Co-created insurance wins innovation award

Co-created insurance wins innovation award

Essentials by AAI, Australia’s first insurance product for people on low incomes, has won another award, taking out Insurance Innovation of the Year at the Insurance Industry Awards.

It’s the latest in a string of awards for the product which has also won Best Innovative Insurance Product at the Money Magazine Awards, General Insurance Product of the Year and Insurance Innovation of the Year at the AB+F Insurance Awards, and Canstar’s Innovation Award.

As part of the development of Essentials by AAI, Good Shepherd Microfinance and Suncorp worked with external advisors and conducted a successful pilot across selected community organisations. The pilot provided valuable learnings for the co-creation of a safe, affordable, and tailored product for people on low incomes.

Essentials by AAI allows people to ‘mix and match’ cover for contents and cars, with premiums starting as low as $4.00 per week, and offers flexible payment options including fortnightly direct debit and payment via Centrepay.

Suncorp’s Annabelle Butler, a driving force behind Essentials by AAI, was also recognised, being named ANZIIF’s Insurance Leader of the Year.

Annabelle is Suncorp Groups’ Executive Manager, Accessibility, and has been instrumental both in building the relationship between Suncorp and Good Shepherd Microfinance, and in developing and releasing the Essentials by AAI product.

Annabelle Butler of Suncorp offers her insight into Essentials by AAI at the 2015 launch of the product

Photo: Annabelle Butler addressing the audience at the 2015 launch of Essentials by AAI

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Our hearts and thoughts go out to everyone impacted directly or indirectly by the coronavirus pandemic.

Good Shepherd will continue to provide No Interest Loans (NILS) to people in our community who need this support. We are revising our financial hardship policy and will keep you updated. For assistance, please contact your nearest NILS provider or Good Money store.