Approaching a year since its initial, soft launch, igo4 has sailed through the difficult economic climate and has created a strong trading platform that will enable it to easily reach its 5 year plan of selling ½ million new policies and managing a customer base of 250,000. iGO4 will achieve this through its innovative aggregator-led model which ensures that its interests are closely aligned with those of its insurer and aggregator partners. Couple this with the very positive consumer response to its unique CHOICES motor product range, the future looks bright.
“Aggregators have emerged as the dominant force in personal lines distribution and have advanced faster than the insurance market’s ability to respond. We firmly believe that through our approach, we will deliver profitable business to our strategic partners and recognise that our growing success is largely attributable to our collaborative relationship with both aggregators and insurers to deliver innovative products and rating tailored to the aggregator channel.” says Matt Munro, Managing Director, iGO4.
iGO4’s in depth and continuous analysis is actively helping insurers enhance their understanding of the aggregator distribution channel and is enabling them to quickly adapt their products and rating strategies to fit market demands.
From a consumer perspective, iGO4’s unique CHOICES motor product range, launched in January 2009, reflects the broadening and increasingly sophisticated profile of customers that use aggregators. It is a refreshing new approach which gives customers clear choices and which is totally transparent. The simple, yet comprehensive price and cover presentation screen, displays iGO4 more, iGO4 insurance and igo4 value products. The customer can choose the product that is right for them with no nasty surprises (e.g. confusion over excess). It is ideal for all customers, delivering products to the price conscious customer without compromising cover.
The next CHOICES product roll-out over the next three months is Home insurance. iGO4’s expectations are high as buyers of home insurance are even more focused on the level of cover due to the optional nature of the purchase. This makes the price presentation screen with multiple options to suit the buyer, even more attractive.
igo4 will continue to work closely with their insurer panel to develop targeted products, acting as a test bed to provide an absolute understanding of aggregator performance informing their broader market pricing strategies. Early performance indications are promising for our insurer partners, particularly in terms of claims frequency, which reinforces iGO4’s view that more mainstream customers are being attracted to the aggregators for their insurance purchases.
Matt Munro, Managing Director, iGO4 comments: “Many factors indicate how successfully we have moved through and beyond start up mode and our experience and continued innovation in the aggregator arena means we are very confident now of surpassing our long term plans.”