Insurance industry surveys have revealed the increasing popularity of online insurance. According to surveys up to three-quarters of consumers search for car insurance online and just under 70 per cent actually purchase their insurance online.
This is putting pressure on Australia’s two biggest providers of car insurance to adjust to the online trend. While IAG and Suncorp-Metway currently own 70 per cent of the market, they’re aware they have to watch their backs when it comes to their online insurance competitors. Virgin Insurance, Real Insurance(backed by the Hollard Group) and Youi (South African based) as well as the US’s Progressive Direct (which launched their Australian business a few months ago) are making their presence felt.
The creation of Bingle and Just Car are part of Suncorp’s strategy to target the low-cost and young drivers’ markets.
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