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HomeServe Announces Significant New Partnership in Japan

·2 min read

HomeServe Japan Corporation ("HomeServe Japan"), a joint venture between HomeServe plc and Mitsubishi Corporation, has signed a utility partnership with Tohoku Electric Power, its second in the country, and begun test marketing to homeowners.

Two products are being marketed under the relationship – 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.

Tohoku Electric Power has signed up to an exclusive, long term affinity partnership with HomeServe Japan, and will earn a commission on every sale and renewal among its customer base – the successful Membership model which HomeServe operates in its established territories. HomeServe Japan is responsible for marketing and service to homeowners, with its network of local providers fulfilling the claims. Products are fully underwritten by a local insurance provider.

Jonathan King, Chairman of HomeServe Japan, said: "We continue to be really pleased with how the HomeServe Membership proposition has been received by Japanese utilities. Competition sparked by de-regulation in the gas and electricity supply market means utilities are looking for new ways to deliver value to their customers, and HomeServe has a tried and tested model to help them do so. Tohoku Electric Power is the fifth largest player in the sector, serving 3.9 million households in northern Japan out of the 52 million households in the country.

"Results from initial marketing campaigns under the first utility partnership show that the Membership proposition resonates well with Japanese homeowners, whilst Mitsubishi Corporation’s strong commercial relationships with the Japanese utility sector mean a healthy pipeline of new prospects. The combined team is excited by the opportunity to offer great service to even more of the Japanese market."

About HomeServe

HomeServe is an international home repairs and improvements business that makes home repairs and improvements easy by matching customers to trades to generate repeat and recurring income. HomeServe is listed on the London Stock Exchange, with a market capitalisation of £3.6 billion.

ENDS

View source version on businesswire.com: https://www.businesswire.com/news/home/20210308005031/en/

Contacts

Media enquiries: Tulchan Group
Martin Robinson
homeserve@tulchangroup.com
+44 207 353 4200

HomeServe Investor Relations
Miriam McKay – Group Communications and IR Director
miriam.mckay@homeserveplc.com
+44 7795 062564

Dami Tanimowo – Senior Investor Relations Manager
dami.tanimowo@homeserveplc.com
+44 7747 761155

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