It will report back by the end of June, 2019.
The Insurance Council of New Zealand (ICNZ) said it was pleased the focus of the inquiry would be on lessons learned from the Canterbury earthquake experience and would consider other models such as that deployed after the Kaikōura earthquake.
Shortly after the Kaikōura earthquake in 2016, insurers and the EQC signed a memorandum of understanding under which insurers acted as agents of EQC, assessing and managing claims for their customers.
That was a significant departure from the model used in Canterbury in which claimants had to first lodge a claim with EQC, then EQC would need to seek validation that they were insured.
"The Kaikōura model has been incredibly effective," said ICNZ chief executive Tim Grafton.
"In two years, 99.8 per cent of all domestic claims and 99.2 per cent of total claims have been resolved."
"Under changes that come into effect in July next year, insurers will be responsible for managing and settling all contents claims," Grafton said.
If the insurer is going to be on the spot in any event, why would any model also require EQC be present too? This is the model for the future and we will be submitting such to the inquiry," he said.
National's EQC spokesman Stuart Smith said it was unlikely the inquiry would turn up any new information after probes by the Auditor-General, Ombudsman, and EQC's numerous select committee appearances.
"With the claim settlement process progressing much faster after the Kaikoura earthquake, we can see how important these changes were, and we know if another similar event was to occur, EQC is in a better position than it was," Smith said in a statement.