Slingshot partners with Open for single-bill insurance
Slingshot has announced a new partnership with Open that will see house, contents, and landlords' insurance as well as energy, mobile and broadband delivered on a single bill.
The companies note that combining these services will foster better customer experiences, greater convenience and provide discounts for bundling, such as new customers with eligible broadband, power, mobile and house and contents insurance being able to save up to $360 on broadband annually.
Additional mobile and insurance policies will also offer more discounts.
Slingshot chief consumer officer Taryn Hamilton says the partnership marks another first for the company.
“We're constantly looking for opportunities to add value for our customers through innovative approaches, and making Kiwi's lives easier,” Hamilton says.
“Broadband, power and mobile can now be bundled with house, contents, and landlords' insurance.
“As New Zealanders come under pressure from inflation, by bundling more services we can pass bigger discounts on to customers, on a single bill that saves everyone time.
Open co-founder and chief executive Jason Wilby says it is the company's mission to offer the fastest insurance at the best price worldwide.
“One of the biggest challenges with insurance today is that it's not there to buy when it's needed the most,” Wilby says.
“Bundling insurance products with Slingshot's broadband services presents clear and simple cover offerings through a brand people already know and trust.
Integrating the billing process means that in addition to paying insurance premiums, power and telco service bills in one invoice, customers will also be able to choose to pay weekly, fortnightly or monthly as they do for existing Slingshot invoices.
The launch will see Slingshot customers who combine their house or contents insurance, or both, with an eligible Slingshot broadband plan save up to $120 a year on their broadband service.
In a customer poll conducted by Slingshot, the telco and electricity provider found that 95% appreciated the value of insurance, but accurate insurance continues to be an issue, with half of those surveyed acknowledging that they don't know the rebuild cost of their home.
According to Slingshot, this is a problem as it puts these individuals at risk of over or under-insuring.
Over-insurance means paying too much; under-insurance is worse, as any payout in the event of a disaster will fail to cover losses sufficiently.
Hamilton says among the most interesting results is why people stick with current insurers.
The reasons include price, reputation, convenience, trust, multi-policy discounts, and customer service, despite insurance companies often making it hard to claim, offering old school processes and little digital innovation.
“Our customers already know and appreciate the service and flexibility they get from their broadband and power services; the same can be expected from affordable, easy-to-buy insurance,” Hamilton says.
“Everyone should regularly review their utilities to see if you're getting the best deal, and, of course, review your insurance for appropriate cover.
Further, respondents also indicate that the most important factors when choosing an insurer include price and rapid claim processing.
Respondents indicate that the most crucial aspects when choosing an insurer include price and rapid claim processing, which sit approximately even with trust.
Hamilton notes Open's use of modern digital technology is an advantage.
“A fully digitised insurance process from buying cover straight through to claims processing is faster, more efficient, and therefore costs less,” Hamilton adds.
“Slingshot Insurance customers are equipped to self-manage many aspects of their cover online, from taking out a new policy to lodging most claims,” he says.