iSelect getting back on track after difficult 2013
Financial product comparison website operator iSelect said the health and car insurance segments of its business generated strong leads during the six months to December.iSelect, which was listed on the Australian Securities Exchange in June last year, made a net profit of A$3.7 million during the December half, compared with a net profit of $205,000 in the previous corresponding period.Revenue of $55.8 million was 18.3 per cent higher than the previous corresponding period.iSelect claims leadership in the private health insurance comparison market, with 35 per cent of all consumers purchasing or switching insurance via a comparison service contacting iSelect's website or call centre.The company said in an investor presentation yesterday that its current goal is to get customers to buy more than one product. In the 2011/12 financial year 99 per cent of consumers who used iSelect to make a purchase did not return to buy another financial product.It launched a cross-sell trial in 2012 and found about 40 per cent of customers were open to a cross-sell pitch.The company is also looking for more partnerships, after having success with its Qantas Frequent Flyer agreement. iSelect customers earn Qantas points when they purchase health insurance or energy products.The company went though a difficult time after its listing. Its chief executive resigned and it was queried by the Australian Securities and Investments Commission when it missed its prospectus forecasts in a result announced just two months after the listing.It hasn't yet found a CEO but otherwise appears to be getting its business in order.