Australia’s first insurance product for people on low incomes, Essentials by AAI, has won Best Innovative Insurance Product at the Money Magazine Awards. The award came just weeks after Essentials by AAI won General Insurance Product of the Year and Insurance Innovation of the Year at the AB+F Insurance Awards.
Good Shepherd Microfinance has been working with Australia’s biggest insurance companies to create affordable, simple and effective insurance policies for people on low incomes. Essentials by AAI, a collaboration with Suncorp, was first of these insurance products to hit the market.
Good Shepherd Microfinance and Suncorp worked with external advisors and conducted a successful pilot across selected community organisations that provided valuable learnings for the co-creation of a safe, affordable, and tailored product for people on low incomes.
People on low incomes can now access an insurance product that allows them to ‘mix and match’ cover for contents and cars, with premiums starting as low as $4.00 per week.
Key features of the new product include cover options for contents of $10,000 and $20,000, and up to two cars valued at $3,000 and $5,000. Unlike other products in the market, policyholders will also have access to standard two excess-free claims with a low $100 or $300 excess applying to subsequent claims. The cover provides protection against a vast number of events including flood, storm and cyclone, fire, burglary, and vandalism.
Importantly, Essentials by AAI also comes with flexible payment options including fortnightly direct debit and payment via Centrepay.
We’ve enjoyed working alongside Suncorp. Both partners have learned from each other and, together, we’ve created something positive that will be sustainable for both the client, the program and the partners.