Allianz has launched a webpage about understanding premiums to make pricing more transparent for customers. The page aims to improve customers’ understanding of how their premium is determined.
The new information on the Allianz website provides simple explanations of some factors and types of information that determine a customer’s premium for home, motor and life insurance products.
The website also includes FAQs, links to additional resources and calculators for home insurance products.
The resources are being introduced as amendments to the Discrimination Act 1991 (ACT) came into effect on 11 April 2024. Under these changes, customers can request access to statistical information insurers have relied upon in cases where they’re legally permitted to discriminate. Insurers can only discriminate where it’s reasonable to rely on the data, and the discrimination is reasonable, proportionate and justifiable in the circumstances. A well-known example is insurance for young drivers under the age of 25. Statistics show that these drivers are more likely to be involved in accidents than any other group. Most insurers charge higher premiums to insure these customers.
Customer enquiries
Allianz has put a referral process in place to assist with customer enquiries in relation to these changes. You can also refer customers to the Understanding Premiums page or contact your Allianz representative for any enquiries.
This article has been prepared by Allianz Australia Insurance Limited ABN 15 000 122 850 AFSL 234708 (“Allianz”). Information contained in this article is accurate as at 11/04/2024 and may be subject to change. In some cases information has been provided to us by third parties and while that information is believed to be accurate and reliable, its accuracy is not guaranteed in any way. Any opinions expressed constitute our views at the time of issue and are subject to change. Neither Allianz, nor its employees or directors give any warranty of accuracy or accept responsibility for any loss or liability incurred by you in respect of any error, omission or misrepresentation in this article.
