IAG has formed a three-year partnership with the First Nations Foundation to strengthen insurance and finance knowledge in Aboriginal and Torres Strait Islander communities.

The tie-up will allow the foundation to develop a general insurance module within its My Money Dream program.

“We recognise we have an important role to play in responsibly addressing barriers preventing First Nations peoples from accessing insurance, and ensuring our products and services are designed to be equitable and available to all,” IAG retail insurance CEO Julie Batch said.

The foundation is the only national Indigenous financial education provider, and its CEO Leah Bennett says there is “urgent work to do” to address systemic exclusion and intergenerational disadvantage.

“We are very grateful for the support of IAG and look forward to working together,” she said. “As a small not-for-profit Indigenous-led organisation, our voice and impact are strengthened greatly when we have allies inside financial institutions who are committed to making a lasting impression on the lives and livelihoods of First Nations communities.”

Foundation programs – which include Train-the-Trainer and Rich Blak Women – aim to increase confidence and reduce shame associated with managing finances, and to promote intergenerational knowledge sharing.

IAG’s Financial Inclusion Action Plan and Reconciliation Action Plan commit to partnering with Indigenous-led businesses.