General insurer Tower has simultaneously announced three partnerships, highlighting the various ways the insurance industry works with organisations in different industries and its value in the daily life of Kiwis.
Tower’s partnership with the University of Auckland aims to align academic research capabilities with real world industry needs by leveraging data and digital resources to improve the sector for customers.
The collaboration is facilitated through UniServices, a not-for-profit company of the University of Auckland. It will also lay the groundwork for the data-driven future of the New Zealand insurance industry and open up opportunities for the next generation of data scientists.
“By working together, both organisations will be able to make better use of data to engage in joint research activities and come up with better outcomes for New Zealanders and improve customer experiences,” Tower CEO Blair Turnbull said.
Australia-headquartered insurtech firm Open linked up with Tower to launch Huddle, which will bring personalised, digital-first insurance in New Zealand, including car and home cover.
This will harness Tower’s underwriting, reinsurance, pricing, claims and supply chain capabilities, seamlessly integrated through application program interface (API). Open will apply its artificial intelligence, machine learning and community thinking expertise to provide better pricing and convenience to customers.
“The majority of New Zealand’s insurance market is made up of businesses with legacy systems that aren’t nimble, and don't serve customers well,” said Jason Wilby, co-founder and joint CEO of Open. “It might seem strange that we’re partnering with a 150-year-old Kiwi-owned company, but Tower is completely aligned with our vision to recalibrate how insurers leverage digital and data. Together we can engage customers and make insurance simpler and easier for all Kiwis.”
Meanwhile, Tower also renewed its six-year partnership with auction and classified ads site Trade Me. The new deal will last for at least five years.
Together, the two Kiwi businesses said they will continue offering insurance to Trade Me’s millions of members and will invest further in new products and digital services.
According to Trade Me Insurance, it has received positive feedback about its insurance partnership with Tower, with pricing and service as the most notable aspects.
“Every day over 670,000 Kiwis visit Trade Me looking for things they want or need,” said head of Trade Me Insurance Jeremy Wade. “While they’re with us, we want to help them insure their most valuable things like their home, car and contents, and our partnership with Tower does just that.”