Company History
iSelect was founded in Melbourne in 2000 by Damien Waller (founding CEO and Chairman) and Dr David Urpani*, who after being confused trying to compare difference health insurance policies knew there had to be a better way. They identified the potential for iSelect's unique comparison technology to help consumers in purchasing health insurance.
As background, they identified in the late 1990’s that consumers were increasingly demanding more information prior to committing to a particular product. They concluded that by assisting in aspects of product research, pre-purchase assessment and the buying process itself, they could simplify consumer acquisition, broaden consumer knowledge, and drive enhanced consumer choice and confidence in purchasing decisions.
By assisting consumers to more easily purchase health insurance, the frustration and costs that were prevalent in the traditional distribution of financial services products could be greatly eliminated.
Health insurance had long been regarded as a difficult and confusing purchase decision for most Australians. They concluded that the technology would be highly valued by consumers in regard to health insurance purchasing, allowing them to understand their needs, compare and buy online. This proved correct and has seen the company become a major force in the private health insurance industry.
iSelect is 100% privately owned, with ninemsn acquiring approximately 35 percent of iSelect Ltd for almost A$20 million in March 2006.
ninemsn is Australia's number-one interactive media company with the largest online audience in Australia, with more than 8.6 million people visiting each month (as at November 2007), representing 73 percent of active Australian internet users.
On 1 June 2007 the company launched iSelect Life Pty Ltd under the license of Charter Financial Planning to provide comparison and sale of life insurance products within Australia.
iSelect is proud to operate nationally, with its headquarters based in Moorabbin, Victoria. The company today employs in excess of 100 staff with expertise and knowledge across a range of specialisations aimed at providing quality advice to Australian consumers.
*iSelect’s customer decision support software (CDS Software) was invented by Dr David Urpani, a co-founder of iSelect.