ME Bank is giving its 290,000 customers access to consumer insurance products under a referrer model with QBE.

Mobile and workplace bankers and customer service staff can refer customers to QBE for cover initially comprising home, contents, landlord, mortgage protection and motor vehicle.

The tie-up, launched last week, is “an important first step into the insurance market, with the option to evolve the model over time”, according to ME CEO Jamie McPhee.

ME Bank – trading as Members Equity Bank – is owned by 30 industry super funds and provides a range of low-cost banking services.

In future ME may expand into asset insurance such as caravan or boat cover, personal loan insurance and travel cover, a bank spokesman told insuranceNEWS.com.au.

Research shows customers expect the bank to offer cover. “It’s something they’re looking for, so expanding into insurance bridges that important gap in our relationship with customers.”