Lifebroker’s Life Insurance Comparison Engine

Lifebroker simplifies customers’ search for life insurance and enables them to compare the features of each policy or simply compare on price

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 2^nd 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.

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• Lifebroker enables customers to compare a range of income protection and life insurance products in one place. They do not have to shop elsewhere and at the same time they get the best premiums via its commission rebate structure
• One of Lifebroker’s unique offerings from a customer experience management perspective is its call-in and call back features which allows customers to request a call back
• Lifebroker has an “Ask an Expert” section on their website, which provides clients with another avenue to seek information and get questions answered on the spot
• Through their web platform, Lifebroker has developed a significant pool of data. Lifebroker draws actionable insight from this data to further enhance the engagement level and experience of end users

The insurance aggregator model has been quite successful in the non-life segment in developed markets like UK, US and Australia. Lifebroker is one of the first companies in Australia and globally to focus purely on life and protection products.

Aside from the exemplary user experience and unique customer management experience, Lifebroker is also an interesting example of how insurance companies can partner with distribution businesses in order to grow, scale and diversify their businesses. We believe this approach, which sees a broadening of insurer’s interests from being manufacture-driven (as we see in the case of TAL and Lifebroker) is a viable option for insurers looking to enter the online aggregation space.

Lifebroker Website

Lifebroker Launches New Insurance Comparator Tool