims; we will deal directly with the insurers on your behalf.
  • Arrange changes to ownership/structural details of policies including changes of beneficiaries
  • Ongoing administration of the policies (change of address and alteration of payment method).

Getting Started

Getting started with PAS is easy. We invite you to complete our client questionnaire. In addition to the information requested in our questionnaire, we would appreciate being provided with copies of your most recent superannuation and insurance statements.

Insurance products

Initial Commission

Prosolution Group may receive initial commission from the insurance products we recommend which may be up to 66% (Inc of GST) of the initial annual premium. For example: If the initial annual premium was $1,000 we may receive up to $660.

Ongoing Commission

Prosolution Group may receive ongoing commission for the insurance products we recommend which may be up to 22% (Inc of GST) of the ongoing commission. For example: If the ongoing renewal premium  is $1,000 we may receive up to $220.

Dispute Resolution

All providers of financial services are obliged to offer dispute resolution services to their clients. ProSolution Group Pty Ltd is no exception. This obligation is a key tenet of the consumer protection principles of the Australian Financial Services Licencing system.

If you have a complaint about our service, the following process is available to you:

  • Contact Stuart Wemyss, the Director of ProSolution Private Clients, on (03) 8624 4610 to explain your situation.
  • If this does not resolve your complaint, please put your complaint in writing to dispute Resolution, ProSolution Group Pty Ltd, PO Box 475, Collins Street West, 8007.
  • If your complaint is not resolved by this stage, you can access our external dispute resolution scheme. ProSolution Group Pty Ltd is a member of the Australian Financial Complaints Authority (AFCA). AFCA can be contacted on 1800 931 678 or here. This is a free service to complainants.

You can find our (1) dispute resolution policy, (2) CPD policy, and (2) privacy policy here.