Merger heralds mega ambitions for online financial firm
Wellington-based online insurance firm Inform has merged with the like-minded Christchurch company LifeDirect in the first phase of creating a financial services "mega-site", according to director, Mark Solomon.
Friday, June 5th 2009, 5:30AM
by David Chaplin
Solomon said the group has also launched a new website to help mortgage brokers sell life insurance, dubbed Mortgageshield, that has already gained the support of a "major" mortgage broking network.
"We want to create a national brand for financial services online," he said.
Inform, which is partially owned by Solomon's Wellington financial services company Crest Financial Brokers, sells a range of life insurance products online and also markets a limited number of KiwiSaver schemes through its subsidiary KiwiSelect.
LifeDirect sells life and health insurance products online.
Solomon said the mega-site, which was planned as a portal for clients to access a wide range of financial services, should be operational by October.
"We've built lots of IP to help people buy insurance and KiwiSaver products online as well as offering online advice," he said. "It's not just about lower premiums or rebates."
LifeDirect founders Neil McKenzie and James Punnett have also joined the board of the newly-merged firm along with Inform's Solomon, Tim von Dadelszen and Conor Sligo with consultant Russell Hutchinson also recently hired as an independent director.
Collectively, the group has over 3,000 online clients, Solomon said.
Last month another online insurance sales provider, Lifebroker, also entered the New Zealand market. Lifebroker is an Australian firm that has also just launched in the UK. According to a media statement, the firm currently services 7,000 clients with business doubling over the last 15 months. Lifebroker has projected it would provide over 40,000 insurance quotes over the coming year and revenue to grow by 65%.
In its press release, Lifebroker claimed the service was the "first of its kind in New Zealand" by offering access to all of the largest life insurance suppliers in New Zealand.
Both Inform and LifeDirect sell cover sourced from eight insurance providers.
Another online New Zealand insurance firm, Pinnacle, launched a service two years ago that enabled clients to purchase life cover instantly over the internet - the first company in the world to do so.
| « ING Life offers support people who lose jobs | Recession fails to dent demand for risk products » |
Special Offers
Commenting is closed
|
|
Printable version |
|
Email to a friend |
