Australia’s Community Broker Network, a private insurance broker network backed by ASX-listed Steadfast Group, has launched in New Zealand by acquiring Folio’s local insurance broking network.
Folio, a New Zealand based insurance technology provider, retains its software platform while Community Broker Network (CBN) takes over its broking operations, which will now operate as CBN NZ.
Smart platform
Founded in 2020, Folio is a digital network that reduces admin for insurance advisers and connects them through a smart platform and support network.
Companies Office records show it has 13 shareholders, none of whom are CBN.
CBN is owned by Steadfast Group, Australasia’s largest general insurance broker network, supporting more than 4,000 brokers across 580 brokerages with licensing, technology and services.
CBN NZ says its focus will be on supporting authorised representatives (ARs) across New Zealand.
ARs are individuals or businesses authorised by a licence holder, such as broker network CBN, to provide financial advice or sell products on its behalf. The licence holder is legally responsible for their actions.
CBN has more than 340 AR businesses.
Remaining focused
ARs operate under the licensee’s compliance framework, but often run their own businesses and serve clients directly.
CBN chief executive Richard Crawford, said the move enabled both organisations to focus on their strengths – CBN on AR support and community, and Folio on platform innovation and digital enablement.
“This is an exciting step forward for both businesses. Folio has built a strong network of brokers, supported by innovative technology,” Crawford said.
Folio co-founder Roneel Kumar said Folio would focus on developing its broker platform, while CBN’s scale and experience will support its broker community.
A Folio post on LinkedIn said it retained full ownership of its technology, and gained the clarity and capital to focus on building an intuitive and innovative broker platform.
It also marked the beginning of its expansion into Australia, as its team expanded operations to service Australian-based brokers.
