A non-bank lender has launched a new insurance group to provide a range of credit insurance solutions to borrowers.
Financial’s LFI received a general insurance licence from the APRA earlier this year and is now authorised to provide general insurance products in Australia including Mortgage Protection, Loan Protection and Vehicle Equity Insurance.
Through a partnership with CGU, LFI also has broadened its range of general insurance options for Home and Motor Vehicle customers.
The LFI launch comes at a time when latest research has revealed that Australians are “chronically underinsured”, with the underinsurance gap standing at approximately $1.1 trillion. Dean Cullen, General Manager of LFI Group, said they are well positioned to provide customers with certain protection for uncertain events.
“LFI aims to deliver a great experience for both our customers and our preferred business partners. With a simple application process and direct access to our underwriting and claims teams, we offer unmatched Finance and Insurance integration,” he said.
“LFI will initially be working with Liberty
Financial as a preferred business partner and will expand its relationships over time. LFI states that its streamlined application process and easy online accreditation will also offer business partners the opportunity to diversify and supplement their service with insurance options for their customers.
“We are also pleased to offer LFI credit insurance customers increased support through exclusive access to ‘Best Doctors’ which is an independent medical diagnosis service providing access to leading medical minds from Australia and around the world.”