Challenge
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- Over 25 electricity retailers clutter the market, each with their own pricing offers – the market is a confusopoly.
- The price of electricity doubled in the last 10 years but customer find it hard to compare plans and to switch retailers
- Switching retailers is a lengthy process, taking at least half an hour and often significantly longer.
Solution
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- Develop a service that allows consumers and businesses to have their power bills compared based on their actual usage so that the current pricing complexity is replaced with transparency.
- Enhance CareOptimiser’s tariff database and engine to allow it to work with electricity plans as well as telecommunications plans.
- Remove the sign-up friction and allow a customer to switch retailers in a matter of minutes. At the moment customers often have to spend 20-30 minutes on the phone in order to sign up to a new deal.
Outcome
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- Australia’s first online energy comparison website based on actual usage.
- Only 100% accurate comparison service
- Consumers were able to switch retailers online in less than 5 minutes.