IAG will seek growth in fast-changing markets through a newly named Satellite division, developed as part of the group’s challenger operations.

The company has released an online video that says Satellite will serve as a growth engine for IAG, acting as a change agent, testing new ideas and thinking “customer and digital first”.

“This should set us up well for the next three years of disruption,” Satellite Marketing Director Lewis Pullen says on his LinkedIn page.

“Satellite is our challenger operation, as Jetstar was for Qantas and Esurance is to Allstate in the US.

Insurance brands highlighted in the promotional video are SGIC, SGIO, Coles Insurance and Berkshire Hathaway Insurance Australia.

Mr Pullen says Satellite will have a warehouse location at 55 Bridge Road, Pyrmont, in Sydney.

Meanwhile, IAG today announced it has developed a more flexible product called Insurance 4 That which provides cover for individual electronic gadgets, appliances, equipment and furniture.

The cover is provided from less than $1 a week per item.

“We’re seeing a change in lifestyle habits, like people choosing to live at home or rent for longer and move around more, which means they might not have home and contents insurance to protect them if a valuable item is damaged or stolen,” IAG EGM Innovation James Orchard said.

“Single-item insurance can provide cover just for the gadgets or valuables you choose to protect, without having to pay for the things you don’t want to.”

IAG data shows more than 47,000 household items valued at $48.9 million featured in claims for damage or theft over the past year.

Smartphones, tablets, laptops and digital cameras top the list of the most damaged items, with more than 4600 claims received – amounting to almost $4.7 million.

Jewellery leads the list when it comes to stolen items, IAG says.

See the Satellite video here.