Phil Thompson

speaker

1,592 appearances 4 recordings 3 series first heard Apr 2026 last heard 25 Aug

Phil Thompson’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 4 in all, peaking in Aug 2026 with 1.

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Australian Finance Podcast · Insurance Q&A: exclusions, loadings, claims & the $1.4 million dispute · 9 Jul 2026 podcast

But if you only want service on insurance, I don't know if there's anyone still doing that.

Yeah.

And I just don't believe it.

We get asked by some people and I fundamentally don't believe it's in clients' best interest because, and this is, I'll go a bit deep and people are probably not that interested.

Insurers are offering discounts to new clients than they are to existing clients.

Everyone does it.

So there is a disadvantage of just maintaining your policy forever, even though I've held my policy for a long time.

There is a disadvantage.

So helping clients on an ongoing basis is fundamental to our service offering and no one's been able to make a profitable business on a fee-for-service insurance business.

Yeah.

And I mean, it's almost like going to, the other thing is like, do I go to Coles?

Is Coles getting a commission every time I buy something?

Yeah, they are.

Can I ask them to reduce their commission and I just pay them every time I enter the store?

They're going to tell me to get stuff.

So it's kind of like, unfortunately, the market isn't there where there are a heap of advisors offering that service because it just doesn't make sense.

It's not economical for the advice business and it's not good for the clients long term.

Just to pull back the curtain as well because people are interested in this, insurance companies, it's cheaper for them to distribute through advisors and pay a commission than to go direct.

There are companies that do both and the ones that go direct, they say that they pay 200% of the initial premiums in cost to market direct and it's a high ongoing cost as well to manage that versus 66%.

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