Profile - RACQ
The Royal Automobile Club of Queensland began in 1905 when 18 of Brisbane’s first 50 drivers formed the club to advocate for early motorists. It’s first legislative success was to effect the law preventing motorist from being pelted by stones by those fearing technological progress and a loss of horse and carriage transport. Today, RACQ is Queensland’s largest “mutual” providing roadside assistance, travel, finance and insurance to its 1.6 million members representing early two-thirds of Queensland’s households. It is also one of the largest insurance providers in Queensland. Its recent acquisition of QT Mutual Bank portends to be a strategic success allowing RACQ to offer its members banking services. Over 35,000 QT Mutual banking customers were already CACQ members. The acquisition gives the company over AU$4.2b in assets to leverage with its membership. An iconic “must have” in Queensland have afforded their members benefit savings of over AU$78m.