LifeDirect by Trade Me welcomes life insurance report

Media release

30 January 2019

LifeDirect by Trade Me welcomes life insurance report

Insurance comparison website LifeDirect by Trade Me has welcomed yesterday’s FMA and RBNZ report into the life insurance sector.

Head of LifeDirect Jaime Monaghan said the life insurance industry is rife with jargon which can be difficult for customers to digest. “At LifeDirect, we aim to increase transparency with a platform that compares all of New Zealand’s leading insurance providers on the same metrics, and helps customers make an informed choice.

“We believe insurance comparison is the best model for customers to find the right products that suit their needs. We lay out the options for all of New Zealand’s top insurers and customers make the decision based on what suits them best. We don’t offer advice or push one product over another.

“We also have a customer service team available to talk our customers through policies they don’t understand, they’re interpreters - not salespeople.

“We want our customers to have all the information to make the best decision for them and their family.

“LifeDirect is an insurance agent paid by the insurers to distribute their products, but our model is different as we return some of that value back to our clients through a cashback. We lay out the information and they decide the cover that works best for them.”

Ms Monaghan said the FMA and RBNZ report was very “sobering” and would hopefully create some change in the industry. “We welcome any changes in the industry that put customers needs first, and give customers confidence to buy the right products to suit them and hopefully this report is the catalyst for this.

“Even making policies more digestible to the average reader would be a huge step. We spend a lot of time explaining terminology so that customers can make easy comparisons themselves.”

ENDS

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