Loan Market signs JV with utility services firm

Loan Market has announced it has entered into a joint venture with utility services business Compare & Connect in a bid to leverage its technology and customer deals for brokers and real estate agents.

Under the joint venture, Loan Market customers will be able to access more than 30 utility brands on the Compare & Connect panel, including energy, water, telecommunication, and Pay TV. Customers will be able to compare their utility services and rates, and choose which service providers they would like to connect to. 

The deals will be presented to customers through Loan Market’s connection brand Loan Market Home Now.

Under the partnership agreement, Compare & Connect will also work directly with Loan Market’s affiliated real estate business, Ray White Group.

Both groups will have access to Compare & Connect’s technology and call centre in Melbourne to activate large-scale campaigns and customer incentives, according to Loan Market head of organisational performance, Roland Cage.

“The scalability of campaigns and leveraging advanced technology will broaden the opportunities for our brokers and agents to engage more of their clients ensuring their utility running costs are as efficient as possible,” he said.

“Our goal is to fast track system CRM integration enabling brokers and agents to easily present this service as an extension of their brand and customer experience.”

An example is the bill scanning technology that allows customers to access utility quotes immediately.

Australian-owned Compare & Connect founder and CEO Neil Saligrama said he saw an opportunity to reach a broad customer base, demographic, and geographic area between Loan Market and Ray White.

“I see a massive opportunity in being able to reach more customers at a time when they need fast, reliable and affordable utility support. But I also realise each customer segment is different and so we will be approaching each with solutions tailored for them,” he said.

“How can we help to streamline the utility bills of a property investor with a large portfolio and how can we help a tenant take back some of that savings power? I’m excited to see what value we can bring to these customers.”