Vero Insurance and AMP Wealth Management have signed a five-year extension to their corporate partnership, which has lasted for 20 years.
Under the new agreement, Vero will continue to underwrite general insurance products marketed under the AMP brand and distributed through insurance advisers and online via the AMP website. The previous agreement was signed in 2014, valid for seven years.
The extension, which comes into full effect on Jan. 1, reflects the firms’ ongoing simplification of product and pricing processes and increased focus on customer conduct, the companies said.
“In the past two decades we’ve doubled the size of our general insurance business and paid more than $1.4 billion in claims to help our clients when they needed it the most – whether that’s fixing a ding in the car or responding to serious events like the Canterbury earthquakes, or even the recent flooding in West Auckland,” said Blair Vernon, chief executive of AMP Wealth Management. “We continue to see a significant portion of clients seeking the valuable guidance of their adviser and broker to help meet their insurance needs. We are now also seeing the emergence of those who choose to do business with us digitally, and we’re delighted with how we’re able to provide help to those clients also.”
Mark Wilkshire, executive general manager of customer brand and distribution at Vero, said the Vero-AMP relationship is critical to both businesses, and the new agreement represents a significant portfolio of customers.
“We are delighted to not only to continue our corporate partnership with AMP, but also to update our agreement to support the change and growth that AMP is undergoing and enable both businesses to continue to deliver great customer outcomes and sustainable insurance products into the future,” Wilkshire said.