CommInsure underwrites its car insurance and drives customer service
8 November 2007
From 10 November 2007, CommInsure will underwrite its own car insurance for the first time.
Simon Swanson, Managing Director of CommInsure, said that the decision to become an underwriter was based on the premise that CommInsure would be able to provide a better product and better service for customers.
"We’re serious about growing our business, remaining competitive and continuing to improve our customer service.
"Underwriting our own car insurance means we have more control over what features and benefits are included in our policies. Customers can add optional features to a policy for an additional premium or remove them to reduce the premium. This ensures both choice and flexibility," said Mr Swanson.
CommInsure previously offered customers a product underwritten by Allianz which was sold under the CommInsure brand name. Under the new arrangement, Lumley General Insurance will manage the claims process on behalf of CommInsure.
Underwriting car insurance now gives CommInsure control over what premiums are charged.
"Underwriting ourselves gives us the flexibility to ensure our pricing is in-line with our customer profiles and overall claims experience," said Mr Swanson.
In designing its new car insurance product, CommInsure has taken into account the current features and benefits offered by all major market players. Some additional key features of CommInsure’s new product are Accidental Death Benefit of $5,000, and up to 70% no claim discount.
Customers will also benefit from the use of the Commonwealth Bank’s extensive branch network, phone and internet access to purchase their car insurance.
"We’ve listened to our customers, and understand their need for a convenient and accessible way to purchase insurance. Access to car insurance via the extensive Commonwealth Bank network makes it very convenient for customers, particularly those in regional areas," said Mr Swanson.
"Now that we are underwriting car insurance, we can continue to refine and improve it based on the needs of our customers. This ensures our customers will always have access to a competitive car insurance product that gives them choice and flexibility," concluded Mr Swanson.
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CommInsure is a registered business name of Commonwealth Insurance Limited ABN 96 067 524 216 and is the issuer of CommInsure Car Insurance. A Product Disclosure Statement (PDS) for CommInsure Car Insurance is available from any branch, at comminsure.com.au or by calling 13 24 23. A person should consider the PDS before deciding to acquire or hold this product.
Facts about CommInsure
CommInsure is Australia’s largest life insurer. CommInsure has over three million customers across its Life and General Insurance businesses. CommInsure is the fifth largest home insurer in Australia.
More information can be found at CommInsure’s website: www.comminsure.com.au
Casey Van Liessum
Media and Communications Manager
P: (02) 9303 6412
M: 0403 119 671