Southern Cross goes to the adviser market
Southern Cross says it is extending its relationship with insurance brokers, after being taught a valuable lesson through its Aetna acquisition.
Thursday, June 17th 2004, 12:58AM
Chief executive Dr Ian McPherson says many of those brokers previously saw Southern Cross as the competition, but he says they have recognised that Southern Cross is serious and keen to develop the broker range of product.
Ownership of the former Aetna Health between 2001 and 2003 had taught Southern Cross about the strengths and capabilities of brokers Dr McPherson says.
"Southern Cross saw that the broker channel was extending the penetration of Aetna products, particularly in accessing small and medium-sized businesses and ensuring a good presence in regional areas of the country,” he says.
“As a result, we came to the conclusion that insurance intermediaries would prove to be an excellent complement to the other sales channels that Southern Cross has traditionally utilised.”
When the Aetna brand was withdrawn from the market late last year, Southern Cross invited the brokers to become agents for a selected range of its own products. It has also gone online with a dedicated broker site, which provides access to online quoting and developed an incentive scheme.
The growth of sales in Southern Cross branded international student and travel insurance products has been particularly successful, Dr McPherson says.
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