Sponsored by Provident Insurance
It might be one of the biggest car insurance companies you’ve never heard of – and now it’s ready to graduate from being the industry’s “best-kept secret” to take advantage of what it’s built over the last 12 years: trust.
You’ve likely never heard of Provident Insurance because the 100% New Zealand-owned company has been doing a very Kiwi thing.
They’ve quietly spent their formative years building relationships with motor vehicle partners and, crucially, their customers – more than 250,000 since inception.
Provident is the authorised insurer of leading brands like BMW, Mini, Hyundai, VW, Jaguar, Land Rover, Isuzu and Renault, to name a few. Buy one of those vehicles new and chances are you’re driving out of the yard with a Provident policy.
CEO Steve Owens is a 35-year veteran of the car insurance industry who struck out on his own to start Provident more than a decade ago.
“Business is all about people and relationships and, over that time, we have built strong personal relationships based on our core values of excellence, passion, integrity and commitment – what we call our EPIC values,” he says.
“I know it can sound a little funny talking about values – but we are genuinely a values-based company and those EPIC attributes are important to me, to our staff and our partners. They translate into trust.”
Owens says Provident’s customers like the fact it’s 100% New Zealand-owned and operated, as it’s something very few of the other big insurance companies can claim.
“We’ve spent a lot of time building trust with our partners and customers, making sure they have an experience they remember,” he says.
Now Provident is making itself even more accessible – spending the last 18 months making inroads into a bigger market, with customers now able to buy insurance directly via its website – “and we are finding people like the choice we offer them”.
Owens says Provident’s commitment to fair pricing is one way it separates itself from its competitors. While the company prides itself on comprehensive cover, its prices have remained “very competitive”.
“We can do that because of our lower cost base,” Owens explains. “We have a nice, moderately-sized office in Takapuna – no marble towers here.”
Provident also prides itself on straightforward cover, with easy-to-understand policy and very few additional opt-in boxes to tick. That means fewer surprises when it comes time to make a claim.
“We pride ourselves on our claims response. Because we have been involved in the motor vehicle industry for so long, we understand what car owners really want: an insurance policy that delivers.”
Provident also strives to deliver top-notch customer service, and to make insurance easier to understand and deal with. Its phone calls and email enquiries are handled by real people, not bots or digital answering services.
“We always seek to have people talking to people – not just with customers but our partners too, including workshops and paint and panel operators,” he said, adding that about 98% of Provident’s reviews are five-star.
Owens says the biggest challenge facing motor vehicle insurance is the pace of change, principally in technology, as even simple bumper damage can turn into an expensive fix because of all the sensors.
It’s the same with windscreens: “A windscreen is not just a windscreen anymore,” he says. “You can’t just replace a windscreen; you have to re-calibrate all the technology they contain these days.”
“Technology is our biggest challenge because we set premiums based on cost, trying to forecast what the costs will be in 12 months in a fast-changing environment. Again, it comes back to the customer experience and that vital word: trust.”
For more information, visit providentinsurance.co.nz
