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NRMA expands into life insurance market
NRMA Insurance has pushed into the life insurance market under an alliance agreement with TAL.
TAL will issue and manage life insurance policies on behalf of NRMA, while NRMA customers will have access to up to $1.5 million in comprehensive cover with no prior medical history.
NRMA Insurance chief executive Andy Cornish said the move would give Australians greater access to life insurance and support the growth of NRMA's multi-product, multi-channel strategy.
He said the alliance would allow NRMA to focus on its core suite of products including vehicle, home and business insurance, while utilising TAL's life insurance expertise.
"Underinsurance is a problem in Australia, with around 95 per cent of people not holding adequate life insurance," Cornish said.
"Our alliance with TAL allows us to address this by offering easy-to-understand and affordable life insurance, as well as greater access as customers can purchase life insurance through all of our existing sales channels."
TAL Direct chief executive John Hoyle said NRMA customers would experience a seamless delivery of high quality service.
"TAL is the market leader in direct life insurance and has a history of successfully partnering with non-life insurance businesses to provide greater access to life insurance for their customers," he said.
The product was launched on Monday.
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