Domain Group confirms expansion into insurance via JV with Envest
Domain Insure is expected to launch later this year
Domain Group is expanding into insurance with the launch of Domain Insure in conjunction with insurance specialist Envest.
Domain Insure, expected to launch later this year, is set to become a must-use digital solution for Domain customers seeking to meet their insurance requirements arising from buying, selling or renting property.
Domain Insure will offer customers a personalised experience to access high-quality insurance products and will work with a range of leading insurers in the industry to offer comprehensive cover and choice.
Domain chief executive officer Antony Catalano said: “Domain Insure adds to Domain’s suite of real estate products and services spanning home loans, utilities connections and trade services which together deliver on our ambition to meet the modern needs of property consumers throughout their property lifecycle of buying, owning and selling.
“Our new insurance offering will contribute to growing new transactional revenues for Domain through exposure to a total Australian market opportunity of more than $2 billion per annum in insurance commissions.”
Domain’s portfolio of offerings include home loan brokering business Domain Loan Finder, utilities connections business Compare & Connect, home improvement and maintenance business Oneflare, open for inspection check-in management system Homepass, in addition to Domain Insure.
Domain Insure will operate as a joint venture with Envest Pty Ltd, with Domain holding a 70% stake. The terms of the transaction are confidential, with Domain’s cash investment not material.
