Tower welcomes new financial conduct regime

Wednesday, 25 September 2019, 3:31 pm
Press Release: Tower Insurance

Tower welcomes the government’s announcement today to regulate financial conduct and create fairer outcomes for customers of all insurers.

Tower CEO, Richard Harding, said that Tower believes customers deserve better and the government’s announcement should go a long way to restoring confidence and trust in the general insurance industry.

"We know we may have been part of the problem in the past and there’s always more work to do, but we’re on a mission to change this and disrupt industry norms to deliver something better for customers," said Harding.

"We have already removed complex insurance jargon from our award winning, plain-English policies, so that people can clearly and easily understand what they’re covered for, and we led the way, openly and honestly talking about how we price insurance.

"We’ve committed to remove the duty of disclosure from our sales and claims processes before the end of the year, which means no more tricky, catch-all questions for our customers.

"We are currently reviewing incentives to make sure they are aligned to good customer outcomes and will be making changes before the end of 2019.

"The vast majority of our business is dealing direct with customers, with around 50% of our business coming through our digital channels. We are investing significantly in these channels and working hard to deliver amazing service to our customers, without any hard-sell tactics.

"Tower customers should be confident that we are committed to creating a better, fairer insurance industry for consumers," said Harding.

Tower continues to take on board feedback from customers, government, employees and other stakeholders as part of its commitment to good conduct.

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