The company soft-launched its financial planning business, Mortgage Choice Financial Planning, in October last year, but will formally roll out the business in July this year.
Speaking to InvestorDaily, Mortgage Choice general manager of product and distribution Andrew Russell said the strategic move will diversify the company’s financial service offering.
“It’s a big part. Obviously life insurance and risk insurance is going to be a key component of our financial planning services, primarily due to the fact that Australians are underinsured,” Mr Russell said.
“From a life insurance perspective, having that face to face contact and custom fit will be a very key component of our financial planning offering.”
Mortgage Choice will now refer customers to Allianz for home building and contents, motor vehicle and landlord insurance, either through a broker or online via the Mortgage Choice website.
Mr Russell said the insurance options available under the strategic partnership would expand subject to feedback from brokers and customers.
However, he said that existing client demand for insurance services was a driver of the strategic partnership with Allianz.
“Our customers have been asking whether Mortgage Choice has recommendations in the general insurance area,” Mr Russell said.
“Our brokers also were feeling, from speaking to customers, [that they would have] a stronger proposition if they could offer insurance to their customers.”
“Also … we can see that there is a growing trend to consumer insurance products online. So they were the big drivers.”
