It has been a significant few months for your Club, with the announcement of our new strategic partnership with IAG, one of Australia’s leading general insurers.
Our partnership with IAG marks the start of a new era for how RACQ supports Queenslanders with their insurance needs.
Our commitment to supporting Queenslanders with their insurance needs now and into the future remains unchanged, and partnering with IAG gives us greater confidence that RACQ Insurance will continue offering competitive home insurance in Queensland.
As mentioned in my message to you in November, we are excited about the benefits this partnership will deliver to our members, insurance policyholders, employees, and our organisation. For our policyholders, it means access to a wider range of products and leading digital capabilities, and for our people new career and development opportunities.
Like us, IAG is a purpose-led organisation with proven experience working with other motoring clubs. Most importantly, IAG shares our commitment to building more resilient and safer communities and in light of weather events around the world and closer to home in more recent years, this commitment has never been more important.
Members will also benefit from IAG’s ability to manage the increasing volatility of extreme weather, both operationally and financially. They are a national team, with a national supply chain which can be scaled up during severe natural disasters.
At the same time, their size and diversification positions them strongly in the reinsurance market (which provides insurance for insurers), at a time when the outlook both globally and here in Queensland is under pressure as a result of worsening natural disasters.
While the partnership is still subject to regulatory approval, work is well underway to ensure a smooth transition for our members.
We have established a dedicated transformation team, specifically charged with ensuring the long-term success of the partnership. Pending the relevant approvals, we are working towards a mid-year completion date and will continue to keep all our members updated.
On completion, RACQ will still provide insurance through our stores, online and call centres and IAG will be responsible for products, pricing and claims management.
I acknowledge this is a big change and you may have ongoing questions. I encourage you to visit our dedicated partnerships page, or to speak to one of our team members in our stores or via our contact centre.
Thank you for your patience as we work through this process, and for your continued support of our Club.
