HomeServe plc: First Utility Partnership in Japan
HomeServe Japan Corporation (“HomeServe Japan”), a joint venture between HomeServe plc and Mitsubishi Corporation, has signed its first utility partnership with Chugoku Electric and began test marketing with homeowners today.
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Two products are being marketed to Japanese homeowners – combined electrical wiring and air-conditioning cover; and comprehensive plumbing cover. As in HomeServe’s other geographies, these products are designed to meet the needs of homeowners who wish to avoid the unplanned cost and inconvenience of an unexpected home repair.
The business model being deployed is similar to HomeServe’s successful Membership model in the UK, France, Spain and North America. In return for signing up to an exclusive, long term affinity partnership with HomeServe Japan, Chugoku Electric earns a commission on every sale and renewal. HomeServe Japan is responsible for marketing and service to homeowners, and has partnered with local providers to fulfil the service. Products are fully underwritten by a local insurance provider.
H Stephen Phillips, Global CEO of International Business Development, said: “We are delighted with the reception our service proposition has received from Japanese utilities. The newly de-regulated gas and electricity sector is looking for new ways to deliver value to its customers, and HomeServe has a tried and tested model to help them do so. Chugoku Electric is a significant player in the sector, serving 2.9 million households in Western Japan, and is one of the principal electricity suppliers to Japan’s 53 million households.
“The fact that we have started marketing in Japan after less than a year is testament to the strength of the joint venture between HomeServe and Mitsubishi Corporation. Mitsubishi Corporation’s strong commercial relationships with the Japanese utility sector have accelerated our progress, and the combined team is looking forward to delivering an exemplary new service to the Japanese market.”
HomeServe is an international home repairs and improvements business which provides people with access to tradespeople and technology to make home repairs and improvements easy. HomeServe is listed on the London Stock Exchange, with a market capitalisation of £4.3 billion.
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