Insurance Articles
General Insurance, Car & Pet
Posted by admin - 16/12/08 at 04:12:01 pmGeneral insurance premiums written in Australian last year were over $33 billion, with the market growing at a rate of around 10% per annum. The market is characterised as mature and highly competitive with consolidation the underlying theme. A few large competitors now dominate the landscape.
The market timing for 1300 Insurance is opportunistic. The Insurance Council of Australia believes that opportunities exist for new products, new marketing avenues or combination’s of existing products & new distribution channels.
Insurance companies are grappling with how to connect their existing distribution channels with consumers, how to make them relevant and how to evolve with technology. Many of the large companies have spawned offshoot brands in an attempt to make this relevant connection and to embrace some of the emerging trends in the industry. Brands suck as, Just Cars, Bingle, and Insure My Ride are examples. Using descriptive names and positioning themselves online to capture consumers who have limited association with established brands including acronyms such as AAMI, NRMA, and RACV.
Pet Insurance is relatively unknown in Australia, yet widespread in countries such as the UK. Less than 1% of pet owners in Australia have pet insurance. There are currently no dominant brands in Australian, with the market wide open.
No Comments yet
RSS feed for comments on this post.
Sorry, the comment form is closed at this time.