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Big insurers shun new aggregator

Most of the major Australian car insurers have shunned new online car quote and premium comparison service Infochoice.

Infochoice CEO Shaun Cornelius confirmed to insuranceNEWS.com.au last week that major insurers are “not participating with the service”.

“We have engaged with them and we would love to include their details in our quotes, but they haven’t joined,” he said.

“The door is still open but the ball is now in their court as they have to change their minds.”

The website does list a number of insurers, such as Budget Direct, Virgin Money, Ozicare and Realpayasyoudrive, as providing quotes on car insurance.

Mr Cornelius says the site aims to provide the consumer with a range of different quotes to compare, but admits the lack of information from the big insurers is disappointing.

“Out approach has been to integrate with all insurers’ IT systems to deliver this information direct to the consumer online,” he said.

The car insurance service has now been running for just one week and Mr Cornelius says he is happy with the initial response, “although it’s early days”.

“We are finding people who have come onto the site are proceeding to fill out the two-page questionnaire to get a quote,” he said. “It’s too early to tell yet whether these quotes have been converted into actual policies.”

Mr Cornelius says the company will now start monitoring the conversion rate in the next few weeks to see how many people have actually bought a policy.