Australia Post has announced its intention to move into the highly competitive insurance space.
Initially, the Government-owned postal service will offer car insurance, with home and contents and travel insurance to be rolled out in the coming months.
Australia Post will rely on its network of about 4,500 outlets to market its insurance offerings, while relying on ‘white label’ sources to provide the underwriting cover and administrative expertise to manage the claims.
With its traditional revenue base declining as a result of the surge in e-mail, Australia Post said it was forced to look at other revenue models, and had been buoyed by the success of other postal organisations overseas that had expanded into insurance, telecommunications and financial services.
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