Ag Guard, known for its technology-driven approach and deep expertise in rural underwriting, has previously established a similar partnership with IAG New Zealand's NZI brand. Since 2021, Ag Guard has also been offering QBE's Elders Insurance rural products, demonstrating a strong track record in the industry.
Alex Cohn, CEO of Ag Guard, expressed enthusiasm about the expanded relationship with IAG, stating, "We are delighted to expand our relationship with IAG and to forge an exclusive partnership with the intermediated business in Australia. We look forward to developing comprehensive, innovative, and tailored insurance solutions to support the evolving needs of CGU and WFI's rural customers."
IAG highlighted Ag Guard's advanced technological capabilities and specialist crop underwriting expertise as key factors in the partnership. These attributes are expected to enhance pricing and underwriting processes, improve risk selection, and provide an immediate boost in digital capabilities. This, in turn, aims to offer brokers, partners, and customers a more innovative and expansive agricultural insurance offering.
Jarrod Hill, CEO of CGU and WFI Insurance, emphasized the significance of this partnership in achieving growth ambitions. He noted that through Ag Guard's advanced technology and specialist expertise, the collaboration aims to deliver comprehensive pricing and underwriting, enhanced risk selection, and an immediate uplift in digital capabilities, providing stakeholders with an innovative and expansive agri-offering.
As part of the agreement, Ag Guard will also handle crop claims, ensuring a streamlined process for farmers. IAG has communicated this partnership to its broking partners and indicated that commission structures will be reviewed in due course.
For Australian farmers, this partnership signifies a commitment to providing more tailored and efficient crop insurance solutions. By leveraging Ag Guard's technological prowess and specialized knowledge, the collaboration aims to address the unique challenges faced by the agricultural community, offering policies that are both comprehensive and adaptable to the evolving landscape of farming in Australia.
