IAG has announced it will exit its IAL brand as part of its focus on strengthening the fundamentals of the core insurance business.
IAL distributes personal lines insurance, such as motor, home and landlord products, exclusively via its Steadfast Client Trading Platform (SCTP). Steadfast is a large general insurance broker network and its SCTP provides a marketplace for brokers to access products from participating insurers.
IAG’s decision follows a review of its Broker Personal Lines business, which examined an effective way for IAG to provide products and services to the Broker Personal Lines market. IAG will continue to provide insurance to this market through its CGU brand. It is anticipated that CGU will join the SCTP by the end of FY22.
IAL will cease writing new business from 1 November 2021 and renewals from 1 December 2021. CGU will continue to keep brokers updated throughout the transition to the future.