Insurers extend tie-up
Quest Insurance Group and Janssen Insurance have agreed to extend their distribution agreement until March 2027 following the success of the deal initially established in April 2017.
Under its terms, Janssen distributes Quest’s products in competition with Quest’s own direct channel and Geneva Finance’s lending operations. Quest is a wholly owned subsidiary of Geneva.
The companies say this competitive environment and similar business cultures have benefitted both organisations.
They resulted in Quest’s premium revenue increasing from $2.7 million in the 12 months to March 2017 to $10.6m for the six-month period to September 2021.
Quest, which started its operations in October 2002, is a provider of motor vehicle and loan-related insurance products.
Since that time, the business has grown so that Quest is now a significant contributor to the Geneva group’s pre-tax profit. It delivered $2.6m in the 12 months to March 2021 and $1.7m in the six months to September 2021.
David O’Connell, managing director Geneva, says: “Simon Moore, who has responsibility for the Quest operation, and the Janssen team have built a mutually profitable business model where the cultures of both businesses are closely aligned.
“This has been a driver of Quest’s significant business growth. Given the shared benefits achieved under the initial agreement, we are pleased to have the opportunity to further grow Quest’s market share and the profitability of both organisations.”
Jason Wescott, Janssen’s managing director, adds the company is happy to renew its deal with Quest thanks to their “strong relationship” and hopes it will deliver continued growth for the pair.
“It allows us to continue on the path we’re on in what is a very challenging market at the moment,” he says.
“Janssen provides a technology-based software and we are now positioned and committed to further grow our network and market penetration.”
The company currently operates in 350 dealerships nationwide and Wescott notes he is keen to see that number increase.
• Pictured above are Simon Moore, left, Quest’s general manager, Jason Wescott, managing director of Janssen, and David O’Connell, Geneva’s managing director.
