CGU Insurance today commenced its partnership with ANZ to provide general insurance products for its retail banking customers. 

The partnership will see CGU underwrite home, landlord and motor insurance products.

ANZ customers can purchase new policies today and will be invited to renew their existing ANZ policies with CGU from August 2023.

CGU is part of IAG’s Intermediated Insurance Australia (IIA) business, which has a strong history of distributing its portfolio of personal lines through financial institutions.

IIA Group Executive Jarrod Hill said: 

“Today marks a significant milestone as we launch our mutually beneficial partnership with ANZ, enabling banking customers to access our market-leading insurance products and services, with a focus on strengthened digital capabilities and a seamless customer experience.

“Key to securing the partnership was the integration of our new digital platform and we look forward to using this technology to offer a dynamic experience for customers, not only at the start when a policy is taken out, but more critically, through the claims journey.

“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.”

The long-term agreement with ANZ will contribute to IIA’s target of achieving at least a $250 million insurance profit in FY24.