TAL has acquired online life insurance comparator site, Lifebroker.
Lifebroker, which commenced operations in 2004, provides consumers with product comparisons between a range of different life insurance products. Prior to the total acquisition, TAL held 10% of shares in Lifebroker.
The insurer said the comparator site would complement its existing offerings in the retail, direct and group insurance markets.
“Lifebroker has built a reputation on the objective comparison on life insurance products from a range of different life insurers. We strongly support consumer choice and a competitive life insurance market,” said Brett Clark, CEO of TAL Life.
It is important we make life insurance available in ways that customers desire
“It is important we make life insurance available in ways that customers desire. Different customers choose to buy life insurance in different ways, and we want to offer genuine choice that meets the needs of all consumers.
“We also see digital capabilities becoming more and more important to allow customers to choose to access life insurance by whatever means they choose. We see consumers using financial advisers and acting directly when they choose. As the Australian market uses digital capabilities more and more, Lifebroker gives us further expertise, technical knowhow and practical insights that we can leverage,” he said.
Lifebroker CEO, Chris Eade, said he believed the acquisition would herald a growth phase for the business.
“Becoming part of TAL is a huge positive for Lifebroker to help it expand its potential and ensure more families and individuals are protected when they most need it in life,” he said.
