Net Quickens Insurance
Sydney Morning Herald
Tuesday May 25, 1999
Financial Web site Quicken. com.au has opened an online brokerage and premium payment system for home and contents insurance.
The site had its debut yesterday with three insurance companies - CGU (Commercial Union/General Accident), Royal Sun Alliance and Western QBE. Quicken managing director Mr Dai-Kyu Kim said it was negotiating to add more insurers to the site next month.
Other companies such as FAI offer online insurance, but Quicken is believed to be the first online insurance broker offering a complete service.
The announcement comes a week after stockbroker Hartley Poynton said it would provide an online share trading system for Quicken.com.au's broking service, Quick.Broker, which will be launched next month. Quicken's core business is financial software used by about 450,000 Australians.
The insurance brokerage site asks consumers to fill out a form outlining details of their property. Within 12 hours Quicken. com.au promises to return three quotes with a second, more detailed application form.
The customer can then choose, and e-mail credit card details to complete the transaction.
Quicken.com.au acts as a gateway for users, while its partner and insurance broker, the National Credit Union Insurance Service, hosts the computer engine that powers the service and provides the quotes.
"Our customers have identified this service as something they'd love to have online," said Mr Dai-Kyu Kim. "Buying insurance is a time-consuming exercise and we [the public] tend to be lazy and not chase up extra quotes . . . we wanted a facility where you could put your details in once and get several quotes back."
Marketing manager Ms Wendy Kerr said it would take time before people trust the site.
"The site is targeted at fairly Net-savvy users and they'll have a good look around before choosing which service to use, but we expect uptake to improve in two months time. We know FAI has a good site, but they don't act as an independent broker. You can come to our site and get three competitive quotes - this is what makes us unique," she said.
FAI launched its online service in 1997. FAI's new owner, HRH Insurance, is committed to developing the site, although it has been slow to take off, said Mr Ian Graham, general manager, e-commerce, for HRH Insurance.
"As a product distribution channel, the site has not been very successful, but from a marketing and brand awareness perspective it has been very successful indeed.
"We're redesigning and simplifying the site, which should be complete before the end of the year. We're also planning to include credit card payments online as well as allowing customers to print off policies from their home PCs, which we don't currently offer," he said.
Quicken.com.au was launched in 1998 by Intuit Australia.
FAI can be found at www.fai.com.au and Quicken's service is at www.quicken.com.au
© 1999 Sydney Morning Herald
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