Like Qantas, the IAG-owned insurer will distribute mortgages to its customers via an origination platform created by fintech Tic:Toc, funded by Bendigo Bank.
NRMA Insurance will start offering home loans to its 3 million customers in a distribution deal that will disturb major banks given it involves mortgages being sold directly to customers of highly trusted non-bank brands.
NRMA, which is owned by IAG, will use the digital mortgage origination platform built by Tic:Toc to provide the loans. IAG Firemark Ventures, the insurer’s corporate VC fund,NRMA Insurance follows Qantas offering Bendigo mortgages through Tic:Toc to its 14 million frequent flyers. NRMA Insurance sees mortgages as a way to retain and deepen relationships with its customers.
Angus Gilfillan, CEO of digital mortgage broker Finspo, said the white-labelling market had historically been opportunistic and challenging for providers, although he said the Tic:Toc/Bendigo partnership had improved the offering.
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