One of Australia’s largest life insurers has acquired online life insurance comparator, Lifebroker.
After holding a 10% stake in Lifebroker for three years, TAL has decided to acquire the remaining 90% shares of the business.
Brett Clark, CEO of TAL Life, says that the objective comparison of life insurance products is fundamental to the Lifebroker business model and will continue to be supported.
Lifebroker compares quotes from AIA, AMP, Asteron, AXA, BT, CommInsure, Macquarie, MetLife, MLC, OnePath, TAL and Zurich.
“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,” Clark says.
The acquisition is also part of an attempt to make life insurance more accessible to Australians. Clark says that digital capabilities will become more important in allowing customers to choose life insurance through different means.
“It is important we make life insurance available in ways that customers desire,” says Clark. “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 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.
Lifebroker CEO Chris Eade will stay with the firm, and says the acquisition will signal 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 says.