Broker network inks major bank deal

Broker network inks major bank deal

Broker network inks major bank deal

An insurance broker network has made a major Australian bank, which has a special insurance broker-focused division, its bank of choice for all of its members.

The Insurance Brokers Network of Australia (IBNA) has expanded its affiliation with Macquarie, entrusting its banking requirements to Macquarie’s specialist insurance broking banking team and naming Macquarie as the banker of choice for IBNA members.

Gary Gribbin, chairman of IBNA, said “What will add real value to both IBNA and most importantly, to our members, is that Macquarie’s offering moves beyond traditional transactional banking." 

Macquarie will be providing a full service banking and finance offering to IBNA members, including lending, deposit and payment solutions, plus premium funding. 

Rachael Lavars, Head of Macquarie Relationship Banking’s Insurance Broking segment, said this expansion builds on the successful and long-standing relationship that already exists between the businesses: “Macquarie already holds established relationships with many of our members, through banking solutions, premium funding or the use of Macquarie Premium Payments. 

"We have simply formalised and expanded our relationship at a network level, hopefully enabling more of our members to take advantage of the specialist insurance industry knowledge and tailored services for which Macquarie is renowned,” added Lavars.