This marks the initial release under a $180 million transformation project known as the Commercial Enterprise Platform (CEP).
Effective immediately, all new business quotes for Padlock will be managed through PolicyPlace, a digital quoting and binding interface developed to enhance broker interactions.
The platform aims to reduce turnaround times and streamline underwriting by increasing the volume of quotes processed automatically.
Jarrod Hill, CEO of CGU & WFI Insurance, described the launch as a foundational step in a broader technology shift.
“We’ve listened to our brokers, and we’re responding. We know they want a more modern, efficient, and streamlined experience so they can better serve their customers. This system will provide that,” he said.
PolicyPlace is replacing older systems across IIA’s intermediated business lines. Key features include:
Subsequent updates to PolicyPlace will allow brokers to self-serve throughout the policy lifecycle, including generating certificates of currency without underwriter assistance. The intention is to reduce manual referrals and speed up servicing.
“This is an exciting time for CGU, as we bring together new technology, enhanced capability, and a refreshed operating structure to strengthen our business and position it to meet the evolving needs of our brokers, partners, and customers,” Hill said.
The product rollout follows recent regulatory authorisation from the Australian Prudential Regulation Authority (APRA), enabling CGU Australia Pty Ltd to underwrite general insurance.
The authorisation, granted under section 12(2) of the Insurance Act 1973, became effective on May 5.
The APRA licence confirmed CGU Australia’s compliance with financial, governance, and operational criteria required to conduct general insurance in Australia. The company is now formally listed among APRA-regulated entities as of May 12.
The launch of Padlock and the regulatory milestone coincide with a broader reorganisation within IAG’s IIA division.
The restructure aims to unify key business functions – such as underwriting, product development, pricing, and claims – while preserving brand distinctions for CGU and WFI in the marketplace.
Hill noted that the updated structure is designed to align IAG’s intermediated business more closely with broker and client needs.
“By creating a more agile, innovative, and customer focused business, we will be better placed to deliver on our core purpose, address affordability, and respond to the current and future risk needs of our brokers, partners, and customers,” he said.
