The tie-up will see CGU act as the general insurance underwriter for ANZ retail banking customers and offer them home, landlord and motor insurance products.
CGU, which is part of Insurance Australia Group’s Intermediated Insurance Australia (IIA ) business, is engaged in commercial, rural, and personal lines of business.
The collaboration with ANZ complements IIA’s distribution partnerships with financial institutions.
It is also said to enhance and leverage the scale of the insurer’s intermediated personal lines portfolio, besides contributing to the aim of achieving A$250m insurance profit by FY24.
IIA group executive Jarrod Hill said: “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.
“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.”
ANZ managing director retail banking Kath Bray said: “We are 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 provide high-quality service and support for customers who want to protect the things that matter most to them.”