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Insurance Business | 18 Dec 2013, 08:02 AM Agree 0
An insurance boss says that IAG’s latest acquisition will have negative connotations for customers- but he has plans to give dominant players a run for their money.
  • kevin | 18 Dec 2013, 09:59 AM Agree 0
    Budgets comments will undoubtably be challenged by the big two inferior product is a bit misleading
  • Its a Trust Issue | 18 Dec 2013, 10:10 AM Agree 0
    Interesting comments. Looking at Australian Bureau of Statistics - "Online Spending" on domestic retail product (i.e. any product domestically sold online in Australia) accounts for approx 2% of the total domestic retail sold... "Pure Players" - those sellers that effectively do not have shop fronts, account for approx 40% of this figure.
    I would suggest that 'Online Selling' has a long way to go to win the confidence of consumers. Probably more poignant with Insurance, when seen as 'faceless' in an industry that when ranked on trust, is lower than used car sales....
  • Robert Cooper | 18 Dec 2013, 10:59 AM Agree 0
    Fortunately this so called duopoly is in the so called retail space of Householders and Motor but the two big players are well known supporters of the role of the Insurance Broker with their Vero and CGU brands. Thats competition for you. These other small players are already offering business insurance direct too with ridiculous deals. So the competition is coming back the other way too.
  • Joseph | 18 Dec 2013, 11:11 AM Agree 0
    Interesting comment in regards to "Empowering Customers", I wonder how empowered these customers will be when they lodge a claim and there is no one there to hold their hand through the process?
  • Paul | 18 Dec 2013, 12:07 PM Agree 0
    I trust the ACCC will challenge the sale. Another duopoly is the last thing this country needs. It's Woolworths and Coles all over again. For Insurance Brokers it is unacceptable to have such a powerful player CGU/IAG tie up a good commercial insurer.
  • GB | 18 Dec 2013, 02:46 PM Agree 0
    Don't know if "inferior product" is right. The comparison websites do offer a side-by-side view of the brands that participate, however they also appeal largely to those customers choosing on price alone. To say that a company is deliberately hiding their inferior product by not utilising the comparison sites, is a cheap shot. There would be no point putting those products on those sites if the price was significantly higher (never mind that they might actually offer flood cover, or accidental damage).. those sites are for people looking to save a few bucks, and they will regret it come claim time.
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