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Insurance Business | 10 Jul 2013, 12:00 AM Agree 0
An insurance giant has defended its strata pricing policy after brokers accused it of offering similar products to in-house advisers at nearly half price.
  • Terry | 10 Jul 2013, 10:06 AM Agree 0
    Here we go again. Brokers are purely focussing on the rice rather than the coverage. And if you look closer the benefits provided under the Longitude product , the covers were improved at the request of brokers.
  • Scott | 10 Jul 2013, 10:14 AM Agree 0
    The same thing happens across all insurance lines. Vero just doesnt get it and the Suncorp group is too greedy
  • John duggan - AIS insurance | 10 Jul 2013, 10:24 AM Agree 0
    Earth to Suncorp, how about this for a solution, give the Broker the option of selling Resilium & or Longitude to the client ! Concept not new, we currently sell the option of AD vrs Defined events domestic - John AIS Insurance
  • Kay | 10 Jul 2013, 10:33 AM Agree 0
    Far to much of this! Too few players with too much control of the industry.
  • Scott | 10 Jul 2013, 10:34 AM Agree 0
    I agree entirely that Resilium and Longitude have different levels of cover - the old AMP wording was the bottom of the barrel, while the Longitude one is roughly inline with SUU and the like.

    That said, Longitude is very much behind the 8 ball - they have been up for almost a year and still have few internal processes, and nothing on letterhead. Their website is from wordpress - a free website generator that people usually use for personal blogs. Longitude just smacks of a 5 minute job that no-one wants to invest in within the Suncorp group.

    The only reason I use Longitude is because of the flood cover. If they don't offer flood cover on the quote, then they don't get the policy.
  • Broker of the Year -WIB | 10 Jul 2013, 10:53 AM Agree 0
    Gents & Ladies!

    Just stick to these markets: SUU/CHU/QUS

    Higher end: CHUBB / Axis

    To get a quote out of Latitude was total B&lls up.

    As you know there are few players for us brokers to approach.

    Normally u get this with clients under $1m going direct, apart from CHU clowns poaching clients direct then shafting client when sh*t hits the fan and client is back to us!

    ITS A REVOLVING DOOR FOR STRATA
  • Jack | 10 Jul 2013, 10:57 AM Agree 0
    We have had this discussion with insurers constantly - Yes, Mr Elliott we should NOT sell on price "but" the gap is too wide. A Brokers Listed Events policy is not 40% better in coverage than an underwriter & whilst we get commission to employ staff to sell the product & process on Sunrise and print the PDS, the insurer also has to pay their staff a SALARY to issue the 40% cheaper policy over the phone. In this difficult market, the public prefer the price rather than product whilst they struggle to make financial ends meet. Same applies to Car Insurance & is now a good time to mention how much more flexible underwriters are when clients go direct?
  • rick glavocih | 10 Jul 2013, 11:38 AM Agree 0
    I AGREE WITH JACK THE GAP IN THE PRICE FOR THE COVER IS TO WIDE IT IS THE SAME WITH THE HOME AND CONTENTS PRODUCTS OFFERED BY BANKS AND CREDIT UNIONS AND WHEN THE BROKERS DO SOMETHING ABOUT IT AND MAKE AN AGREEMENT WITH A COMPANY OR COMPANIES TO COUNTER ACT WHAT IS HAPPENING THEN THE COMPANIES THAT START TO MISS OUT ALL WANT TO GET ON BOARD ,IT SHOULD NOT HAVE TO COME TO THAT
  • David | 10 Jul 2013, 12:20 PM Agree 0
    Whilst this issue is more common to home insurance (different products / pricing for different channels), it does intrigue me that we're required provide an FSG / PDS in order to enable the client to make an informed choice but the U/W's are not required to mention in the PDS that they may have multiple versions of the same product. Whilst the PDS may carry the disclaimer 'please check that this cover meets your needs', I don't think that the average person would be thinking; 'I wonder how many versions this insurer has of this product & is the one I'm looking at aimed at the "lower end of the market"?'
  • Ben | 10 Jul 2013, 01:38 PM Agree 0
    We all know Longitude is an AR of Austagencies, who are owned by Austbrokers, right?
  • Adam B | 11 Jul 2013, 08:20 AM Agree 0
    Rediculous argument, yes there is a significant gap in price but the gap in coverage is more so. Yes it makes it harder to get across the line with a price focussed client but then again is that the client your business wants.....
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