Medibank Private has engaged Hollard Insurance and Swiss Re to administer the first life insurance product to be offered by Australia’s largest private health insurance brand.

Medibank’s entry into the life market is in line with plans to diversify its product range and follows the insurer’s first travel policy launched three years ago.

Swiss Re will underwrite Medibank life insurance policies and Hollard Insurance will handle administration. The application process is conducted online or by phone.

Medibank Third Party Alliances Manager Mario Delosa told insuranceNEWS.com.au he expects strong growth given current market disparity between complex high-end products and mass-marketed policies offering limited coverage.

“We see the market having two parallel ends,” he said. “You have adviser-driven products involving large-sum insureds where the application process is quite arduous.

“At the other end are lighter life products. The market is right for a comprehensive product of this nature.”