Insurance Business forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Notify me of new replies via email
Insurance Business | 14 Feb 2013, 12:05 AM Agree 0
Price beating guarantee rolled out on non-advice based insurance.
  • Gary Everdell | 14 Feb 2013, 02:44 PM Agree 0
    Ok , then , let's wait a bit for Woolies response back on Motor Insurances , they will steal clients of Suncorp's / NRMA's etc in direct market , but the claims will then begin to flow and the real cost bites - but hey , thats a few years away yet.
  • Tom | 14 Feb 2013, 03:08 PM Agree 0
    I might take one of my Lumley fleet policies into Coles and see how good their "price guarantee" is.
  • Karen | 14 Feb 2013, 03:24 PM Agree 0
    Price cutting strategies never work long term. Broking clients pay for service...a completely different demographic to supermarket shoppers. Good luck to them! Lets hope Coles offer dairy farmers big discounts to counterbalance their own behaviour.
  • David | 14 Feb 2013, 03:24 PM Agree 0
    Thats a good one Tom. Im sure they will both see eventually there is not the huge profits to be made from Motor Insurance once the claims start rolling on in.
  • Ray | 14 Feb 2013, 04:06 PM Agree 0
    So all Coles staff are going to be trained and have the appropriate Insurances levels to offer advice to the Coles customers, and especially when, so many employees are casual, do you get a qualified consultant everytime, who is going to watchdog it.???
  • Evan Jackson | 14 Feb 2013, 04:10 PM Agree 0
    I think every broker should take their Lumley policy into Coles and add a fee as Nett policy with a set of steak knives. Well done WESTFARMERS!!!!
  • Mark Gabell | 14 Feb 2013, 04:15 PM Agree 0
    You get what you pay for. Rarely are insurance policies compared on an "apple for apple" basis and the providers of cheap insurance products to not highlight the siginficant differences in their wordings compared to their competitors (and why would they want you to know just how disappointed and worse you will be off in the event of a claim!?). Insurance brokers have the advantage of being able to compare products in great detail, they have athe knowledge, understanding and access to much better policy wordings with greater features and benefits. An insurance broker works for the consumer. Would you go into a court room without a lawyer to defend you? The same principle applies to insurance - an insurance broker is your advocate in the event of a claim. And if the insurance broker gets it wrong, they must have a Professional Indemnity Insurance Policy in place for your claims to be paid from (an AFSL requirement). Let's sit back for now and see what happens when the claims start rolling in... we will all end up paying for it in other ways like our groceries and petrol. Consumers just need to look past price and remember that the level of cover provided in the policy wording is the most important aspect. There's no point paying for a policy which isn't going to help when you most need it. Do your research correctly or speak to an insurance broker.
  • ibeamee247 | 14 Feb 2013, 04:27 PM Agree 0
    So not only are Woolies & Coles trying to dominate the petrol & liquor markets, they'll try for the insurance market as well based on price only ... & will the Australian media be spruiking their wares to the public as well ... again, all based on price.
  • Brett | 15 Feb 2013, 07:53 AM Agree 0
    is it not time all the comments above which I agree with should be put to the public in a media campaign of our own.. NIBA C'mon, time is ripe for a Broker campaign highlighting all these points.. take it right back up to them.
  • Account Broker | 15 Feb 2013, 09:40 AM Agree 0
    The Insurer is Wesfarmers – You get what you pay for.
  • account broker | 15 Feb 2013, 12:42 PM Agree 0
    as stated above, the policies aren't compared on an "apple for apple" basis. the premium does not incorporate claims service and how much will these policies increase by next year?

    I think I will leave coles to managing my produce
  • Matt | 15 Feb 2013, 06:27 PM Agree 0
    Interesting the clients seem to like dealing with Coles so far? Brokers sitting behind their desks and doing the 'same ol' and throwing rocks at competitors hasn't seemed to get brokers too far at this point?!?! Im an ex broker client ( who I never saw despite paying for the "service" you all talk about ), and now a happy Coles client! Will you be evolving your offering or criticising others that do? A media campaign against competition? Hhhmmmmmmm
  • J.D | 18 Feb 2013, 12:20 PM Agree 0
    @ Ray it's not physically sold through the supermarkets more of a leverage of the name thats all, it's run out of a contact centre in Collins St.

    It was initally set up under Lumley Corporate Partners in circa 2008 I recall.
  • Take a Step Back | 25 Feb 2013, 01:19 PM Agree 0
    @ Matt - excellent point – it all comes down to consumer choice.

    @ Whining Brokers - sitting behind your desk, stamping your feet and crying poor that your $150 brokerage account walked to a direct market? When has it ever helped you in the past?

    @ Mark Gabell – a sales pitch directed at a consumer market but posted on a site predominantly used by insurance brokers? Enough said.
  • Kay | 26 Feb 2013, 10:59 AM Agree 0
    I wonder how many people who commented here are brokers worrying about losing their business
Post a reply