Leading technology company iSelect (ASX: ISU) has launched a full end-to-end home and content insurance solution, with customers now able to compare and purchase policies from leading insurance companies QBE, CHU and Arcadia Underwriting Agency.
iSelect customers will be able to compare and purchase home and contents policies either combined or separately, along with landlord insurance.
iSelect’s Managing Director & CEO Scott Wilson said the expansion of the company’s home and contents offering was another key step towards becoming Australia’s Life Admin Store and providing customers with a ‘one-stop-shop’ for all their insurance needs.
“We are confident there is significant customer demand for our expanded home and contents service given over 50,000 customers a year already turned to iSelect for their home and contents needs via our previous simple, click-through model.”
Mr Wilson said the company also assisted over 800,000 Australians moving house in 2017 and could now offer movers a complete end-to-end home and contents service, along with taking care of their car insurance, energy and broadband needs.
“We’re expecting over a million Australians to seek iSelect’s assistance when moving house in 2018. The ability to have one company sort out their utilities and general insurance will help make what can be an incredibly stressful time just that little bit easier.
iSelect is also helping customers to tackle the problem of underinsurance through a unique partnership with CoreLogic, Australia’s leading property data and analytics provider.
Mr Wilson said iSelect was proud to be the first insurance broker utilising CoreLogic’s new Cordell Sum Sure calculator, an intuitive digital calculator that uses construction data to make it easier for customers to accurately estimate how much it would cost rebuild their property.
Its estimated that as many as 83 per cent of Australians believe they would be worse off in a crisis due to under-insurance leaving them significantly out of pocket.
“Combining our own cutting-edge proprietary technology with CoreLogic’s construction data will provide customers with a ‘real-time’ building cost analysis to reduce the risk of underinsurance.”
Mr Wilson said recent research conducted for iSelect by Galaxy Australia revealed that over 40 per cent of Australians with home insurance aren’t confident that their current policy provides an adequate level of cover.
“Almost a third of policy-holders admit their home is probably not insured for its full rebuild cost and we hope this sophisticated technology will help ensure customers are not caught short financially in the event of their property being destroyed or damaged,” Mr Wilson said.
CoreLogic General Manager Insurance, Suresh Dhanushkoti said using the Cordell Sum Sure calculator via iSelect would give customers invaluable peace of mind that their home is adequately insured.
“Consumers are unlikely to have the experience to determine the level of insurance they require and this could leave them vulnerable to the potential for underinsurance which can prove costly in the event of a claim,” Mr Dhanushkoti explained.
“With houses our most valuable asset, it’s essential that we get our sum insured values and insurance premiums exactly right so that we are looking out for ourselves financially should the worst happen.”
CoreLogic Sum Sure is one of several tools and resources iSelect will incorporate to assist customers in correctly valuing their assets and to help minimise the potential of under-insurance.
Home and contents policies provided through iSelect will cover home owners, renters and landlords. It follows the company becoming a member of the Insurance Brokers Network Australia (IBNA), opening the doors for the digitally enabled broker to partner with a range of leading insurers.
Mr Wilson said iSelect was looking to reshape the broking market and emphasised the relaunched home and contents service offers customers much more than just a simple, price-based online comparison.
“Our expanded home and contents offering is a full end-to-end service, with comparing online simply the first step in our comprehensive needs analysis,” Mr Wilson explained.
“Customers will be encouraged to have an in-depth telephone consultation with one of our highly-trained home & contents insurance brokers to help navigate the complexity of general insurance policies and choose the most appropriate product.”
iSelect’s customers can now transact across a wide range of other general insurance products, including car, travel and pet insurance.