Customer Story: Warranty Insurance launched an innovative B2C insurance product for a leading electronics retailer, dealer and manufacturer based on Insly solution
Warranty Insurance is an MGA focused on providing extended warranty and accidental damage insurance for electronics retailers, dealers and manufacturers, specifically those with a large customer base in the CEE. 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 has launched an innovative insurance product which is offered in Euronics electronics retail stores and also online.
As technology becomes more advanced and complex, the odds of experiencing a potential failure increases. This is further reflected by the ever-decreasing product lifespans and the shortening of manufacturer warranties.
Since technology is playing an increasingly important and broad role in our lives, the chance of experiencing defects or malfunctions is relatively high. 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 TV's would have been more costly to fix than to buy a new one. Extended Warranty adds additional years to the existing manufacturer warranty.
Euronics needed a solution for the following:
- to simply extend the warranty of the products sold;
- to have one system with a simple user interface for the on-site sales team;
All of that being critically important, saving a lot of time and money for both, Euronics and the end-users of electronics products.
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Warranty Insurance worked with Insly to develop the needed solution. Insly solution was able to correspond to all of the customer needs and streamline all the required processes with just some minor tweaks.
“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,” says Ando Kivilaid, CEO of Warranty Insurance. It is definitely a challenge to find reliable accounting solutions with flexible and simple user interfaces for sales staff in one solution, but this is exactly what Insly has provided us, he adds.
The customization of Insly solution was quick and easy for both Warranty Insurance and Euronics.
As a policyholder, Euronics has concluded the insurance contract for electronic and smart devices, where buyers have the option to keep the insurance cover for their devices in the insurance of third person’s insured risk principle.
Thanks to the solution built on Insly platform the sales process is simple for the in-store sales teams. With just a click the insurance cover can be added to a TV or refrigerator sold, many “problems” are solved in a very short period of time on site and in one system. “This is exactly what we and Euronics were looking for, simple and fast processes with the digital policy handling, via a user-friendly interface,” says Ando Kivilaid from Warranty Insurance.