Innovative, affordable insurance product to increase insurance accessibility

Innovative, affordable insurance product to increase insurance accessibility

With 29 per cent[1] of home owners and 67 per cent[2] of renters without any form of contents insurance in Australia, IAG Labs and Good Shepherd Microfinance have launched Insurance 4 That to cater for those who are traditionally uninsured.

Insurance 4 That is a single item insurance solution, providing an alternative to traditional contents insurance by enabling people to insure individual items and nominate the insured value of these items. There is also the option to take out additional cover for portable items against theft anywhere in Australia.

Insurance 4 That was developed following extensive consultation with consumer and community groups, and will be piloted at a range of local community providers in New South Wales, Queensland and Victoria.

Good Shepherd Microfinance, CEO, Adam Mooney said insurance accessibility is a growing concern for many individuals and families from all walks of life.

“It’s important that everyone has access to appropriate insurance that enables people to protect their belongings so they’re covered if something does go wrong. Too often we see insurance fall by the wayside and we also see the financial stresses that a loss of an essential asset causes.

Insurance 4 That offers people on low incomes the opportunity to insure the items they rely on. It keeps the cost of insurance down while giving customers the power to decide what matters to them.

“We’re delighted to work alongside IAG Labs to provide more options for people who have been traditionally excluded from standard insurance products. Through the expertise of our microfinance network, we’ve been able to help inform and shape the development of this new product,” said Mr Mooney.

IAG Labs Chief Executive, Peter Harmer said “Insurance 4 That provides choice and the ability to tailor protection, giving you peace of mind and a valuable safety-net for the things you rely on most.”

Under Insurance 4 That, protection is available for items including:

  • White goods
  • Electronics
  • Medical devices
  • Furniture
  • Musical instruments

For more information about Insurance 4 That or to purchase a policy, visit www.insurance4that.com.au.



[1] Australian Bureau of Statistics

[2] Australian Government (2011) Natural Disaster Insurance Review pp.49

 

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