New Zealand power company Flick Electric has just announced a strategic partnership and NZ$46m investment from Z Energy, a major Kiwi-owned fuel company.
Back in May, Montoux’s Geoff Keast wrote about Flick in his article for Insurance Thought Leadership, featuring the company as an example of how a grudge purchase with similarities to life insurance can strategically earn not only loyal customers, but brand ambassadors. In his article, Geoff wrote about how life insurers can look outside their industry for examples of ways to revolutionize their relationships with customers, with personalized experiences, and by offering insurance as a service, rather than a product.
Flick operates by placing the customer at the center of the product design process, which can turn that grudge payment of an electricity bill into an interactive, engaging experience. Life insurance premiums are to most consumers a similarly necessary but unenjoyable regular payment. As the insurance industry continues to evolve with new tech solutions, carriers can and should look outside of their industry for these examples of also changing the customer experience to a positive, ongoing relationship - and market-leading companies like Z who recognize the value of this.
Z Energy's chief executive Mike Bennetts said of the partnership that the two companies would be focused on maximizing the innovation potential of the energy sector while striving for a lower carbon future. This major investment is part of Z Energy’s ‘What is Next?’ strategy, and is a great example of how an industry stalwart can recognize the impending transformation in its field, and jump on the chance to diversify.
Read Geoff Keast's article for Insurance Thought Leadership.