Tower Insurance has announced a partnership with the New Zealand Defence Force (NZDF) to offer tailored barracks cover to over 150,000 people, including current and former servicemen and women and their families.
Tower’s managing director of partnerships Jonathan Beale said the relationship aims to make insurance easier to navigate by tailoring policies specifically to different groups of Kiwis. He said Tower will also be looking to create more partnerships with other companies in the coming months, and to help make insurance ‘part of the sales journey’ by developing products tailored to a specific base of customers.
“Tower has been working with the NZ Defence Force for about four months on this partnership,” Beale commented.
“Lumley was the previous insurer, so we are very pleased to win the partnership moving forward. They have some big plans in terms of their customer reach, so we’re really excited to be part of that.”
“The cover is as simple as your normal contents insurance, but it covers the barracks,” he explained.
“Our own risk exposure tends to lower as well - the barracks are usually safer places than your average house.
“New Zealand service men and women can have their assets in different locations and we need to cover them wherever they are, even if that’s on a ship, or on a peace keeping mission abroad.”
Tower’s new offering will be part of NZDF’s Force Financial Hub, which includes a range of different insurance policies.
Tower Insurance has also partnered with TSB, TradeMe Insurance, AIA and Auckland Council to offer policies to their customers, and Beale said the partnerships model will be a key part of its strategy going forward.
“We want to join with likeminded organisations that have a customer base that they want to look after and service, and so we’re hoping to put insurance into the sales journey for that customer,” Beale said.
“Whether they’re taking out a loan or buying a car, we can be there to help make things easier and develop a product specifically for that customer base.
“We anticipate creating more and more partnerships like this to innovate and change the way we deliver insurance to meet the needs of all New Zealanders.”
