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Insurance Business | 12 Nov 2013, 12:00 AM Agree 0
Money smart Aussies are increasingly using the internet and comparison sites to research and switch financial products – and insurance is one of the most commonly reviewed sectors.
  • Jack | 12 Nov 2013, 09:25 AM Agree 0
    TAL Group CEO Jim Minto said: This research shows that comparison sites in particular are popular as people use the web to become more money smart to help them both build and protect their financial future.”

    Yep ..... They build their "Financial Future" by saving $200 premium on the internet & then lose they $thousands when their house burns down and they only bought a cheap run of the mill listed events policy? Great Story! .... What? the cheap policy only includes ROD as part of the sum insured? What? the cheap policy has depreciation & low item limits? I wonder if they will remember what they saved in premium ... after the claim?
  • two cents worth | 12 Nov 2013, 09:54 AM Agree 0
    A house is the biggest asset most people have, the equity provides security for other loans etc, yet people treat house insurance like buying groceries, all policies arent the same, all policies dont cover the same things, a brokers policy will offer better cover, the broker will offer professional advice and will help with claims, why would you skimp on protecting your biggest asset??
  • Rod Parsons | 12 Nov 2013, 12:24 PM Agree 0
    Its got crazy to the point in WA - client came to see me - $110,000 landcruiser - APIA $563.
  • Jack | 12 Nov 2013, 06:26 PM Agree 0
    Hey Rod - I read your comment above. APIA is obviously crazy cheap! Must be so cheap because the client is retired, spends more time on the road cruising, is on an age pension so obviously aging with poorer eye-sight & lower reflex responses - I can see why he gets a huge discount? - ..... At that price they could have charged $950 and still won the business! But every day we brokers get told that personal lines premiums need to increase even though going direct is up to 40% cheaper .. Such logic!
  • Robert Cooper | 13 Nov 2013, 06:41 PM Agree 0
    I think this proves the point that as the Direct Insurers provide no advice, the customer has to do his own research.
    This proves the point that as Insurance Brokers, we need to position ourselves so that they use us Brokers for such advice and to do all the research and shopping for them. But while, some direct insurers are so cheap on home and motor and now even entering the small business insurance market ie Youi, AAMI and NRMA with also extremely cheap prices, we have a huge challenge. The sad thing is most of the direct insurers have sister companies that deal with us Brokers with much higher pricing than their direct companies. I am all for competition but where is the expertise from the direct insurers?
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