Claimo

Claimo is an Australian claims management company that helps consumers pursue refunds for add-on insurance products commonly referred to locally as "junk insurance". These include consumer credit insurance (CCI), loan protection sold with mortgages, credit cards and personal loans, guaranteed asset protection (GAP) or shortfall insurance, extended warranties, mechanical breakdown insurance, and tyre and rim cover. The company also handles Total and Permanent Disability (TPD) claims, reviewing a consumer's superannuation funds to identify any TPD insurance entitlement and lodging the claim on the member's behalf without legal fees.

The service is positioned as an alternative to engaging lawyers. Claimo's intake process asks the consumer to submit details of their claim, after which the company issues a Letter of Authority where a potential claim is identified, conducts an eligibility review and gathers further documentation, and then pursues the refund. Where a claimant no longer holds the original loan paperwork, Claimo states it will obtain the documents on the consumer's behalf, and it offers a free paperwork check for junk insurance premiums. If a refund is not obtained through the financial firm's own process, Claimo refers the matter to the Australian Financial Complaints Authority (AFCA) for independent assessment.

Claimo notes that consumers do not need to use its service to assess eligibility, and that refunds and credit ratings are not affected by making a claim. It references the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry as context for lenders having provisioned for the mis-selling of these policies, and points consumers to information on current and past class action refunds.

Business model

Claimo acts as a consumer-facing intermediary in the financial dispute resolution process, assigning a dedicated Claims Specialist to each claimant and pursuing refunds through the financial firm's internal process and, where unsuccessful, escalating to AFCA.

Contingency-based: Claimo charges no upfront fee and operates on a no win, no fee ("no refund, no fee") basis, taking 30% plus GST of any amount settled with the financial firm or through AFCA.