COVID-19 Government indemnity scheme and vaccines information
Introduction | Chairs' message | Managing Director's report | Financial strength | Mutual rewards
As a mutual, we are run only to benefit members – this is why we aim to keep premiums low.
Without any shareholders, when we do have good financial results we return these to members via rewards and lower premium increases.
Avant was the first medical defence organisation to offer a loyalty scheme. The Loyalty Reward Plan is our way of saying thank you for supporting Avant.
Under this plan, when our financial performance is strong, we share this success with eligible members via a rebate on their medical indemnity premium. The rebate varies depending on a member’s length of tenure with Avant.
In 2018-19, over 38,000 members were eligible for a premium rebate under our Loyalty Reward Plan, saving them a total of $24 million in premium payments.
We are pleased to announce members will again be receiving rebates of up to 12% on their medical indemnity premium in 2019-20.
The Retirement Reward Plan is another way we share our financial success with members. We are the only medical defence organisation to offer such a scheme.
Surplus capital is returned by way of a dividend when an eligible member permanently retires from medical practice.
Over $9 million in dividend payments have been approved for members who retired in 2018-19.
More than 43,000 members have a notional allocation under the plan, which can be viewed in the member login at avant.org.au
A total of $407 million has been notionally contributed since the Retirement Reward Plan was introduced in 2014.
Each year we invest a small portion of the returns made on our assets into activities that benefit the broader medical profession.
Our contribution comes in the form of advocating for improvements in systems, support for medical associations, colleges and societies, funding research into quality, safety and professionalism, and sharing learnings from our medico-legal experiences.