Comminsure becomes big auto player

This means Allianz will no longer be Comminsure's auto insurance underwriter.

Comminsure also says underwriting car insurance now gives it control over what premiums are charged.

Lumley General has scored under the new arrangement because it has been appointed to manage claim processing for Comminsure.
The big bank's insurance arm has a base of 3 million customers across its life and general Insurance businesses. Comminsure is the 5th largest home insurer in Australia.

Announcing the move from November 10, Comminsure's managing director Simon Swanson, said the decision to become an underwriter was based on the premise that Comminsure would be able to provide a better product and better service for customers.

"We're serious about growing our business, remaining competitive and continuing to improve our customer service.

"Underwriting our own car insurance means we have more control over what features and benefits are included in our policies. Customers can add optional features to a policy for an additional premium or remove them to reduce the premium. This ensures both choice and flexibility," Mr Swanson said.

Comminsure previously offered customers a product underwritten by Allianz which was sold under the Comminsure brand name.

"Underwriting ourselves gives us the flexibility to ensure our pricing is in-line with our customer profiles and overall claims experience," Mr Swanson said.

In designing its new car insurance product, Comminsure had taken into account the current features and benefits offered by all major market players.

Some additional key features of Comminsure's new product are accidental death benefit of $5000, and up to 70 per cent no claim discount.

Comminsure also throws in the customer benefit of their being able to use of the Commonwealth Bank's extensive branch network, phone and internet access to purchase car insurance.

"We've listened to our customers and understand their need for a convenient and accessible way to purchase insurance. Access to car insurance via the extensive Commonwealth Bank network makes it very convenient for customers, particularly those in regional areas," Mr Swanson said.

"Now that we are underwriting car insurance, we can continue to refine and improve it based on the needs of our customers.

"This ensures our customers will always have access to a competitive car insurance product that gives them choice and flexibility."



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