ShareCustomer Story: Warranty Insurance Launched an Innovative B2C Insurance Product
Warranty Insurance is an MGA focused on providing extended warranty and accidental damage insurance in Central and Eastern Europe for electronics retailers, dealers, and manufacturers, specifically those with a large customer base. Warranty Insurance’s largest customer is Euronics - a well-established retailer with a physical presence in 31 countries across Europe. With the help of Insly, Warranty launched an innovative insurance product which is offered in Euronics’s electronics retail and online stores.
Customer problem
As technology becomes more advanced and complex, the odds of experiencing a potential failure, defects, or malfunctions increase. This is further reflected by ever-decreasing product lifespans and shortening of manufacturer warranties.
Repairing an out-of-warranty device may turn out to be very costly or even impossible. According to statistics, 40-50% of all large appliances have been repaired or replaced between their 3rd to 5th year and 1/3 of them have required multiple repairs. Furthermore, about 80% of defective TVs would have been more costly to fix than to buy a new one. Extended warranty adds additional years to the existing manufacturer warranty.
Warranty Insurance’s customer, Euronics, needed a solution:
- to simply extend the warranty of the products sold;
- providing a single system with a simple user interface for the on-site sales team
All of that being critically important, Warranty had to launch an innovative insurance product that would save a lot of time and money for both Euronics and end-users of electronics products.
Solution
Warranty Insurance worked with Insly to develop the appropriate solution. Insly insurance software corresponded to all of the customer needs and streamlined required processes with minor tweaks to support the roll-out of Warranty’s innovative insurance product.
“We know that the Insly solution is perfect for policy administration and reporting, but the work Insly’s team did to meet our additional needs for sales process simplification at the store level exceeded all our expectations,” said Ando Kivilaid, CEO at Warranty Insurance.
He added that it is definitely a challenge to find reliable accounting solutions with flexible and simple user interfaces for sales staff in one platform, but this is exactly what Insly provided us.
End product
As a policyholder, Euronics has concluded the insurance contract for electronics and smart devices. Buyers have the option to keep the insurance cover for their devices on a third person’s insured risk principle.
Thanks to the innovative insurance product built on Insly platform, the sales process is simple for in-store sales teams. The insurance cover can be added to a TV or a refrigerator within a click. Using a single system also lets customer issues be solved quickly.
“This is exactly what we and Euronics were looking for when building this innovative insurance product, simple and fast processes with digital policy management via a user-friendly interface,” said Ando Kivilaid from Warranty Insurance.
If you as an insurer or an MGA are working with customers in the retail space and want to build a simple and user-friendly system for adding insurance to online and offline purchases, get in touch to find out how!