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Annual Report 2020 iSelect is Australia’s leading destination for comparison and purchasing across insurance, utilities and personal finance products. iSelect Annual Report 2020 About iSelect 2 Letter from our Chairman & CEO 4 Inside iSelect 2020 Operational Headlines 8 this Product and Technology 10 Brand and Marketing 12 report Our Marketplace 14 Our People 16 Board Members 18 Leadership Team 20 Corporate Governance Statement 22 Directors Report 34 Remuneration Report 40 Auditor’s Independence Declaration 55 Financial Statements 56 Directors’ Declaration 100 Independent Auditor’s Report 101 ASX Information 107 Reported vs Underlying Results 109 Corporate Directory 110 IMPORTANT NOTICE AND DISCLAIMER All references to FY16, FY17, FY18, FY19 and FY20 appearing in this Annual Report are to the financial years ended 30 June 2016, 30 June 2017, 30 June 2018, 30 June 2019 and 30 June 2020 respectively, unless otherwise indicated. This Annual Report contains forward-looking statements. The statements in this Annual Report are based on an assessment of present economic and operating conditions, and on a number of assumptions regarding future events and actions that, at the date of this Annual Report, are expected to take place. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Group, the Directors and management. The Group cannot and does not give any assurance that the results, performance or achievements expressed or implied by the forward-looking statements contained in this Annual Report will actually occur and investors are cautioned not to place undue reliance on these forward-looking statements. To the full extent permitted by law, iSelect disclaims any obligation or undertaking to release any updates or revisions to the information contained in this Annual Report to reflect any change in expectations or assumptions. NON-IFRS INFORMATION iSelect’s results are reported under International Financial Reporting Standards (IFRS). Throughout this Annual Report, iSelect has included certain non-IFRS financial information. The information is presented to assist in making appropriate comparisons with prior periods and to assess the operating performance of the business. iSelect uses these measures to assess the performance of the business and believes that information is useful to investors. EBITDA, EBIT, Operating Cash Conversion and Revenue per Sale (RPS) have not been audited or reviewed. Any and all monetary amounts quoted in this Annual Report are in Australian dollars (AUD) unless otherwise stated. Any references to “Group” in this Annual Report refer to iSelect Limited and its controlled entities. ABN: 48 124 302 932 iSelect Annual Report 2020 1 About iSelect About iSelect Health Energy Broadband Car Life Home Loans Travel Mobile Phones Pet Home & Contents 2 iSelect Annual Report 2020 About iSelect At iSelect, we’re passionate about helping Australians reduce their household bills. Our vision is to make Australians’ lives easier by saving them time, effort and money. Each year, we help millions of Compare, Select & Save Australians to compare and purchase insurance and utilities products. Our dedicated teams and services cover a range of household decisions But iSelect is so much more than simply and expenses, from choosing a health an online comparison website. insurance policy, energy provider or Comparing online is just one step in our mobile phone plan, through to comparing comparison and purchasing service. home loans or internet plans. While our comparison services are At iSelect, we can help with almost every initially provided via our website, most type of insurance, including life and of our customers choose to speak over income protection, car, home & contents, the phone with one of our 190 trained business and even pet insurance and consultants. travel insurance. Our consultants help customers to We compare and sell a wide range choose the most suitable product from of Australia’s leading brands and our those made available from our range of support is provided at no cost to the providers. And we save our customers customer. hassle by taking care of the whole process, from initial comparison through We are proud to be ASX-listed and, to completing the purchase. unlike some other comparison sites, we are not privately owned by an insurance company. As well as our flagship iSelect brand, the iSelect Group also owns EnergyWatch (www.energywatch.com.au). www.iselect.com.au iSelect Annual Report 2020 3 Letter from the Chairman & CEO Letter from our Chairman & CEO 4 iSelect Annual Report 2020 Letter from the Chairman & CEO Dear Shareholders, On behalf of the Board of Directors Challenges both While ongoing reforms and declining of iSelect Limited, we present to you demand continued to impact Life iSelect’s 2020 Annual Report. The expected and Insurance, our General Insurance year ended 30 June 2020 (FY20) unexpected business performed strongly and was characterised by challenges, conversion improved YoY, despite While anticipated, the Energy regulatory adjustments and opportunities. reduced cross-serve from Energy. changes introduced on 1 July 2019 The past year has undoubtedly been had a considerable impact on retailers, COVID-19 also had a significant extremely challenging for iSelect, as it products and RPS. These changes also operational impact on the business, has for so many other businesses. The significantly impacted our cross-serve including the implementation of the year began with regulatory change business throughout FY20. COVID-19 technology requirements to rapidly shift in the energy market in H1FY20 and compounded what was already all staff to working remotely without concluded with the unexpected shock a challenging year for our Energy adversely impacting productivity or of COVID-19 severely disrupting market business, slowing the market recovery customer experience. We are now demand during our key trading period and posing an initial operational fully set up to provide flexible working for Health in H2FY20. challenge which has since been options ongoing, which opens up future overcome. opportunities to attract talented staff Within this context, iSelect has achieved from beyond our geographical location. an underlying EBITDA result of $13.7 Unfortunately, the severity of these million for FY20, inclusive of $3.7 million market disruptions, combined with of JobKeeper subsidies. Pleasingly, the uncertain timing of a recovery, has Adapting to change despite regulatory change and the impacted the valuation of our Energy While COVID-19 has undoubtedly ongoing COVID-19 headwinds, the Watch business. As a result, we have presented the business with many Energy market has returned and our incurred $9 million of impairment challenges, it has also provided H2FY20 operational performance charges in relation to Energy Watch. For opportunities for change and has been sound. We finished the year our iSelect-branded Energy business, improvement. Following a challenging strongly and have set the business up conversion rates continued to improve FY20 and uncertain macroeconomic for success in the year ahead. during H2FY20, have now returned outlook, the Board conducted a to historical levels and we expect the strategic review and have repositioned As we turn our focus to FY21, many energy market to normalise in FY21. Australians are under increased financial the business for improved profitability pressure due to reduced income or loss In Health, we saw strong performance in FY21. of employment as a result of COVID-19. and YoY growth until mid-March This strategic review has resulted in In this uncertain economic environment, when our leads and revenue were significant changes and led to the we believe our vision of helping dramatically reduced by the unexpected introduction of our ‘Future Operating Australians to save time, effort and shock of COVID-19. Unfortunately, the Model’. In response to COVID-19, we money is more relevant than ever. onset of COVID-19 within the Australian introduced fixed base cost reductions landscape coincided with our peak and have right-sized our operations trading period. This culminated in the going forward. We have scaled back last-minute cancellation of the annual our call centre capacity to better align April 1 health insurance premium rise, with expected demand and increase along with the suspension of elective operational efficiency. This leaner surgery and many extras services in late model will enable greater emphasis H2FY20. on marketing ROI, profitability and Unsurprisingly, these factors saw a cash flow in the short to medium term significant reduction in demand which, and more streamlined technology when combined with reduced cross- investment. This model change will serve from Energy, ultimately resulted also allow us to build a strong base and in a decline in revenue for Health from return to growth in the near term. mid-March to the end of FY20. More positively, Health conversion improved YoY due to an increased focus on operational performance. Gus was super nice and easy to deal with, answered all my questions straight away “ and made it a painless process! Keely, Lutwyche, QLD Telco ” iSelect Annual Report 2020 5 Letter from the Chairman & CEO Strong cash flow outlook Corporate activity As we move into FY21, we will continue to invest in our Customer Account During FY20 iSelect’s investment in During July 2020,
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