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iSelect joins independent broker network

Insurance comparator iSelect has joined Insurance Broker Network Australia (IBNA), the country’s largest independent broker cluster group.

iSelect says it offers much more than a comparison site, pointing out that trained advisers talk to the majority of consumers who use its site.

It describes itself as a “digitally-enabled broker”, and its acceptance as an IBNA member gives further credence to its claims.

Earlier this week Zurich announced that commercial motor policies will be made available on iSelect’s website, with the insurer looking to add more general insurance offerings later.

IBNA works closely with Austbrokers under the AIMS joint venture, but members retain their independence. IBNA Chairman Gary Gribbin welcomed iSelect to his group this afternoon, saying it has a reputation for providing excellent customer service.

“Although their business model is seen to be different to our other members, iSelect is equally as committed to the key principle of broking which is to provide the very best solution for the customer,” he said.

“As an industry we need to understand that a ‘one size fits all’ approach is no longer appropriate and explore other ways of delivering our valued services to our customers.”

iSelect MD and CEO Scott Wilson says the collaboration could help overcome “industry misconceptions” about the listed company’s business model.

“We understand that online-only aggregators which focus purely on price do not take varying customer needs into consideration,” he said.

“Car and home insurance policies are complex financial products that need explanation and advice when being purchased.”

More details in our regular bulletin on Monday.

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