Full Year Results Presentation 29 August 2018 9:30am. Click Here for Webcast.
Freedom Insurance Group (FIG)
Freedom Insurance Group is the owner of the Freedom Insurance ("Freedom") and Spectrum Wealth Advisers ("Spectrum") brands.
Until September, 2018 Freedom offered a range of simple insurance solutions direct to consumers through its call centre, usually on a no advice basis. Currently, Freedom is not offering insurance products to new customers but continues to service its large number of existing customers.
Spectrum offers more complex insurance solutions with a range of fully underwritten products. These are offered through an extensive network of financial advisers who can provide customers with both general and personal advice as required.
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- Keith Cohen (Founder and current Managing Director) established Freedom Insurance (“Freedom”) in late 2009
- Freedom commenced distributing life insurance in October 2010
- The initial product was developed by Freedom and issued by AIA
- AIA handled administration with Freedom performing all customer service functions, including claims administration
- Ongoing investment in marketing, lead generation, training and compliance resulted in sales growing to $1m New Business Annual Premium Income per month
- A revised product range, issued by NobleOak was launched in April 2014
- Freedom invested further in its infrastructure and operations in order to undertaken its own policy administration services for Freedom products
- Freedom acquired Spectrum Wealth Advisers enhancing its distribution reach and providing significant new growth opportunities
- Sales grew to $2m New Business Annual Premium Income per month
- Successful integration of Spectrum & accelerated growth in adviser numbers
- Sales grew to $4m New Business Annual Premium Income per month
- Listed on Australian Stock Exchange (ASX:FIG)
- Transition to new Insurer (Swiss Re) and launch of the new Freedom Protection Plan
- Launch of Freedom Loan Protection
- Launch of Freedom Premium Life & Essential Life
- Sales grew to $4.8m New Business Annual Premium Income per month