Stella Insurance (Stella), known for its focus on women-centric insurance solutions, has entered a strategic partnership with Assurant, a global leader in automobile and commercial equipment insurance services.
This partnership is designed to deliver customised automotive insurance tailored to meet the specific needs of women in Australia.
The collaboration aims to propel Stella towards achieving $500 million in revenue over the next five years. It will see Assurant’s technological expertise and global presence bolster Stella’s growth plans.
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Commenting on the partnership, Stella CEO Sam White highlighted Assurant’s global reach and technological focus that align with the company’s goals.
“We are delighted to be partnering with Assurant. Commercially, their global footprint supports our ambitions. They offer complementary product suites, and their focus on tech and innovation makes them an ideal partner for Stella moving forward. More importantly, we have found the cultural fit between the two businesses to be totally aligned. We are excited to see where the partnership can take us both,” she said.
“We are excited to offer innovative products and best-in-class customer experiences to the Australian motorists,” Hemaka Perera, president of Assurant APAC. “As a leader in automotive protection solutions with over 20 years’ experience in the local market, our collaboration with Stella reaffirms our commitment to expand our automotive footprint in Australia and the region and introduce a new suite of products and services such as Assurant EV OneSM.”
Stella said the partnership is set to provide innovative car insurance while fostering gender equality.
The insurer’s policies include benefits for baby capsules, child safety seats, emergency accommodation, towing, windscreen repairs, and more. Additionally, it covers car damage related to domestic violence, offers up to $2,000 for baby items damaged or stolen from a car, provides $20 million in third-party liability, and offers new car replacement under specific conditions.
The partnership with Assurant follows Stella’s collaboration with battleface, a global travel insurance products firm.
The partnership saw the launch of a new travel insurance offering in response to an opportunity created by the COVID-19 pandemic.
“More than ever before, we’re seeing customers wanting to buy travel insurance,” said Stella chief operating officer Renee Cosgrave. “One of the great things that did come out of COVID is the experience convinced many consumers that they must have travel insurance.”
