Aldi has announced it will be expanding into the insurance sector, and Aussies will be the first to be able to sign up for the new services.
The budget supermarket’s insurance will offer home and contents, comprehensive car and landlord’s insurance policies.
The move comes amid the cost of living crisis, with more Australians switching insurance providers to save money.
Group Director at Aldi Australia Rodney Balech told news.com.au that delivering cost-effective solutions to customers is a top priority.
“Aldi is synonymous with delivering Australians high-quality groceries at exceptionally low prices, and we are excited to bring our ‘Good Different’ model to insurance at a time when so many Australians are craving better value from their services,” he said.
My Balech said the services are designed to simplify the “traditionally complex insurance industry” by using lay terms and omitting hidden exclusions.
The retailer claimed quotes could be issued in around three minutes using technology that identifies information about customers’ homes, including size, construction year and material makeup.
Aldi Insurance has collaborated with “well-established and trusted partners “ Honey Insurance and RACQ to offer Australian customers a service that “creates the highest quality and straightforward insurance.”
“Just like our grocery offering, we won’t be engaging in one-off rewards or conditional discounts; we want to bring to the insurance market what we have successfully delivered in our grocery operations – a trusted, high-quality product with Aussie insurance partners that delivers every day competitive prices for customers,” Mr Balech said.
Customers who choose the home and contents insurance will get smart sensors included in their premium to improve home safety and cut costs.
The sensors feature monitoring technology to prevent fire, water damage, and theft claims, which results in cheaper premiums of up to eight per cent.
Aldi opened the doors to its first Australian store in 2001 and now has 594 stores across the country.