Freedom wants to diversify 11:29 AM Freedom says with the...

Freedom wants to diversify

• • 11:29 AM

Freedom says with the acquisition of St Andrew's insurance division from the Bank of Queensland, it will diversify its business to include loan protection products and life insurance cover.

"It's a very different business model. It's a business to business model. Whereas the Freedom business has very much been business to consumer," Mr Orton said.

"It offers an opportunity for us to diversity our business."

Currently 85 per cent of Freedom's sales comes from funeral insurance, which Freedom will continue to sell on outbound calls.
Mr Orton says he believes direct sales of funeral and life insurance can be financially viable and legally compliant. This is in contrast to ClearView's Greg Martin, who said it was impossible to lawfully sell life insurance directly.

"Absolutely I do [in relation to legal compliance]. From a financial point of view, I do as well but there will be changes to the mdoel and that's the strategic review," Mr Orton says.