LMI introduced PolicyComparison.com as an on-line service comparing the features and benefits of Australian general insurance products in 2003. This was after 3 years of providing business pack comparisons in hard copy for 3 years.
The service is now used in 7 English speaking countries including the United Kingdom, New Zealand, and South Africa.
The celebration and thank you component to to thank the team for their over and above the call of duty effort to meet the strong demand for the service in the United Kingdom where there are so many more policies per class than in Australia. The team have met every deadline and the feedback from subscribers has been full of praise the accuracy of the comparisons.
Not only is the service a sales tool, it is also provides training to both the Insured and younger professionals in the insurance industry, it also assists in complying with the new government regulations and protects the professional indemnity program of the insurance adviser.
Allan Manning, Managing Director of LMI Group, explained that "one of the key drivers for this the first of 6 on-line research, calculator and comparison sites developed by LMI, was and continues to be to move the emphasis away from price to the protection afforded by the insurance program. No one remembers the price of something if it fails to fulfill the expectation. With insurance, purchasing the wrong cover can literally be life changing for the consumer and with talk of price comparison sites appearing in the media more and more the importance of PolicyComparison.com is now more important than ever as insurance advisers compete against the direct market whose focus is on price.
With other LMI eServices such as RiskCoach now being used in over 125 countries, their is an increasing demand for PolicyComparison to be expanded into more jurisdictions. How we meet this demand moving forward is the major focus of the conference.