Leading private health insurance comparison service iSelect has expanded its insurance offering to include business insurance.
iSelect, which was founded as a private health insurance comparison service, has expanded its offering over the years to include other insurances, finance and energy.
The company is partnering with leading small provider BizCover to expand its comparison offering into small business insurance.
The company said it will offer small to medium (SME) businesses an end-to-end online service to compare most of their business insurance needs, with policies available from some of Australia’s leading insurers.
SME customers will have the option of completing the purchase process online or via the telephone with one of BizCover’s trained consultants.
Mark Pangrazio, iSelect’s head of commercial for health and general insurance, said the company welcomed the new partnership.
“Business insurance, like many of iSelect’s other verticals, is a very complicated but important product. We know that many existing iSelect customers are also small business owners and we are pleased our offering can now help these customers to meet their business, as well as personal, insurance needs,” he said.
According to Mr Pangrazio, the expansion of its general insurance business is a key to the company's growth strategy.
“With over 2 million SMEs in Australia and with an estimated 13 per cent not insured, the SME market presents a significant opportunity for iSelect,” he said.
“Up to 75 per cent of SME owners surveyed admitted to being either dissatisfied or disloyal to their current insurer. Our partnership with BizCover provides iSelect with an exciting opportunity to better meet the insurance needs of Australian SMEs.”
Michael Gottlieb, BizCover CEO, added, “Most SMEs will tell you they are very time poor and face significant financial challenges. To have to navigate a traditional, paper-based model of getting insured is a frustrating experience. BizCover’s purpose is to make it easy for SMEs to understand, compare and buy business insurance in minutes.”
“We are delighted to be partnering with iSelect, as this partnership means even more Australian SMEs can access insurance on their terms, through their preferred channel. Together we can transform the customer experience and leverage BizCover’s technology and service to better meet the needs of SMEs,” he added.