IAG New Zealand has acquired an ownership stake in NZ insurtech Initio – a move it says advances its bid to create a broker-focused personal lines agency.  

The insurer, which already underwrites Initio, says the agency will give brokers “faster quoting, smarter pricing and simpler claims handling”.  

The agency platform will include a client and broker dashboard, which will allow visibility of policies and claims, and enable brokers to make necessary changes.

NZI EGM Garry Taylor says the acquisition is “a significant step forward in NZI’s digital transformation strategy. This investment allows us to bring together NZI’s underwriting expertise with Initio’s cutting-edge digital capability to deliver a compelling digital experience for brokers and their clients.”  

Initio offers home and landlord insurance direct through online platforms and says it underwrites more than $NZ8 billion ($7.02 billion) worth of homes.  

The company won Canstar’s innovation award last year, in recognition of its “groundbreaking digital insurance experience, boasting real-time quotes, instant coverage and streamlined claims processing, all driven by cutting-edge technology”.