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MEDIA RELEASE
ATTENTION EDITORS & JOURNALISTS
New comparison engine demystifies health insurance
Thursday 28th February, 2008: A new, innovative comparison engine (moneytime.com.au) helps Australians make sense of health insurance plans, by decoding them into everyday language so they can be more easily searched, scrutinised and compared.
Consumers can log on to the newly-launched website, compare insurance policies from a range of funds in easy-to-read tables customised to their circumstances, and apply for the policy immediately, online.
Sam Khalil, Moneytime Director and co-founder said, “Private health insurance is confusing territory for many consumers. Moneytime has basically broken down the jargon and complexity to allow people to actually understand what they’re getting for their money and help choose the cover that best suits their present needs.”
The result is that consumers end up being covered by a suitable policy for them at a great price - without having to pick up the phone or visit multiple websites. Users do not need to enter detailed personal information or become a “member” of anything to get useful results from the site – in fact they are encouraged to use the site to compare the suitability of various health insurance offerings while remaining completely anonymous.
“If people want to use the site to come in and ‘kick the tyres’ of Australian private health policies, then that’s fine by us,” said Khalil.
David Miller, Moneytime’s co-founder and Director said, “Moneytime is part of an international surge in websites that take the confusion and stress out of comparing complicated services like insurance and utilities. Similar sites in the UK are among the hottest on the web. But Australians, until now, have not been able to take full advantage of this new trend.''
“The aim of Moneytime is to be the top of mind comparison engine for the purchase and management of financial and service products. Essentially, we will become an online supermarket supplying the top brands of insurance, financial, communications and energy products.”
Health insurance products have a reputation for being notoriously difficult to compare, so it is an obvious sector in which to launch the Moneytime comparison engine. Moneytime’s simple user interface – underpinned by a focus on decoding options into consumer-speak – is the template for offerings in other sectors that are currently in development.
“We all want more control over our financial affairs,” said Miller, “We want one comparison engine that is simple, easy to navigate, focused on our needs and flexible enough to let us complete transactions online. That’s exactly what the Moneytime model offers and we believe it’s the natural evolutionary step for the purchase of finance and service products.”
Khalil and Miller both believe comparison engines will become the norm very quickly and are excited about Moneytime’s ability to simplify purchase decisions that have traditionally been made overly complex.
With a number of major funds on board, the focus for now, however, is on health insurance.
“The funds have been very supportive and have embraced the Moneytime model,” said Miller. “They see this as a vital and emerging channel for engaging consumers who are considering private health insurance and together we believe we are offering an easy, painless way for people to make wise financial decisions.”
Ends
Issued on behalf of Moneytime by Palin Communications
For more information on Moneytime contact Martin Palin (0418 419 258) or Karina Candia (0402 307 056) at Palin Communications (02 9420 1387) or trial it at www.moneytime.com.au