Youi has announced that it now offers its compulsory third-party (CTP) insurance in New South Wales (NSW) after receiving all of the regulatory approvals needed to enter the Green Slip market in the state. This makes Youi the first insurer in over 20 years to be granted a license to offer the product in NSW.
Youi chief executive officer Hugo Schreuder said the insurer's market entry benefits NSW consumers by giving them more choices.
“Healthy competition is great for the consumer, and Youi, as one of Australia's leading insurance challenger brands, is up for a challenge,” Schreuder said.
“The NSW government's reforms to the NSW Green Slip market have levelled the playing field and made it possible for new entrants to enter the market. We believe the reforms will support a highly sustainable CTP scheme that delivers better customer outcomes, and we saw a strong alignment between its vision for the market and our own customer-focused ethos.”
NSW Minister of Customer Service Victor Dominello commented: “Having Youi enter the market is a game changer. Before the reforms, insurers were leaving the market, but the decision is a testament to the new CTP scheme's success since it took effect in December 2017.”
Youi previously sold a white-labelled CTP policy from another insurer for a short time in NSW, but its entry into the NSW market is the first time that the insurer has offered its CTP product in Australia.
Schreuder said Youi is committed to building its presence in Australia and will seek more opportunities to offer CTP to other states in the future.
