Tower extends hardship measures to outbreak-affected clients

Tower extends hardship measures to outbreak-affected clients | Insurance Business New Zealand

Tower extends hardship measures to outbreak-affected clients

Amid the continuing COVID-19 outbreak, major general insurer Tower Insurance has introduced several measures to assist their customers undergoing financial difficulties due to business closures.

In a statement, Tower CEO Richard Harding said that in these tough financial times, people might think about cancelling their insurance. However, he said that it is critical to maintain cover because even a small accident can end up costing thousands. He cited as an example the technology and sensors in modern cars, which mean that even a small fender-bender in the car park can cost more than expected.

As a result, Tower has formed dedicated teams to help customers restructure their insurance to make it more affordable, allowing them to maintain cover despite more pressing financial needs.

The restructuring includes the removal of added benefits, such as roadside assist, and increasing excess payments. The insurer is also offering payment deferral options of up to three months for customers that are undergoing financial hardship or are majorly exposed to risk.

Harding also urged people to stay home in order to save lives, and unite against COVID-19.

“We understand that these are challenging times and we want customers to know we are here to help them if they are facing financial stress,” Harding said. “We are fortunate to have recently implemented new digital technologies that enable customers to make claims, manage and renew their policies and talk directly with our specialist teams online, but any customers needing urgent support are encouraged to call us.”