Heritage Bank has entered into a new partnership with NobleOak to offer fully underwritten life insurance to the bank’s members.
Initially, the NobleOak life insurance product will be available by referral via Heritage’s online channels before also becoming available in-branch via a referral model later this year.
According to Heritage Bank, the partnership will help inform its customers about life insurance options that they can consider to protect the financial security of themselves and their families.
“Heritage is proud to be one of Australia’s largest customer-owned financial institutions, and we are committed to supporting our members through the different stages of their life journey,” said Heritage Bank CEO Peter Lock.
“We look forward to working with NobleOak to enhance the authentic experiences and overall great value we provide to our members through life insurance.”
Mr Lock described the new option as an important addition to the bank’s current offerings. Heritage has existing arrangements in place for building and contents, motor, landlord and business insurance.
Commenting on the new partnership, NobleOak CEO Anthony Brown said that both brands prided themselves on putting the needs of their customers first.
“NobleOak Life puts customers at the heart of everything we do and we are delighted to have partnered with Heritage Bank, an organisation that shares our people-centric approach,” he said.
Statistics released in May revealed that NobleOak recorded a 60.4 per cent increase in risk inflows during 2021 to $223.7 million.
NobleOak's market share was found to have grown to 1.3 per cent, up from 0.8 per cent in December 2020 and only 0.5 per cent in 2019.
Earlier this year, Heritage Bank and People’s Choice Credit Union confirmed their intention to proceed with merger plans after completing an extensive due diligence process.
Originally announced in 2021, the proposed merger would create one of the largest customer-owned banking organisations in Australia with 720,000 members and total assets worth more than $22.5 billion.
Jon Bragg is a journalist for Momentum Media's Investor Daily, nestegg and ifa. He enjoys writing about a wide variety of financial topics and issues and exploring the many implications they have on all aspects of life.