Australia Post to offer general insurance
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.
| Travel Insurance Quotes |
Recommended for you
Policy and advocacy specialist Benjamin Marshan has left the Council of Australian Life Insurers after less than a year, having joined in March from the Financial Planning Association of Australia.
The declining volume of risk advisers meant KPMG has found a rising lapse rate for insurance policies arranged by independent financial advisers, particularly in the TPD and death cover space.
The Life Insurance Code of Practice has transferred from the Financial Services Council to the Council of Australian Life Insurers.
The firm has announced it will no longer be writing new life insurance policies in the retail advised and corporate group insurance channels, citing a declining market and risk adviser numbers.
