CGU Insurance has finalised a long-term distribution agreement with ANZ to become the general insurance underwriter for ANZ retail banking customers. The agreement means CGU, which is part of IAG’s Intermediated Insurance Australia (IIA) brand, will provide ANZ’s retail banking customers with motor, home, and landlord insurance products.
“ANZ is a company that aligns well with the values and purpose of CGU and our broader IAG business. As purpose driven organisations, we are committed to delivering market leading products and services to our customers,” said Jarrod Hill, Group Executive of IIA.
“We’re excited about the mutual benefits and enhanced customer experiences that we will deliver through this agreement. CGU’s continual focus and investment in strengthening our digital capabilities, along with our well-established claims expertise to effectively manage claims, particularly during major natural peril events nationally, were fundamental in securing this agreement.
“We look forward to working with ANZ on this long-term relationship where our emphasis will be on delivering increased customer value through a streamlined, digitally-enabled model and high quality products and services.”
Kath Bray, ANZ Managing Director Retail Banking, said: “We’re pleased to partner with CGU to bring our customers continued support for their insurance needs and further improve their financial wellbeing. We know CGU will be able [to] provide high quality service and support for customers who want to protect the things that matter most to them.”
According to IAG, the agreement complements IIA’s “strong history” of distribution through financial institutions, and enhances and leverages the scale of its Intermediated Personal Lines portfolio. It also contributes to the company’s target of achieving a $250 million insurance profit by FY2024, as the business continues to optimise its portfolio and enhance digital capability.