Supermarket giant ALDI has revealed a surprise move into the insurance sector with the launch of its ALDI Insurance product.
The German company on Tuesday announced ALDI Insurance would include policies for home and contents insurance, comprehensive car insurance and landlord’s insurance.
ALDI Australia group director Rodney Balech, said he was “excited” to expand into insurance for Australians “at a time when they need it most”.
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“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,” Balech said.
“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,” Balech continued.
Backed by Honey Insurance and underwritten by RACQ Insurance, ALDI Insurance says it will make “insurance straightforward for all Australians by providing the best value and experience at consistently competitive prices”.
ALDI claims customers can get a quote and insure their homes within three minutes using technology that identifies key information about their home including its size, construction year and its material make up, which is said to help accelerate the process.
“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,” Balech said.
ALDI first opened its doors in Australia in 2001 and currently has 10,000 stores across three continents.