Tower Limited, a New Zealand-based insurance provider listed on the ASX, has announced it will discontinue its multi-policy discount offering. Tower provides a range of insurance products, including home, contents, and car insurance. The company has stated the move comes after significant investment in upgrading its systems and processes to ensure accurate discount application for eligible customers.
Despite these investments, Tower acknowledged that complexities in assessing the multi-policy discount mean a risk of errors persists. According to the company, this level of risk is inconsistent with the company’s standards for customer experience and regulatory compliance. As such, the decision was made to remove the discount altogether.
Tower’s chief executive, Paul Johnston, stated the company remains focused on fair, transparent, and competitive pricing. He added that Tower will continue to review its pricing strategies to ensure customers receive value. The removal of the multi-policy discount aims to mitigate risks associated with incorrect discount application and maintain high standards of service.
This decision reflects Tower’s commitment to meeting regulatory requirements and delivering positive customer experiences. The insurer is proactively addressing potential issues to ensure accuracy and transparency in its pricing structure. While the multi-policy discount is being removed, Tower has affirmed its dedication to providing competitive and fair insurance options.
