20 July 2015
Find an Insurer consumer service reaches three million milestone
The Insurance Council of Australia’s Find an Insurer consumer service has passed a major milestone – achieving three million site searches in just three years.
Since the launch of the referral tool in 2012, consumers have made three million online product searches and 98,000 telephone inquiries.
Insurance Council of Australia (ICA) CEO Rob Whelan said the strong take-up rate for the Find an Insurer service illustrated it delivered an essential service: providing free, objective, information to help consumers make better informed decisions about insurance.
“Find an Insurer provides an easy way for people to connect with insurers and their products. This take-up rate data shows Australians are taking an active interest in their insurance needs,” Mr Whelan said.
“A key focus of the ICA is to help improve consumer understanding of general insurance products. Accordingly, Find an Insurer works hand-in-hand with the industry’s financial literacy initiative, Understand Insurance, to provide consumers with clear and reliable information about insurance products.”
ICA launched Find an Insurer on July 1, 2012, at the request of the Financial Ombudsman Service (FOS), which previously operated the service. On start-up it listed 221 types of policies from 70 insurers.
Today, consumers and businesses can search 251 general insurance categories offered by 114 insurers. The top five insurance categories consumers have enquired about during the past three years are public liability, home, residential strata, small business, and pre-existing medical conditions for travel insurance.
Most consumers are opting to access Find an Insurer information via its website – www.findaninsurer.com.au - with a 238,388 increase in product searches recorded in 2014 over the 2013 calendar year (1,113,873 in 2014 compared with 875,485 in 2013).
The service has also been successful in generating 322,000 member ‘company profile’ unique page views in addition to the insurance product searches.
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