Case Study
How EmbedSure Supports the Mobility, Auto, and Used Car Industry with Embedded Insurance Solutions
Client: A Leading Mobility & Automotive Company
Industry: Mobility, Automotive, and Used Car Industry
Service Provider: EmbedSure – Embedded Insurance Solutions
process
Background
The mobility, automotive, and used car industries are experiencing rapid growth as customers seek both new and pre-owned vehicles with flexible financing and insurance options. However, these industries face significant challenges, such as managing vehicle repair costs, ensuring driver safety, and providing seamless customer service post-purchase. Offering embedded insurance has become a key differentiator for companies, as it provides customers with peace of mind while protecting the company’s bottom line. This case study explores how EmbedSure’s Embedded Insurance Solutions helped a leading mobility and used car company mitigate risk, enhance customer experience, and create additional value for buyers and drivers by embedding insurance into its offerings.
Challenges Faced by the Mobility, Auto, and Used Car Industry
High Repair and Maintenance Costs: Vehicles, especially used cars, often require significant repairs and maintenance. Without proper warranty and insurance, these costs can be a deterrent for customers and lead to dissatisfaction.
Increased Risk of Accidents and Damages: With a large number of vehicles on the road, companies face a higher risk of accidents and damages, leading to financial losses from repairs, liability claims, and operational downtime.
Low Customer Trust in Used Vehicles: Many customers are wary of purchasing used vehicles due to concerns over reliability and hidden defects. Companies need to offer assurances to customers to build trust in the used car market.
Lack of Value-Added Services: With growing competition, companies in the automotive and mobility space need to differentiate their offerings by providing additional services, such as warranties, roadside assistance, and accident protection, to attract and retain customers.
The Solution: EmbedSure’s Embedded Insurance for Mobility and Automotive
EmbedSure worked with the client to integrate a range of Embedded Insurance Solutions directly into their vehicle offerings, providing comprehensive protection for both new and used vehicles. These solutions were designed to enhance customer confidence, protect the company from financial risks, and streamline post-purchase service for drivers.
Extended Warranty (EW): Coverage for repairs and maintenance beyond the manufacturer’s warranty period, ensuring that customers are protected from unexpected repair costs for used or new vehicles.
Accidental Damage Insurance: Protection for vehicles in the event of accidents or damages, covering the cost of repairs and reducing the financial burden on both the customer and the company.
Roadside Assistance (RSA): 24/7 roadside assistance for vehicle breakdowns, flat tires, battery issues, or accidents, ensuring that drivers are never stranded and always have support.
Third-Party Liability Insurance: Coverage for liabilities arising from accidents where the policyholder is at fault, protecting against legal claims and damages to third-party vehicles or property.
Return to Invoice (RTI) Insurance: Ensures that, in case of total vehicle loss due to theft or an accident, customers receive the original invoice price of the vehicle, rather than just the depreciated value, giving them full compensation.
Engine Protect and Consumables Cover: Comprehensive coverage for engine failures and consumables like oil, nuts, and bolts, providing full protection for mechanical components, which is especially valuable for used vehicles.
Implementation
Integration into Sales and Financing Platform: EmbedSure’s API-driven solution was integrated into the mobility company’s sales and financing platforms. Insurance products were bundled with the purchase of vehicles, enabling customers to easily opt for warranties and accident protection when buying or leasing vehicles.
Customizable Insurance Options: Insurance solutions were tailored based on the type of vehicle (new or used), customer segment, and financing terms, ensuring that each customer received the appropriate coverage. For instance, used car buyers were offered extended warranties and engine protection, while new car buyers could opt for accident and third-party liability coverage.
Streamlined Digital Claims Process: The claims process was fully digitized, allowing customers to file claims for accidental damage or repair coverage quickly and easily through the company’s app or online portal. This reduced downtime for vehicle repairs and ensured fast resolution of claims.
Customer Education and Awareness: EmbedSure worked with the client to create educational content that informed customers about the benefits of embedded insurance. This helped improve adoption rates, with more customers opting for extended warranties and damage protection when purchasing their vehicles.
Results
Increased Customer Confidence in Used Car Purchases: Offering extended warranties and accident protection increased customer trust in the company’s used car offerings. Customers were more confident in buying pre-owned vehicles, resulting in a 30% increase in used car sales within the first year.
Reduced Financial Liability for the Company: The embedded insurance solutions, particularly accidental damage and liability coverage, helped the company reduce the financial impact of repairs and legal claims from accidents. This led to a 15% reduction in operational losses associated with vehicle repairs and damages.
Enhanced Customer Satisfaction and Retention: Customers appreciated the added protection and value-added services, such as roadside assistance and extended warranties. This resulted in improved customer satisfaction scores and a 20% increase in repeat business as customers returned for new purchases or leasing agreements.
Streamlined Post-Purchase Support: The digital claims process significantly reduced the time required to handle repairs and insurance claims. As a result, customers experienced faster turnaround times for repairs and a more seamless post-purchase experience.
Competitive Advantage in a Crowded Market: By embedding insurance into its vehicle offerings, the company was able to differentiate itself from competitors, attracting new customers and providing a comprehensive solution that included vehicle protection, financing, and customer support.
Key Solutions for Gadgets and Appliances
Accidental Damage, Loss, and Theft (ADLD) Insurance
EmbedSure’s ADLD Insurance offers protection against the unexpected for valuable gadgets like smartphones, tablets, laptops, and home appliances. Whether it’s accidental damage, loss, or theft, ADLD insurance ensures that customers are covered for repair or replacement costs.
Coverage for accidental drops, water damage, and other unforeseen incidents.
Protection against theft or loss of gadgets.
Quick repair or replacement service for insured devices.
Flexibility to cover a wide range of devices, including smartphones, laptops, and home appliances.
Extended Warranty (EW)
With gadgets and appliances, repairs can become costly once the manufacturer's warranty expires. EmbedSure’s Extended Warranty (EW) extends the protection period, covering the repair or replacement of devices due to mechanical or electrical failures beyond the standard warranty period.
Coverage for repair or replacement due to mechanical or electrical breakdowns after the manufacturer’s warranty expires.
Flexible plans tailored to different gadget types and appliance categories.
Access to authorized service centers for high-quality repairs.
Hassle-free claims process with fast settlements.
Key Benefits
EmbedSure’s Embedded Insurance for the Mobility and Automotive Industry
1. Comprehensive Protection
EmbedSure’s insurance solutions cover a wide range of risks, from accidental damage and theft to engine failures, ensuring full protection for both new and used vehicles.
2. Improved Customer Trust and Confidence
Providing embedded insurance increases customer confidence in purchasing used vehicles, offering them peace of mind with extended warranties and comprehensive coverage.
3. Reduced Financial Risk for the Company
With embedded insurance, companies can reduce the financial burden associated with vehicle repairs, legal claims, and liabilities, protecting their bottom line.
4. Increased Customer Loyalty and Satisfaction:
Value-added services, such as roadside assistance and fast claims resolution, improve the overall customer experience, leading to higher retention rates and repeat business.
5. Seamless Integration and Digital Processes
EmbedSure’s API-based platform integrates easily into existing systems, making it simple for companies to offer insurance and manage claims digitally, reducing administrative burdens.
Conclusion
Conclusion
By partnering with EmbedSure, the automotive and mobility company was able to offer comprehensive protection for its vehicles, enhancing customer confidence, reducing financial risks, and creating a more seamless post-purchase experience. Whether for new or used vehicles, embedding insurance services into the offering allowed the company to differentiate itself in a competitive market while delivering greater value to customers.
Looking to provide comprehensive protection for your vehicles and customers?
Contact EmbedSure today to learn how our embedded insurance solutions can support your mobility, auto, or used car business.
Looking to provide comprehensive protection for your vehicles and customers?
Contact EmbedSure today to learn how our embedded insurance solutions can support your mobility, auto, or used car business.
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Care anytime
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Testimonials
Those who trust us
Getting the policy was quick and easy, and the staff was ready to answer all my questions. In the event of a claim, the company offered prompt support, and the claims process was smooth.
Emmy Elsner
Testimonials
Those who trust us
Getting the policy was quick and easy, and the staff was ready to answer all my questions. In the event of a claim, the company offered prompt support, and the claims process was smooth.
Loni Bowcher
Testimonials
Those who trust us
Getting the policy was quick and easy, and the staff was ready to answer all my questions. In the event of a claim, the company offered prompt support, and the claims process was smooth.
Erika Mateo
FAQ
Frequently asked questions
How do I file a claim?
Visit our online portal or contact our customer service to initiate the claims process. We’re here to guide you through every step.
What types of insurance do you offer?
We provide a range of insurance solutions, including home, auto, health, and more. Explore our offerings to find the coverage that suits your needs. Pulvinar pellentesque habitant morbi tristique.
How can I modify my policy?
To make changes to your policy, contact our customer service team. They will assist you in updating your coverage to align with your evolving needs.
What factors influence insurance premiums?
Several factors impact insurance premiums, such as your coverage amount, deductible, and personal circumstances. Our team can help you understand and manage these factors.
Questions?
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