CGU Insurance (CGU), part of Insurance Australia Group’s (IAG) Intermediated Insurance Australia (IIA) business, has entered a partnership with major Australian and New Zealand bank ANZ.
The partnership will see CGU underwrite home, landlord, and motor insurance products for ANZ’s retail banking customers. ANZ customers can already purchase new policies and will be invited to renew their existing ANZ policies with CGU from August 2023.
IIA group executive Jarrod Hill said the general insurance partnership includes the integration of the insurer’s new digital platform to offer a dynamic experience for customers – from taking out a policy to going through the claims process.
“Our mutually beneficial partnership with ANZ [enables] banking customers to access our market-leading insurance products and services, with a focus on strengthened digital capabilities and a seamless customer experience,” Hill said. “As Australia and New Zealand’s largest general insurer, we also bring our well-established claims management expertise and ability to scale our support for customers in their time of need, particularly during major weather events.”
CGU’s long-term agreement with ANZ will contribute to IIA’s target of achieving at least a $250 million insurance profit in FY24.
