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Most doctors will remain Avant members for many years, even decades. The Loyalty Reward Plan is our way of saying thank you to members for their loyalty. Under this plan, when our financial performance is strong, we share this success with eligible members via a rebate against their premium, depending on their length of tenure with Avant.
Reflecting the strong financial position of Avant and our focus on returning benefits to members, eligible members receive their reward as a deduction from their premium ranging from 4% to 12% depending on individual member’s tenure*. 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.
Our insurance premium rates are technically assessed and calculated to ensure we provide you with market leading protection and maintain our future financial strength and security.
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*Not all members are eligible for a LRP reward. Members not eligible include medical students, interns, RMOs and DITs and members who have their professional indemnity policy purchased on their behalf under a corporate group arrangement. However, membership years as an intern, RMO or DIT will be included in tenure calculations. The provision of an LRP reward will be determined by the Avant Insurance Board’s annual assessment of the quality of Avant’s financial performance.