CoverMy

CoverMy, an insurance broker connection platform in Australia

CoverMy is an Australian company headquartered in Brisbane, Queensland, that operates as an intermediary between customers seeking insurance and licensed insurance brokers. The company explicitly defines itself as neither an insurer nor a comparison site: it does not issue policies, does not provide financial product advice, and does not assess, compare or rank the quotes offered by brokers. Its role is to receive the user's request and notify brokers who specialise in the type of cover required.

How the service works

The process is structured in three steps. First, the user submits a request stating what cover they need. CoverMy then notifies licensed brokers who handle that type of insurance. Up to three brokers receive each request and they are the only ones who access the customer's contact details. Second, those brokers call the user with their quotes and professional advice. Third, the broker chosen by the customer handles all the paperwork and arranges the policy.

Quotes and advice come directly from the broker, not from CoverMy. The service is free for the user; the company receives a referral fee from the broker when a policy is taken out and paid for.

Types of insurance and sectors covered

The platform channels requests to brokers specialising in different lines of general insurance. The site organises its offering into several categories:

• Business insurance: public liability, professional indemnity, management liability and cyber insurance.
• By occupation: plumbers, electricians, builders, accountants and consultants.
• By industry: construction, hospitality, retail, healthcare and technology.
• Personal insurance: home, car, life, health and landlord.
• Supercars: specialist cover for high-end vehicles.

The company states that it works with Australian-licensed brokers and authorised representatives, and that it serves customers in every state and territory across the country.

Policy management and renewals

The platform allows users to centralise their insurance management: submit requests, keep a list of what they insure and start new quotes from a single place. At renewal time, the broker can review the market again on the customer's behalf to look for competitive terms.

Business model and scope

CoverMy presents itself as an alternative to insurance comparison sites and to buying directly from insurers. According to its own description, comparison sites show prices without context, and buying directly means dealing with someone whose job is to sell their company's product. CoverMy's proposition is to connect the customer with brokers who act on their behalf, not on the insurer's.

The company operates under the name CoverMy Pty Ltd, with ACN 645 593 193, and states that it is Australian-owned and operated.