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Online insurance is the future

  • by The Quotesonline Team

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Insurance industry surveys have revealed the increasing popularity of online insurance. According to surveys up to three-quarters of consumers search for car insurance online and just under 70 per cent actually purchase their  insurance online.

This is putting pressure on Australia’s two biggest providers of car insurance to adjust to the online trend. While IAG and Suncorp-Metway currently own 70 per cent of the market, they’re aware they have to watch their backs when it comes to their online insurance competitors. Virgin Insurance, Real Insurance(backed by the Hollard Group) and Youi (South African based) as well as the US’s Progressive Direct (which launched their Australian business a few months ago) are making their presence felt.

IAG and Suncorp have responded to the increased competition not only by putting their own brands such as GIO, NRMA and AAMI insurance online but also in creating their own web-only providers.

The creation of Bingle and Just Car are part of Suncorp’s strategy to target the low-cost and young drivers’ markets.

IAG has created Buzz insurance in conjunction with its partner RACV as part of a bid to keep up with the competition.

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