Virgin Money to Offer Life Insurance in Australia
[social_share]Adding to its portfolio of superannuation and credit cards, Virgin Money has announced that it will begin providing life insurance to Australians later this year. Virgin Money will offer the life insurance via a joint effort with TOWER Australia, as a result of recent developments within their partnership.
Australians have been able to purchase car insurance from Virgin Money for some time now, but Virgin Money does not want to stop there. In conjunction with their collaboration with TOWER Australia, Virgin Money hopes to move closer to its mission of providing a broad range of financial goods and services throughout Australia.
Matt Baxby, the Managing Director for Virgin Money Australia, indicated that their new life insurance roll-out will be the centrepiece of the wider insurance package that they hope to unveil later in the year. Mr. Baxby cited research that claims over 95 per cent of families in Australia are without adequate life insurance coverage. The aim of Virgin Money, Mr. Baxby added, was to make such insurance much more accessible and affordable to the majority of Australian citizens.
The Managing Director for TOWER Australia, Jim Minto, noted that he believes the business partnership between Virgin Money and TOWER will be a mutually beneficial one. Mr. Minto said that the collaboration between the two companies will help consumers ensure wealth protection through life insurance policies that will be simple and easy to interface with. TOWER Australia’s growth strategy includes helping life insurance to become more available to everyday Australians, and Mr. Minto stated that the brand power that Virgin Money brings to the partnership as a vital component to guaranteeing that their alliance will be a successful endeavour.
Virgin Money brings its renowned customer service, marketing and advertising powers, and its well-known brand. The life insurance products will be created by TOWER Australia, and the company will also manage the day to day infrastructure that will oversee the handling of all policies. Virgin Money and TOWER Australia have not yet released a statement on the possibility of the two companies joining forces to market life insurance services customised for businesses and their employees.
