Progressive Direct is the newest motor vehicle insurer offering an internet-only service to customers. It joins two other companies which have recently entered the Australian online market place: Australia Post, selling car insurance products underwritten by Auto & General, and Real Insurance, which is part of South Africa’s Hollard Insurance company.
These companies compete with the three other major players in internet insurance: Suncorp-Metway and Insurance Australia Group (IAG), which are the top two players together claiming 75 per cent of the market and Allianz, part of the German insurance giant in third place.
Progressive Direct is owned by Progressive Corporation, the fourth largest motor insurer in the United States. Progressive are promoting their online-only insurance product by saying the web offers a superior claims management process as well as lower costs. They are aiming their products at motorists who already bank on line.
Progressive currently only insures cars for private use but they have indicated that they might extend into the commercial motor vehicle market as well as into other areas of general insurance in time.
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