The objective of Our Guard is to protect the directors and officers, professionals, property and other risks of ‘non-Tier 1’ financial institutions in Australia. The structure of the Australian financial services industry, particularly in the sectors of banking and insurance, sees a small number (generally four to six) very large ‘Tier 1’ organisations, with a big jump down in all respects to the next ‘Tier 2’ and smaller group. Most of the Tier 2 and smaller organisations are not publicly listed, being member-owned or privately held (in some cases wholly owned subsidiaries of overseas organisations).
Together, the growing community of similar businesses will benefit from the enhanced scale of Our Guard and the reduced costs of protection that are possible through diversification of risk, low cost operations and enhanced risk reduction activities.
Our Guard is launching with the intention of assisting its members in protecting themselves against sudden financial peril on a more cost-effective and sustainable basis than is currently possible through the traditional insurance providers. With an ongoing focus on risk reduction activities, fair pricing and the retention of experience profit, Our Guard's mutual model will provide a refreshing alternative to prospective members across Australia.