Tower Insurance is excited at the prospect of offering its latest and most affordable cyclone cover across Fiji based on the take-up since launching the product last month.
Since kicking off the pilot with 10 families from Totoya in Lau and Kadavu in October, Tower Insurance is now insuring nearly 150 families with the Cyclone Response Cover, a low-cost and timely investment for these households, particularly with the advent of the cyclone season.
Cover is a form of parametric insurance that provides a rapid cash pay-out when a customer is impacted by a high wind-speed cyclone event, regardless of the damage and without the need for an insurance assessor’s signoff.
Tower CEO Blair Turnbull who is in the country this week, for the second time this year, says the cover not only addresses a much-needed gap in the market but will ultimately build economic resilience and provide peace of mind for the people of Fiji.
“Right now, less than 10% of people across the Pacific are insured, in some instances this is because more traditional products aren’t fit-for-purpose. At Tower, we pride ourselves on doing what’s right for our customers and communities.
“We hope that by creating Cyclone Response Cover – a low-cost, non-traditional insurance option – we are on the right track to addressing a much-needed gap in the market. Ultimately, building economic resilience and providing peace of mind for the people of Fiji.”
Cyclone Response Cover will be available to all Fijians for the 2023/2024 cyclone season, after which it will be expanded to the other Pacific markets Tower Insurance operates in.
Mr. Turnbull’s visit comes on the heels of growth recorded in the 2022 financial year describing it as a “breakout year” for its business in Fiji and across the region.
A key driver of the growth he says is their focus on developing careers within the Pacific offices.
“I am delighted to say that throughout 2022 we created more than 50 new jobs for local people. We now have almost 120 staff in Fiji working across every Tower business unit, double the amount of people we had in FY21 – and we’re just getting started.
“During my last visit to Fiji, I announced a recruitment drive to hire 20+ new employees by the end of October, which we have done successfully. This is part of Tower’s plan to create 100 new jobs in Fiji, in FY23. Over the next financial year, we’ll continue to invest in our Fiji hub to reach this milestone, welcoming another 60-70 Tower team members in Suva, increasing the percentage of our Fijian-based workforce from 11% to 22% of our total Tower group staff.”
Tower’s Suva hub operations have also marked significant growth despite many pandemic-induced challenges.
“Throughout 2022, we’ve continued to invest in our Pacific digital transformation, launching the Pacific’s first-ever online quote-to-buy insurance experience in Fiji. As a result, we’ve seen a 71% increase in Fiji sales compared to FY21, with 88% of all Fiji new business purchased via our new digital platform.”
As part of the transformation, Tower Insurance has added further Pacific ground-breaking technologies like My Tower Fiji in April and My Tower Vanuatu in November.
“We’ve seen positive uptake of My Tower Fiji, as the first ever fully digital self-service insurance platform in the Pacific, that allows people to pay their insurance premiums, lodge a claim, get a quote, update their personal details, purchase a policy and now view their motor vehicle, house and contents policies, all in one simple online portal.
“It’s an unmatched customer experience in the Pacific and one we’re immensely proud of.”
