Life Insurance Competition Tightens with Virgin & Tower Insurance Alliance

Virgin Money and Tower Insurance Australia have both announced today the formation of an alliance to deliver life insurance in Australia. Life insurance policies will be introduced by early 2011, further expanding Virgin's current insurance porfolio.
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Sept. 23, 2010 - PRLog -- Virgin Money and Tower Insurance Australia have both announced today the formation of an alliance to deliver life insurance in Australia.

Life insurance policies will be introduced by early 2011, further expanding Virgin Money’s current insurance porfolio.

The move by Virgin and Tower Insurance is another step towards the company’s aspirations to offer a wide range of financial services products in Australia.

Speaking in Sydney this morning, Matt Baxby, Managing Director of Virgin Money Australia, said:
“Our new partnership with TOWER Australia is good news for the insurance sector and better news for Australian consumers. Combining TOWER’s unquestionable reputation and infrastructure with the Virgin brand, we’ll be delivering a straight-talking, great-value product which is what people have come to expect from us.”
“I see a lot of opportunity for Virgin Money in this sector given that research shows 95%[1] of families in Australia don’t have adequate insurance cover. Ensuring life insurance is accessible to more Australians will be at the core of our product offering early next year.” ([1]According to Lifewise/NATSEM research in 2010)

Jim Minto, Managing Director of TOWER Australia, added:
“There is no doubt that Virgin Money will be highly attractive to sections of the Australian community and now, through this partnership, consumers will be able to obtain wealth protection through life insurance in a simple and easy format. It’s a part of our overall plan to ensure greater accessibility of life insurance to everyday Australians and this also fits in with the company’s growth strategy. With TOWER Australia at the forefront of the Australian life insurance market and with Virgin’s brand power – I’m confident this is a winning formula.”

Russell Cain, Director of xLife commented on the alliance:
“While competitors may not welcome the new partnership between Virgin and Tower Insurance, it’s good news for consumers. More competition means more choice and greater innovation. We’ll certainly be keeping our eyes on the new alliance and the response by the general public.”

Virgin Money will lend its brand, innovative approach to product development, customer service and marketing expertise to the alliance, while TOWER Insurance Australia will manufacture the life insurance products and provide the ongoing infrastructure to manage all policies.

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xLife provides a FREE personal insurance comparison service allowing you to compare the most competitive quotes possible for life insurance, income protection insurance and trauma insurance online.
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