Vero Insurance removes gender-based factors from personal car insurance products
28 June 2023
Vero Insurance has today announced that the insurer will no longer capture a driver’s gender for personal car insurance products.
The general insurer first announced they were working towards removing gender-based factors from pricing and underwriting on car insurance products in late 2021, and that the process may take up to 18 months.
Jane Brewer, Vero’s Executive General Manager Consumer says she is pleased that the business has taken steps toward providing more inclusive products to gender diverse New Zealanders.
“Previously gender was captured in a binary sense, but it no longer accurately represents our Vero customer base. This means it’s no longer appropriate to ask our customers for this information.”
The change is gradually being rolled out across the car insurance products to ensure a smooth transition.
“Typically, the industry has rated young males' higher risk than young females, However, through research we found using other factors such as vehicle make and model were more useful than the driver’s gender.”
Brewer says, “there was an option to create a more diverse gender spectrum however decided it was simpler and more inclusive to remove gender from our underwriting completely.”
The Vero product team worked closely with Amplify, the insurer’s employee resource group for LGBTIQ+ employees and allies, to understand the best approach for making this change.
Vero insurance is continuing to review products to future proof the company and ensure customers receive a more inclusive experience.
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