For the past three years, TAL has had a 10 per cent stake in Lifebroker, an objective comparison on life insurance companies geared to consumers.
TAL Life chief executive Brett Clark said the acquisition will compliment TAL’s existing offerings in the retail, direct and group insurance markets.
“Lifebroker has built a reputation on the objective comparison on life insurance products from a range of different life insurers,” Mr Clark said. “We strongly support consumer choice and a competitive life insurance market.”
Lifebroker has grown since its start in 2004 and Lifebroker chief executive Chris Eade, who will stay with the firm, said the acquisition will see it “expand its potential”.
Mr Clark said with more consumers engaging through digital technologies, Lifebroker will help consumers make decisions on life insurance.
“We also see digital capabilities becoming more and more important to allow customers to choose to access life insurance by whatever means they choose,” Mr Clark said.
“We see consumers using financial advisers and acting directly when they choose.
“As the Australian market uses digital capabilities more and more, Lifebroker gives us further expertise, technical know-how and practical insights that we can leverage.”
