Barter exchange enters the insurance market
Cashless trade exchange BBX has launched its own insurance division that will allow clients to barter up to 30% of their premiums.
The company has launched a joint venture with NSW-based DMA Insurance Brokers to offer the insurance products.
BBX lines include business insurance, motor and home and contents lines, and public and products liability.
Business director Ian Lancaster – who is also the CEO of DMA – told insuranceNEWS.com.au his company has worked with BBX prior to becoming involved in the trading exchange business.
“We’ve been the broker for the corporate account for a number of years, and this has been on the drawing board since BBX became a public company in 2005,” he said.
“I think members will have a fairly universal need for insurance which will reinforce the BBX proposition,” he added.
BBX Insurance has adopted an aggressive pricing strategy, claiming it is able to match or undercut clients’ existing premiums.
BBX has about 6000 business members in Australia and NZ. Member businesses traded about $188 million of transactions in the year to June 30 last year.
The company has launched a joint venture with NSW-based DMA Insurance Brokers to offer the insurance products.
BBX lines include business insurance, motor and home and contents lines, and public and products liability.
Business director Ian Lancaster – who is also the CEO of DMA – told insuranceNEWS.com.au his company has worked with BBX prior to becoming involved in the trading exchange business.
“We’ve been the broker for the corporate account for a number of years, and this has been on the drawing board since BBX became a public company in 2005,” he said.
“I think members will have a fairly universal need for insurance which will reinforce the BBX proposition,” he added.
BBX Insurance has adopted an aggressive pricing strategy, claiming it is able to match or undercut clients’ existing premiums.
BBX has about 6000 business members in Australia and NZ. Member businesses traded about $188 million of transactions in the year to June 30 last year.