Kogan.com partners with Greenstone Financial Services to sell life insurance

Pure-play online retailer Kogan.com has confirmed that it will start selling life insurance after its record-breaking sales last Christmas. Kogan Life Insurance’s primary focus will be on life and funeral insurance.

Kogan.com will offer life insurance in partnership with Greenstone Financial Services. Executive Director David Shafer said that the said partnership is a natural extension to the retailer’s current offerings.

“We are very pleased to partner with Greenstone, a leader and innovator in Australian life insurance market, to offer life insurance products to our growing community of smart Aussies, enabling them to save more of their hard-earned money,” Shafer said. The Kogan Community can expect Kogan Life Insurance to be launched within the current half year.

Under its agreement with Greenstone, Kogan is expected to earn commissions on each insurance policy sold. Life insurance and funeral insurance policies will initially be on offer, but this range will likely grow to include other related categories.

The life insurance is seen as a good addition to Kogan's range of products. The company is known for its retail and services business units. These include Kogan Marketplace, Kogan Retail, Kogan Mobile, Kogan Insurance, Kogan Health, Kogan Internet and Kogan Travel.

Based on preliminary numbers, Kogan reported record-breaking Christmas sales. It produced a net operating cash flow of $4.2 million for the December quarter. Kogan.com had cash of $28.2 million at the end of the last month, Business Insider Australia reports.

Founder and CEO Ruslan Kogan is reportedly pleased with the December quarter performance. He said he is very proud of the entire team for achieving a record-breaking quarter during the Christmas sales season.

“With sales hitting record after record, it demonstrates how compelling our offering is for customers. Our entire team is always working tirelessly to ensure we make the most in-demand products and services more affordable for all Australians,” he said. Kogan added that they ended the Christmas quarter with a “robust level of in-demand inventory.”

Kogan is set to announce half-year results in February. It advised that the numbers are currently under normal review by the auditor. Comprehensive commentary on trading performance will also be released with the half yearly accounts next month.

The company was pleased to advise that it remained in a strong financial position as of December 31. The company posted in August a full year after tax profit of $3.74 million, a 362.3 percent climb.