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ASX-listed tech company iSelect has launched its new full end-to-end home-and-contents insurance service and teamed up with property data and analytics provider CoreLogic to help tackle underinsurance.
Scott Wilson, iSelect's managing director and CEO, said the move was a step toward becoming Australia's life admin store and a one-stop-shop for all their customers' insurance needs.
“We’re expecting over a million Australians to seek iSelect’s assistance when moving house in 2018,” Wilson said. “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.”
Wilson said there's more to the relaunched home and contents service 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,” he said. “Customers will be encouraged to have an in-depth telephone consultation with one of our highly-trained home-and-contents insurance brokers to help navigate the complexity of general insurance policies and choose the most appropriate product.”
Home-and-contents policies provided through iSelect will cover home owners, renters, and landlords.
Meanwhile, iSelect has also become the first insurance broker for CoreLogic's new Cordell Sum Sure calculator, which uses construction data to make it easier for customers to accurately estimate how much it would cost to rebuild their property.
“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,” Wilson said.
Wilson cited recent research that revealed that more than 40% of Australians were unsure whether they were adequately insured.
“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,” he said.
Suresh Dhanushkoti, CoreLogic's general manager for insurance, said using their digital calculator via iSelect would assure customers that they are 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,” Dhanushkoti said. “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.”
