NZ Online Life Insurance Market Further Expands

Media release
For immediate release
21 November 2006

NZ Online Life Insurance Market Further Expands

New Zealand consumers will soon be able to purchase life insurance online through a range of financial services providers – as a result of an innovative distribution service offered by Christchurch online life insurance provider LifeDirect.

LifeDirect launched New Zealand’s first online life insurance website that can offer full quotes and the ability to purchase online – www.lifedirect.co.nz. Now the company is offering consumers the ability to purchase life insurance online through their local insurance broker, mortgage broker or mortgage lender.

“LifeDirect is now becoming a leading provider for direct marketing of life insurance through financial services providers throughout New Zealand,” says LifeDirect Director Neil McKenzie.

“We’re now able to reach many more online life insurance customers through this expanding distribution channel, offering them convenience, ease of use and a wider choice of leading providers. The first financial services provider to offer our service through their own website is the Loan and Building Society which has branches in Ashburton and Rangiora,” Mr McKenzie says.

The Loan and Building Society has recently launched its online life insurance offering, resulting from its partnership with LifeDirect. General Manager John Moore says clients or non-clients can obtain cover at a 10 per cent discount via the Society's website, from leading providers such as Tower, Sovereign, Fidelity Life and Asteron.

"We have had clients taking on mortgages with no life cover, and this new feature makes it easier and less costly for borrowers to protect their assets," Mr Moore says. "It also provides a wider suite of useful financial products for our expanding customer base across Canterbury."

Mr McKenzie adds that a number of other financial services providers around New Zealand are currently in the process of launching online life insurance services via a partnership with LifeDirect.

“LifeDirect’s experience and knowledge of online life insurance enables us to integrate direct marketing of our life insurance into any financial services business model, and we have the in-house expertise to design and implement these online solutions.”

“We are currently developing mortgage insurance/mortgage repayment insurance online services for these businesses to use (as an alternative to life insurance), and are also looking to add medical insurance to our service for the benefit of these providers and their customers,” Mr McKenzie says.

LifeDirect sees unlimited potential for its online life insurance distribution service. “As customers become more technology savvy they want to conduct business 24 hours a day at their convenience. We’re gaining plenty of keen interest as we talk to different parties, and everyone is very enthusiastic about the opportunity to benefit from the service we’re able to offer,” he says.

ENDS

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