Lifebroker Exports Online Insurance Sales Model to UK

15 May 2009

One of Australia's largest life insurance brokers, Lifebroker, today announced its expansion into the United Kingdom.
Lifebroker will sell personal insurance products for 17 of the UK's biggest life insurers, including Legal & General, Norwich Union, AXA, Zurich, Bupa and Prudential.

Managing Director of lifebroker, Mr Chris Eade, said the UK market provided unique financial opportunities unavailable in Australia.

"The UK personal insurance market is much larger than the Australian market. It has a much larger population and a higher proportion of people buy personal insurance.

"Insurers in the UK also pay higher commissions to life insurance brokers than do Australian insurers, so we would expect our UK margins to be higher.

"Insurers in the UK also sign customers for fixed-term contracts, sometimes for up to 40 years and with fixed premiums during the entire term of the policy, providing an unusual level of financial certainty.

"We will use 'click-through' internet advertising and search-engine-optimisation to advertise in the UK, a model we successfully piloted in Australia.

"Lifebroker UK will be headed by James Marwick, previously lifebroker (Australia) General Manager since 2003, and will be based in London," Mr Eade said.

Lifebroker was founded in 2003 and is a national broker of life, income, trauma and TPD insurance for 13 of Australia's largest insurance companies.

It has generated 55 per cent client growth year-on-year since 2003. Total clients number over 7,000, 100 per cent growth in the last 15 months.

It expects to provide over 40,000 insurance quotes this financial year, and revenue to grow 65 per cent.