Tower's Flood Risk Rating Tool wins Canstar Innovation Excellence Award
Canstar has awarded Tower a coveted Canstar Innovation Excellence Award for 2023, recognising the transparency and customer benefits of its world-leading flood risk rating tool.
Launched at the end of 2021, Tower's flood-risk rating tool accurately assess the flood risk and estimated costs of flood damage for a property, rated on a scale of low, medium, high or very high for flood, along with earthquake.
The ratings are then reflected in a customer’s individual premium so each person only pays for the risks they actually have. Since launching, more than 90% of Tower customers have received a reduction in the flood portion of their premium.
Tower Chief Underwriting Officer Ron Mudaliar says the Kiwi and Pacific insurer is thrilled to be crowned a Canstar Innovation Excellence Award Winner for 2023.
“Our flood and earthquake risk rating tool is an example of our focus on innovation and large-scale digital transformation, we’re incredibly proud of this work. It’s a real testament to our teams to be recognised at this level by Canstar.
“As an insurer, we are acutely aware of the climate risks faced by New Zealand and as a forward thinking business, we want to help our communities access the information they need to feel confident they know what their risks are, and that they have the right level of cover should the worst happen.”
Canstar’s Innovation Excellence Awards recognise the stand-out innovative financial products to launch in the New Zealand market each year.
Using a unique rating methodology, Canstar’s expert panel of judges evaluate submissions on their degree of innovation and ability to improve the consumer experience. Awards are presented across Canstar’s main financial ratings categories, including the insurance and banking sectors.
Judges look at the following qualities; the impact the innovation will have on improving or affecting a consumer’s day-to-day life; how the innovation stands out from products already available in the NZ market; what gives the innovation wow factor; if the innovation is accessible, easy to understand and affordable.
In awarding Tower the Canstar Innovation Excellence Award, Canstar NZ Communications Manager Irene Chapple says, the judging panel commended the tool as the most comprehensive flood-risk analysis in New Zealand.
“The events of recent months have brought flooding risks into sharp focus. We've seen how the consequences of extreme weather events can threaten the safety of Kiwi homeowners. While the causes of extreme flooding events are not easily mitigated, understanding a home's individual flood risk is an important step in acquiring the right level of insurance cover should a large event happen.
“The impact and utility of the flood risk rating tool is widespread, extending to fairer pricing and increased incentivisation to enhance property flood resistance. To this end, Tower's flood risk rating tool provides an invaluable service, making it a worthy winner of a 2023 Canstar Innovation Excellence Award.”
The tool is free to use for all Kiwis, not just Tower customers, via Tower’s no-obligation home insurance quote process. To check the flood and earthquake risk of your home, or a prospective property click here.
To even better protect and prepare Kiwis for the risks they face, Tower will be adding storm surge and landslip risks to the ratings tool in 2023.