In addition to being an Australian Insurance Award Finalist for the past two years, the firm recently won Queensland Young Professional Broker of the Year and Queensland Broker of the Year at the National Insurance Broker Association’s (NIBA) state awards.
The firm is now poised for rapid expansion across Australia, with Founder and Director Danny Gumm attributing Parmia’s success to taking a left of field approach to insurance broking by selecting a relatively untapped market to target.
“I established Parmia Insurance because I was concerned about seeing professional associations and their members left unprotected or at significant risk from inadequate ‘off-the-shelf’ insurance policies,” explained Mr Gumm. “There wasn’t really anyone looking at each professional industry’s unique exposures and needs.”
Established in 2002, currently, Parmia looks after 15 associations and their members across Australia, covering a wide range of industries including beauty, health, graphic design, IT and learning and business development.
Working with the world’s best insurers including Lloyd’s of London, Mr Gumm states the company’s core point of difference is that it works together with its clients to get a comprehensive understanding of their industry and members’ needs.
“Every industry we assist has its own unique risks that have to be addressed so taking a blanket approach to every client is just not feasible,” he said. “We treat it as a priority to always meet face to face with each association on a pre-agreed basis to maintain and implement an ever evolving detailed and tailored risk management and insurance policy.
“We pride ourselves on working with professional associations to minimise the exposures of their industry with positive risk management,” Mr Gumm continued. “We resolve any issues they face by sourcing cover on their behalf, or providing a viable cost solution for both the insurer and insured alike.”
Parmia’s tailored service offering has resulted in the firm being able to develop solutions for industries where cover has been particularly difficult.
Prime examples include its solution afforded to the beauty industry for high end procedures when no cover was available and the firm currently providing one of the only risk management and insurance options available to the tattoo industry.
It’s this personal approach that’s also resulting in Parmia’s rapid expansion and the firm is showing no signs of slowing down, already pinpointing the allied medical and alternative health industries as key areas of growth.
Mr Gumm states that the company’s combined 30 years of experience working in the beauty industry places Parmia in a uniquely qualified position to cater to these two target markets.
“There is a real synergy between the alternative health and allied medical industries and the ever expanding beauty industry that we can really take advantage of,” he said. “By tailoring our award winning beauty insurance products to suit these two closely related industries, I believe we’ll be able to establish Parmia as the leader in this sector.”
Mr Gumm says the insurance broking firm has come a long way since it was first established and that the next phase of business will be about taking Parmia Insurance to the next level by wholesaling many of its unique products.
“This first decade of business for Parmia has been focused on creating our own niche in what is an incredibly competitive marketplace,” said Mr Gumm. “We’ve built a very strong platform and reputation that I believe puts us in good stead to now drive forward and really position ourselves as one of Australia’s leading firms.”
For more information on Parmia Insurance, please visit www.parmiainsurance.com.au.
Media Enquiries: Suzanne Ross at Graymedia on 07 3250 9406, 0488 441 589 or email s.ross@graymedia.com.au.
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