ALDI Stores Australia’s Post

Another ALDI Stores Australia special and as always straight to the point🎯 We do insurance now. It’s pretty straightforward. 2 words which generally don't go well with each other ''Insurance'' & ''Straightforward'' but that's Aldi's commitment. Massive achievement for Honey Insurance from a start-up to collaboration with Aldi, well done🤝 #insurance #startup #diverserevenue #Simplicity #execution

Diversifying business is important to sustain...

ALDI Australia, known for its cost-effective grocery offerings, is venturing into the insurance sector with the introduction of ALDI Insurance. Partnering with Honey Insurance and underwritten by RACQ Insurance, ALDI Insurance will provide Home & Contents, Comprehensive Car, and Landlord’s Insurance and aims to simplify insurance policies. ALDI Insurance proposes that it will ensure that all customers, new or existing, receive competitive rates and might address differential pricing, an issue that has irked many customers and regulators. This pricing consistency could mean that policy renewals will match the cost for new customers, addressing the issue of raising premiums for loyal customers who don't frequently shop around. #Insurance Asia Insurance Review ALDI Stores Australia https://lnkd.in/gm-4jppn

Getting the right insurance policy is a key business decision for c-store operators – and relying on a standard package could be folly, say the experts at Forum Insurance. https://lnkd.in/eSh476mz

Which? calls for a crackdown on poor insurance service and value #consumerduty #inclusivedesign #vulnerabilitymanagement #problemdebt #fairbydesign As we approach the next Financial Conduct Authority (FCA) regulatory deadline of the 31 July 2024, Which? has called for the regulator to intervene in sludge practices in the insurance sector, notably around poor customer service and claims handling. https://lnkd.in/e6YYF2AD The latest report from July 2024 found: - Poor processes at every stage of claims-handling are making things worse for consumers - Insurers failing to consistently ensure that customers in vulnerable circumstances experience outcomes as good as those for other consumers - Insurers not giving sufficient oversight of how customers are treated where there are third parties contracted to help assess claims or provide remedies The FCA has previously intervened in the general insurance sector and the Financial Ombudsman Service has highlighted insurance in their top 5 complaint types for FY 2023/24, which DEMSA has recently featured. Motor insurance is third in the league table after current accounts and credit cards. It is not just the Fair Value Assessment on the primary insurance product, but also the ancillary services like the instalment credit and 'add on' products. These can become credit debts that form part of multiple debts in a DMP or an IVA. Policy excesses can also become significant sums, especially for the younger age groups and the elderly. Which? has quoted Matthew Brewis, the Head of Insurance at the FCA, describing premium finance as “a tax on being poor. Those who are paying monthly are subsidising those who can afford to pay annually.” Kevin Still, Director of DEMSA, has frequently referenced different types of credit usage when assessing someone in a problem debt position. This has been relevant to the #personalinsolvency reform workshops where there are various credit restrictions on different formal debt solutions. Payment of essential insurances by instalment payment is vital, but at sensible interest rates. Kevin is also a NED for the Vulnerability Registration Service (VRS) and an advocate of 'tell me once' data sharing schemes. Some of the poor practices reflect the inability of firms to accurately record information supplied by a policyholder multiple times in just one supply chain. This becomes hugely frustrating where a policyholder has disclosed characteristics of vulnerability that require a tailored journey. This starts with barriers to engagement. Kevin supports the need for improvements, both as a consumer using a range of insurance products and representing firms providing #debtadvice and support to vulnerable consumers. Andrew Gething Johnny Timpson OBE Chris Warburton Peter Wordsworth Helen Lord Carolyn Delehanty Barry Hind https://lnkd.in/e4FaZtuN

In a strategic pivot, #RACQ Insurance has recently announced its decision to halt insurance coverage for vehicles operating within the ridesharing sphere. This move comes as a concerted response to the pattern of increased claims emanating from this sector. https://lnkd.in/g_5M_Q2Q #fsonews #insurance

"By 2021, Coles Financial Services had around 350,000 home, car, and landlord insurance policyholders. However, in the annual reports for 2022 and 2023, Coles no longer highlighted its insurance segment. Over a decade, Coles reached 350,000 policyholders. It’s not our place to judge whether this is good or bad due to lack of information around opportunity costs, customer acquisition costs (CAC), etc., but knowing the numbers helps set proper expectations." - Coverager® 🐿️ Research - June 2024. Timely. As IAG, the current insurer for Coles, is making room for Auto & General. Link to our research in comments. #EmbeddedInsurance

Are you tired of dealing with online insurance companies who don't understand the insurance needs of North Queensland? Do you feel like you're constantly getting the runaround instead of being offered a value for money insurance policy? At Connected Insurance Brokers, we understand the unique insurance needs of Far North Queensland. Based here in Townsville, we're not just another faceless insurance brand – we're your neighbors, your friends, and your trusted insurance advisors when it comes to protecting what matters most to you. Why settle for generic policies that may not provide the coverage you need? Our team specialises in designing insurance solutions that are as unique as you are. Whether you're a homeowner, a business owner, or anything in between, we've got you covered. Don't wait until it's too late – contact Connected Insurance Brokers today to schedule a review of your insurance policy. Let us put an end to the confusion and uncertainty, and give you the peace of mind you deserve. Your satisfaction is our top priority, and we're here to make sure you get the protection you need, without the hassle. Reach out to us now and experience the difference of personalised service from a team that truly cares about you and your insurance needs. https://lnkd.in/gjGcrn8D Connected Insurance Brokers Insurance Done Differently! #carinsurance #boatinsurance #houseinsurance #contentsinsurance #caravaninsurance #rvinsurance #motorhomeinsurance #NorthQueenslandInsurance #BusinessInsurance

Filling the void left by GAP Insurance… Having discussed 'the GAP situation' over the past week with motor retailers, Insurance professionals and colleagues, the common theme amongst us is the uncertainty of GAP Insurance as a product, will it return or is the product destined for the history books , what does this mean for F&I programmes moving forward and what do retailers do to fill the GAP void? GAP Insurance has and still does represent excellent value for Customers that are faced with a 'Total Loss' of their vehicle (RIP my Ford Puma of 2009, and thank you to the GAP policy that did what it said it would), with many retailers relying on penetrations of over 40% as the foundation for their F&I programmes. My view is that GAP will return, but in a much tighter, more competitively priced environment than we have today. But the question we should be asking is, how seriously are we taking the P's? Processes - With retailers facing a significant reduction in 'core' product sales , how flexible are we (product providers and retailers alike..) when it comes to adapting our processes to enhance the value and performance of new products to the line up? Product - How do the Tyre, Alloy, Cosmetic (or SMART) Paint Protection and Warranty products that you offer to your Customers fit with your company culture? People - Are our people ready to shift out of their comfort zone, and make credible, personal presentations to Customers, allowing them to make informed decisions? what support do they need to make the required changes? Partners - Partnering with the product providers that can support you with the above, share the challenges we face together and find solutions that work for your business is key. How equipped are your product partners to introduce new products to your people, and your culture? Retailers and OEM's F&I programmes are going to go through period of evolution, very very quickly. However, we shouldn't mourn GAP Insurance like a lost friend, in a similar vein to the mourning of PPI in the late 2000's , we need to focus on our P's and embrace the change that is here.