A word from our CEO
“Beyond insurance, we’re investing in products and services to help reduce cost-of-living pressures where we can.”
With more than 800,000 members, we often say we have our finger on the pulse of what South Australians want, need and indeed, their pain points.
Lately, a number of members have been telling us the rising cost of living is affecting them more and more.
From mortgages to utilities and groceries to fuel, these rising costs are impacting households and businesses.
It’s a global and national macro-economic issue and there’s no easy fix.
At RAA we’re acutely aware the cost of insurance is one these pain points, and we’re doing everything we can to help minimise premium increases.
For context, rising insurance premiums are an industry-wide issue driven by pressure on the global reinsurance market, extreme weather events, shortage of materials and trades, and inflation.
Simply, the cost to fix, repair and replace damaged homes and cars is going up.
Unfortunately, RAA isn’t immune from these and there’s a knock-on effect to insurance premiums.
We’re doing everything we can to keep costs down and insurance affordable.
First, we always keep an eye on the market to ensure we’re competitively priced and offering value for our members. Our research shows we’re among the best insurers for value for money, offer a greater level of cover than many of our competitors and provide more member benefits.
In the past year we’ve seen more South Australians choosing to insure with us than ever before, so we know members are seeing the benefits.
Of course, RAA is different to other companies. We’re run in the interest of members, so any premium increases are kept to a minimum.
We’ve also introduced different levels of motor insurance cover – to provide a more affordable insurance option to help households manage their budgets – and we’re looking to do the same for home insurance.
We continue to educate our members on ways they can reduce their risk and, in turn, their insurance premiums.
We’ve also met with governments and policy makers in Adelaide and Canberra to talk about changes to help reduce the impact of extreme weather events on homes and cars, which will ease pressure on the insurance industry and premiums.
Beyond insurance, we’re investing in products and services to help reduce cost-of-living pressures where we can.
Our More for Members program gives you discount prices on a range of products and services you use in everyday life.
So, remember, every time you book a restaurant, fill up your cars with petrol or go to the movies, get out your RAA card, or flash your RAA app – you’ll find, it’s better to be a member.
The fuel-pricing feature on our app and website can help you save about $300 a year by helping you shop around for the cheapest fuel.
We’re also exploring what else we can do to provide relief in energy. At RAA, we think it’s time our members got a fair deal on electricity.
That’s why we’re actively working on a new proposition for our members that is different to what energy retailers are offering in the market.
We are testing it right now and we plan to launch later in the year, but it’s much more than an energy plan. We want to help members understand their energy use – providing them with personalised insights – so that they can reduce their energy use and their energy bills.
Nick Reade
RAA Chief Executive Officer
IMAGES: Getty, Mike Smith
