RACQ and IAG begin landmark insurance partnership
The partnership is a positive step forward for Queenslanders, combining RACQ’s trusted legacy with the benefits which come from IAG’s scale, innovation, and diversification. It also brings together two organisations deeply aligned to building more resilient communities and supporting accessible insurance.
RACQ Managing Director and Group CEO David Carter said the partnership leveraged the Club’s strengths to better serve Queenslanders.
“Since 1971, RACQ Insurance has grown to become one of the State’s leading insurers, with a legacy of helping members and communities recover and rebuild after natural disasters,” Mr Carter said.
“In partnering with IAG, we can bring together the best of our two organisations – RACQ’s trusted brand and excellent member services with IAG’s innovation, products and leading claims management capabilities.
“Together, we will continue to grow RACQ Insurance, offering members and Queenslanders quality insurance products and enhanced digital experiences.”
Under the new partnership, RACQ will continue supporting insurance policy holders through its locally based stores and contact centres. RACQ Insurance employees who have now transitioned to IAG remain at RACQ’s Eight Mile Plains head office. IAG will manage claims, products and pricing.
“I want to acknowledge and thank our people and members for their continued support during this transition,” Mr Carter said.
“RACQ Insurance policy holders can again be assured their existing policies remain unchanged, and claims will continue to be managed with care.”
IAG Managing Director and CEO Nick Hawkins said: “RACQ’s members will continue to receive consistent service from the same teams and will soon benefit from IAG’s best-in-class technology for claims, policies and pricing, a customer-oriented claims experience, and leading underwriting expertise.”
Looking ahead, Mr Carter said the partnership will allow RACQ to accelerate its 2032 strategy which focuses on developing new products and services to help members with their home and mobility needs.
“It will also strengthen our ability to advocate for, and assist members across the State, while scaling the work we do within our communities,” Mr Carter said.
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Things to note
The information in this article has been prepared for general information purposes only and is not intended as legal advice or specific advice to any particular person. Any advice contained in the document is general advice, not intended as legal advice or professional advice and does not take into account any person’s particular circumstances. Before acting on anything based on this advice you should consider its appropriateness to you, having regard to your objectives and needs.
Insurance Products (excluding Travel Insurance) are issued by RACQ Insurance Limited ABN 50 009 704 152 (RACQI) and arranged by its agent, RACQ Distribution Services Pty Ltd (RDS) ABN 35 116 361 650, AFSL 567130 and RDS' authorised representatives (including RACQ Operations Pty Ltd ABN 80 009 663 414, AR No. 234978 (RACQO). Conditions, limits and exclusions apply. RDS and RACQO are in the RACQ group of companies. One of the companies in the RACQ group of companies has a minority shareholding in RACQI.
RDS and RACQO have not taken your personal objectives, circumstances or needs into account when preparing advice regarding insurance products and you will need to consider whether the advice is appropriate for you. Read the Product Disclosure Statement (PDS) and any applicable Supplementary PDS before making a purchase decision on this product. You can also access our Target Market Determinations on this website. RDS receives a commission from RACQI for the policies it arranges. RACQO receives fees paid for services it provides to RDS. Further details about remuneration are available on request prior to purchasing.
Banking and loan products issued by Members Banking Group Limited ABN 83 087 651 054 AFSL/Australian credit licence 241195 trading as RACQ Bank. Terms, conditions, fees, charges and lending policies apply. This is general advice only and may not be right for you. This information does not take your personal objectives, circumstances or needs into account. Read the disclosure documents for your selected product or service, including the Financial Services Guide and the Terms and Conditions, and consider if appropriate for you before deciding.
Except for RACQ Bank, any RACQ entity referred to on this page is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Cth). That entity’s obligations do not represent deposits or other liabilities of RACQ Bank. RACQ Bank does not guarantee or otherwise provide assurance in respect of the obligations of that entity, unless noted otherwise.
RACQ Bank subscribes to the Customer Owned Banking Code of Practice which establishes higher standards than the law requires. The Code reflects modern consumer expectations and developments in approaches to issues such as consumer vulnerability, guarantors, and supporting customers through financial hardship. Please read our Customer Owned Banking Code of Practice page for more information.
RACQ Operations Pty Ltd (ABN 80 009 663 414 AR 000234978) and Members Travel Group Pty Ltd (ABN 45 144 538 803 AR 000432492) are acting as an Authorised Representative of the issuer of the insurance, Tokio Marine & Nichido Fire Insurance Co., Ltd. (ABN 80 000 438 291 AFSL 246 548). Any advice set out above is general in nature only, and does not take into account your objectives, financial situation or needs. Before purchasing any travel products, please consider the RACQ Travel Insurance Product Disclosure Statement (PDS) and the Target Market Determinations (TMDs) that apply to these products. Whilst the PDS outlines the Terms and Conditions of these products, the TMDs outline the intended class of customers that comprise the target market for these travel products. This will allow you to consider which products best suit your objectives, financial situation and needs and consider the products appropriateness to your personal circumstances. TMDs also outline matters involving the distribution and the review of these products. The PDS, Supplementary PDS and TMDs for each travel product can be found here.