Lifebroker, an Australian based online life broker was one of the first to enter the market in 2004. It was later sold in 2013 to TAL, the 2nd largest life insurer in Australia.
In 2011, Lifebroker launched its online comparison app, iQuote and has been providing life comparison quotes since then. Lifebroker has a strong focus on excellence in customer service and is one of the leading examples of insurers taking a stake in the distribution model. It has since extended its product range to include income protection, total and permanent disability insurance, trauma insurance, funeral insurance and mortgage protection.
Lifebroker currently provides price and benefit comparison from more than 10 providers and assists consumers in finding the best life insurance coverage from the leading life insurance players in the market through its platform which is simple, quick and easy to use.
In July 2015 it launched a new unique life comparison tool which allows consumers to assess life insurance policies by criteria rather than cost. The tool provides consumers with meaningful information on factors such as the insurance company’s size, financial strength and claims experience as well as product features like the number of conditions covered, sum insured levels and exclusions. The service also allows users to play with their life cover options and save their progress so that they can revisit the comparison at a later date. Another unique feature is the quote selection process ultimately leading to a call-back instead of an online application process.