AIA teams up with online platform
AIA New Zealand partners with fledgling online platform to offer its Starter plans.
Tuesday, July 12th 2022, 5:10PM
by Jenni McManus
AIA chief executive Nick Stanhope says the Starter plans offer basic, affordable insurance and the new digital deal includes AIA’s flagship Vitality Starter programs.
“We partnered with Quashed as we believe we have a shared commitment to making insurance more accessible for all New Zealanders.”
Quashed, a one-stop-shop insurance platform, was founded by entrepreneur Justin Lim. It enables consumers to upload and store all their insurance policies in one place, access information on different types of insurance, find an adviser, share policy details with loved ones and compare and contrast different insurance products and prices.
And it’s free to consumers. Quashed makes its money by taking a commission from insurers who sell products through the platform and says it “may” charge for financial advice.
Lim says the site’s comparative market scan function has saved consumers an estimated $1 million since it launched in 2021. He says Quashed has grown its customer base 35 times in the past 18 months, reflecting consumers’ desire to manage their financial affairs online, and is aiming for 100,000 customers by 2023.
The AIA partnership comes as Quashed completes its second capital raising, for $1.1m. The round was oversubscribed, Lim says, and the funds will be used to support additional partnerships with general and life insurance companies in the coming months.
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