Sovereign website awaits sign-off
A new website selling solely Sovereign insurance products is awaiting final approval from the insurance provider this week.
Monday, February 18th 2013, 9:00AM 19 Comments
KiwiCover has been set up by Alan Kelly, as a subsidiary of National Benefits Ltd.
Kelly said the site had been formulated to market life insurance to the New Zealand market. “We’ve taken a different approach to other online sites, this doesn’t purport to be a comparison shopping site.
He said sites that offered more than one provider tended to only compare them on price. “Even if they ostensibly offer info on products’ non-price aspects, I don’t believe it’s done in a genuine way.”
Kelly said he was hoping to develop a brand in the New Zealand market and raise awareness of underinsurance.
He expected final confirmation on whether Sovereign approved of the site by Wednesday or Thursday.
He said whether customers would find it cheaper to buy Sovereign products via his website or from an advisers would depend on other advisers. “Sovereign advisers have the ability to tailor their commission to suit.”
KiwiCover provides a 25% rebate on the first year’s insurance premium.
Kelly said when he was developing the site, he had the opportunity to approach other providers but Sovereign seemed to be a good fit.
An adviser who did not want to be named said Sovereign had indicated it would shut down offerings such as KiwiCover because they conflicted with its own distribution channels.
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