Online insurance platform Quashed has partnered with AIA New Zealand to offer the insurer’s new “Starter” products.
This will allow users to purchase the new product line using Quashed’s interface. The platform allows consumers to upload all their policies from any insurance provider onto a single-view dashboard that can be shared with a partner or family member. This allows them to keep their insurance policies actively managed, updated and easily accessible when needed.
According to Quashed, its “Market Scan” feature enables easy comparison of prices and benefits and has saved consumers an estimated $1 million since it launched in 2021.
“Research shows around 70% of Kiwis are underinsured and without adequate protection,” said Justin Lim (pictured), founder and CEO of Quashed. “Making life products from a highly trusted brand like AIA more accessible on our digital platform makes it easier for Kiwis to research and buy cover for themselves and their families.”
AIA NZ said that the decision to distribute its Starter plans digitally for the first time is part of its aim to reach more Kiwis with simple and easy-to-access life insurance plans, while helping address the issue of underinsurance in New Zealand.
“We’re pleased to be launching our first digital direct partnership for our AIA Starter plans, offering Kiwis basic, affordable and rewarding insurance,” said Nick Stanhope, AIA NZ chief executive. “These plans all come with our flagship AIA Vitality Starter programme, offering rewards and incentives for healthy lifestyle choices every day. We partnered with Quashed as we believe we have a shared commitment to making insurance more accessible for all New Zealanders.”
After growing its user base by 35 times over an 18-month period, Quashed said it aims to hit 100,000 customers by 2023, as consumers become more open to managing their finances online.
The partnership with AIA comes after Quashed’s second capital raise of $1.1 million. The oversubscribed round was supported by New Zealand and Australian investors. The capital will be used to develop Quashed’s platform and support additional partnerships with both general and life insurance companies that will launch in coming months, the company said.
