ME Bank launches insurance with QBE
(22 January 2014 – Australia) ME Bank is the latest Australian bank to team up with an insurer under a referral model.
The bank has offered its customers access to consumer insurance products under a referrer model with QBE, which commenced in December 2013.
ME Bank is the only bank which is 100 percent owned by Australia’s leading industry super funds.
The Bank's mobile and workplace bankers and customer service staff can now refer customers to QBE for consumer insurance products initially comprising home, contents, landlord, mortgage protection and motor vehicle insurance.
ME Bank's website will also provide information for customers.
Jamie McPhee, ME Bank Chief Executive said "the initiative was another important investment by the Bank that will set us up for additional future growth.
"It provides an important new revenue stream, deepens and broadens our relevance with customers, and is an important first step into the insurance market with the option to evolve the model over time.
"We're very pleased to be working with QBE, which we chose to be our partner after conducting an extensive selection process.
“As a result of this process we can now give customers access to insurance policies containing a great range of features and benefits.”
Philip White, Head of Strategy and Distribution, Financial Institutions, QBE Australia said “QBE is proud to be partnering with ME Bank to make this new insurance offering possible.
“We have been providing insurance to the Australian market for more than 126 years and look forward to the opportunity to offer quality, tailored cover to ME Bank customers.”