Good Different? ALDI’s Surprise Move into Insurance

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By Published On: June 5, 20240 Comments

ALDI Australia has announced a surprise move with the budget supermarket entering into the insurance industry.

From budget groceries to clothing lines, German owned supermarket chain ALDI Australia is once again expanding its offerings, this time stepping into the insurance industry with ALDI Insurance. 

ALDI Insurance, backed by Australian insurance companies Honey and RACQ, has policies for home & contents, comprehensive car insurance, and landlord’s insurance.

Rodney Balech, Group Director ALDI Australia said, “We are excited to be expanding our ‘Good Different’ offering into new categories with ALDI Insurance bringing even more savings to Aussies at a time when they need it most.”

“We know that Australians have been calling for a trusted insurance provider that not only provides a reliable and accessible service but also doesn’t break the bank. With the launch of ALDI Insurance, we’re bringing our expertise in competitive pricing and quality products to the insurance vertical, while partnering with Honey’s tried and true insurance experience to give customers confidence in the products,” said Mr Balech.

“We have stripped the complexity out of comprehensive car, home and contents insurance and landlord’s insurance to deliver a straightforward product with exceptional value,” Mr Balech continued.

ALDI states that customers can get a quote and be insured within three minutes using its new technology from Honey. 

Innovative uses of technology are powering its insurance policies. For example, eligible home and contents policy holders receive smart sensors that monitor their homes to help avoid the accidents that may lead to claims like fire, water damage and theft. This preventative measure could save customers up to eight percent on their premiums each year, says ALDI.

“We looked at our home and contents insurance model and like the rest of our business, really evaluated ways we could make the product more affordable for customers while not compromising on quality. The use of technology like smart sensors in homes is an innovative way to bring down premiums by reducing the risk of unfortunate mishaps in the home that our insurance protects against. So it’s a win-win,” Mr Balech said.

Some other innovative policies include a $20,000 cover for home offices and a monthly payment option at no additional charge.

“Just like our grocery offering, we won’t be engaging in one-off rewards or conditional discounts, we want to bring to the insurance market what we have successfully delivered in our grocery operations – a trusted, high quality product, with Aussie insurance partners that delivers every day competitive prices for customers,” said Mr Balech.

“ALDI’s insurance philosophy, like its grocery offering, is a high quality product at the best possible price point, for every single customer whether they are a long-term ALDI Insurance customer or brand new,” Mr Balech concluded. 

About the Author: Rosalea Catterson

Rosalea is the Editor of Power Retail. With a keen interest in consumer behaviour and tech, she covers everything ecommerce and hosts the Power Retail Power Talks Podcast.

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