Tower shortens insurance application time

New Zealand-based Tower Insurance is looking to offer faster, more accurate insurance quotes by ‘rewiring’ its quoting process for car, home, and contents insurance.

The insurer has implemented a new system that automatically pulls information from publicly available sources and pre-populates information that Tower customers have previously provided. It has also removed some questions that customers find difficult to answer.

The result is Tower needing to ask fewer questions, while still ensuring an easy, fast, and accurate quote.

Leveraging publicly available data such as information sourced from property data provider CoreLogic, means Tower can plug in data for its customers and shortcut the process for them.

From now, a quote will only take eight questions for a car, nine for a house, and seven for a contents insurance policy. “In comparison, some of Tower’s biggest competitors run into the double digits across all of these categories.”

“For years we’ve taken for granted that we need to ask our customers a lot of questions to get accurate information when quoting insurance policies. But with so much data now available, we’re changing our processes to make customers’ lives easier with what we aim to be the easiest and fastest quoting experience in market. This is yet another way Tower is using data analytics to improve our core operations and meet the 21st century head-on with customer focussed, digital-first insurance solutions. The number of questions we’ve been able to cut without compromising on accuracy is world-leading. For example, in the UK there are still insurance companies asking as many as 61 questions for a home policy quote. Simply put, Kiwis don’t have time for that . We still have a terrific NZ based team available on the phone for customers who want advice or who have more complicated needs, but with more than 60% of new policy sales quoted online, we’re making the experience as easy as possible for customers.” – Tower MD Direct, Michelle James.

Bottom Line: “If there’s one thing the insurtech movement taught us, it’s that convenience doesn’t sell.’ See below.