Underwriting agency Blue Zebra offers third party property damage (TPPD) motor insurance from 1 May 2020 to assist clients looking to cut costs while the tough economic climate persists. TPPD does not cover the insured’s own vehicle and is a cheaper option than comprehensive motor insurance.
Blue Zebra MD Colin Fagen sais there has been increased demand for the product since the coronavirus shutdown measures took hold, with some clients ‘looking to save some money in the short term’.
“Launching this product will enable brokers to keep some level of cover in place for those clients,” said Fagen. He said brokers are “doing a very good job” despite COVID-19 challenges. “The broker model stands up well in these uncertain times as people need expert advice.”
On its LinkedIn page, the company said that when it launched two years ago feedback suggested TPPD was not a priority product for the broker market. However, it said the economic climate has changed, and “we have received a large number of requests to launch this product”.
“From idea to execution, the TPPD product has been brought to market in the past 30 days by our teams working remotely. TPPD quotes will be delivered alongside our current Comprehensive and Comprehensive Plus motor products, delivering even more coverage options in one quote flow. As the market changes and brokers’ needs evolve, Blue Zebra will continue to roll out our offering to reflect the needs of our broker partners.”
Blue Zebra launched in 2018, aiming to bring personal lines back to brokers and using smart technology to increase efficiency. It has grown rapidly and has previously announced plans to launch SME products this year. It was initially backed by Zurich, but this year signed a five-year deal with new underwriter Youi.
This article courtesy of insuranceNews. Check out their website at https://www.insurancenews.com.au/.