IAG’s Intermediated Insurance Australia division has launched a new initiative to transform its relationships with broker partners. 

Called Broker Love, the scheme highlights the importance of talking to brokers on the phone, and being more accountable. 

CEO CGU & WFI Jarrod Hill told insuranceNEWS.com.au that the scheme marks the next phase of the division’s turnaround plan. 

In FY22 the division made a loss of more than $100 million, but last financial year made a profit of $209 million. It previously targeted $250 million profit by FY24. 

Mr Hill says that the initial focus was on internal pricing and products, but now it’s looking at broker engagement and claims. 

See Analysis.