The Walker Insurance Agency has been bought by Compass Insurance Agency
Walkers insurance has been sold to Compass Insurance, which plans to build its own mobile insurance app and a mobile payment system.
The sale was announced on Thursday by the Walkers CEO, Tom McEvoy.
McEvoy went on to note that the new Compass Insurance agency will be able to focus on three core areas: Health, Personal and Business. “
The combination of these two organisations will allow us to create an even more comprehensive and flexible mobile insurance offering that is tailor-made for walkers across Australia.”
McEvoy went on to note that the new Compass Insurance agency will be able to focus on three core areas: Health, Personal and Business.
Health will be handled by Compass’s existing health and wellbeing insurance team, while Personal and business will be overseen by the new agency.
The news comes after a number of other big insurance firms also announced the acquisition of Compass.
According to Reuters, BHP Billiton will acquire Compass Insurance.
Boeing is also taking a stake in the company.
It is unclear how many Compass insurance agents will be involved in the new service.
On Friday, Fairfax Media reported that Compass will offer its mobile app and its mobile payment service in the same way as its existing insurance.
McAvoy also confirmed that the company would be launching a new mobile insurance service, a deal that could be worth hundreds of millions of dollars.
A spokesperson for Compass Insurance said: “We are pleased to announce that we are joining forces to create a new insurance marketplace that will offer more comprehensive coverage than any other insurer, and to help walkers gain access to the best rates, coverage and coverage options in Australia.”
Sources: Business Insider, Reuters, Reuters