(Thursday July 1, 2010) The Buzz Insurance (a part of Insurance Australia Group) continued to forge its presence in the online insurance space today officially launching its Home Insurance product. It follows an intensive co-creation process with customers and the community.
The new home insurance offering sees a breakthrough in product design where consumers can choose the type of insurance cover they want for their home, and exactly what they want to be insured for, depending on their lifestyle, location and budget.
The Buzz has designed Three Cover Packs people can choose from for their building and contents insurance needs. People can add more cover for certain natural or man made events – like flood and motor burnout (fusion) – if it’s relevant to them.
Based on customer and community feedback, The Buzz has also developed a special offering for parents whose children, aged under 25, move away from home with some of their belongings called KidsAway.
According to The Buzz CEO Jacki Johnson, core to developing the new insurance offering was repeated requests from consumers to have more choice, as well as for home insurance to be easier to understand and buy.
“In the past 12 months, we’ve collected more than 1,000 ideas from Australians who’ve co-created with The Buzz through our online co-creation community Buzz Exchange, and from customers and the general community.
“Quite clearly people asked for choice, transparency, and to be able to understand what they’re buying and what it costs them,” she said.
“People said they were concerned they have not insured their home for the right amount, mainly because they find buying home insurance confusing. Many people are also frustrated that there was very little choice in the type of insurance they could buy and they were paying for cover not relevant to them.
www.thebuzzinsurance.com.au launched with online car insurance just over 12 months ago with the aim to make it simple and fast for people to buy insurance and manage it online, in their own time.
The Buzz Home Insurance, which also encompasses Landlord Insurance features a quoting mechanism where people can get their home insurance quote in about 3 minutes; three cover packs – Base, Central and Buzz Plus with varying levels of covers and payout amounts to give people choice.
Customers who opt for the highest cover level pack Buzz Plus automatically get a 25% boost on top of what they insure their home for to repair or rebuild if needed. Customers can also tailor their insurance with additional covers and options to suit their circumstances, including the KidsAway cover for parents whose kids leave home.
Ms Johnson said the real benefit of co-creating with consumers was that The Buzz could continue to develop its product and services to resonate and be of value to consumers.
“Our aim is to be at the forefront of insurance design and innovation – as long as it’s what consumers are asking for,” she said.
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