The AiK2 focus on efficiency, service, and cost is changing the way wealth managers insure their practices.
MONTCLAIR, NJ, March 15, 2022 – Less than one year since launching its platform to make it easier for wealth/asset managers to buy business insurance and protect their firms, AiK2 Insurance Services (AiK2) now boasts a roster of 80 clients and more than $40 billion total assets insured. A testament to its truly disruptive new delivery model.
AiK2 was built by advisors, for advisors around these core principles:
- Be more efficient: Drastically simplify the application and renewal process.
- Lower costs: Save RIAs money by educating carriers on the RIA business.
- Improve coverage: Protect clients from risk.
- Manage risk: Mitigate known risks and also identify potential risks before they have an impact.
One short application generally leads to better coverage, lower costs, and consolidated renewal dates. The firm chose K2 Placements as its technology partner, a leading wholesaler that works with carriers, and KORE Insurance Holdings, LLC (KORE), one of the largest privately owned Property and Casualty (P&C) firms in the United States.
“We like to think of ourselves as the ‘fiduciary of insurance’ by always prioritizing the RIAs needs over our own. Additionally, by partnering with one of the largest independently owned brokers in the country, we’re able to shop all carriers when constructing solutions for our advisors,” said Jay Hummel, CEO of AiK2. “We’re not only changing the way advisors buy insurance to protect and preserve the value of their firms, but we’re also changing the way they support their clients by creating a P&C ecosystem that opens the door to risk management products that advisors can offer their clients to drive retention and grow their businesses.”
“The existing insurance model in the industry is so overly complex and such a headache that some firms have trouble believing that what AiK2 offers is reality,” said John Phoenix, President of AiK2. “Those that trust us and buy into the process see that it’s all real. Our experience as former advisors and insurance experts gave us insight into what needed to change, and we took action.”
The firm recently added ARGI Financial Group and tru Independence to its list of clients that span the RIA business.