Non-bank
Liberty has partnered with market-leading mortgage insurance firm ALI Group in an effort to provide greater risk protection options to brokers and clients.
“Brokers know us as a leading lender to everyday Australians and families and along with that comes a responsibility to help customers understand how they can protect themselves and their families from unforeseen circumstances,” said James Boyle, CEO at Liberty.
Boyle, who stepped up to the CEO role just last year, said ALI had done a “tremendous” job motivating brokers to provide risk protection alternatives to their clients but said he was sure there was still “significant opportunity” for growth.
“Major banks routinely offer protection to customers and this is an area where savvy brokers are closing the gap,” he said. “I am confident that by partnering with the ALI team we can bring this important service to more customers.”
Huy Truong, CEO of ALI Group, also said he was excited by the deal and said the partnership is a perfect fit – both culturally and strategically.
“As both chief executive officer and shareholder, it was important to me that our strategic partner not only added expertise, but was culturally aligned,” he said. “Liberty fits that brief perfectly. Not only does it have extensive experience in, and commitment to, the broking industry as demonstrated by their twenty years of broker engagement; they are also an innovator and believer in risk protection.”
Established in 2003, ALI has helped to protect more than 175,000 Australian home and property buyers with almost $48bn in cover. The firm’s mortgage protection products are distributed by over 4,500 authorised brokers, with premiums and pay-out ratios comparing favourably to leading life insurers.
“Introducing a new strategic partner with extensive third party industry experience, industry commitment and shared values gives us the platform to consolidate our leadership and pursue the next phase of growth,” said Truong.
“Through this partnership we want to support more brokers to help their customers make an informed decision around risk and mortgage protection.”
