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Suncorp gears up to go it alone in the direct insurance market

  • by The Quotesonline Team

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Suncorp Insurance will go it alone rather than partner up with Woolworths or Coles as it prepares to defend its 30 per cent share of the insurance market, according to a report in the Brisbane Times.

Suncorps who’s Insurance brands include AAMI and GIO, and their biggest rival  Insurance Australia Group (owner of NRMA) prepare for new threats in their mass markets (Car Insurance and House Insurance) from new rivals like the supermarkets, Virgin and Australia Post.

Bernadette Inglis,  Suncorp‘s head of personal lines insurance division told the times “We are not closed to these alternatives but we are a retailer and a consumer retailer at that, and we see our business continuing as a a direct relationship with our customers,”

The Australian Direct market represents 80 per cent of consumers with the other 20 per cent dealing through insurance brokers.

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