8.12.2018

ELEMENT and Volkswagen Financial Services now offering innovative insurance products for consumers

The subsidiary of Volkswagen Financial Services, the Volkswagen Versicherungsdienst GmbH, and ELEMENT Insurance AG are bringing three innovative and completely digital insurance products to the German market.

Berlin, 29 January 2019 – ELEMENT, the leading white-label product factory for insurance, and Volkswagen Versicherungsdienst, a subsidiary of Volkswagen Financial Services, are now partnering to offer consumers jointly developed insurance products. The initial insurance products on offer protect car drivers against financial losses when they lend their car to someone else, let their car be test driven or hire a car.

Customers can easily purchase these short-term insurance products online at www.kurzzeitschutz.de.

 

We’re now taking care of a number of risks that irritate drivers. Thanks to our new range of products, our customers can, for instance, let friends use their car carefree and without having to worry about the consequences’, says Ulrich Bollmann, Leader Innovation Management at Volkswagen Financial Services. ‘We decided to partner up with ELEMENT so that we could develop these innovative on-demand products in record speed. Customers can purchase a policy by the day without taking on any long-term commitment.’

 

These digital solutions are the perfect example of the insurance products of the future, which are focused directly on the customer. Practical solutions now take care of problems for which there was no tailor-made protection in the past. This has become possible thanks to the combination of insurance expertise with ultra-modern technology.

 

‘Our partnership with Volkswagen Financial Services is an important milestone for us. These new products fully reflect our vision – to develop insurance products that meet the consumers’ needs. We are thrilled that our expertise in insurance and technology is being used by major players of the industry’, remarks Christian Macht, Chief Representative of ELEMENT.

 

ELEMENT implements insurance products, created by in-house insurance experts, in record speed through their proprietary technology platform – even for very specific target audiences. Licensed by the German Federal Financial Supervisory Authority (BaFin) to sell non-life insurance across Europe, the Berlin-based company also offers risk protection and claim settlement.

 

Further information*

 

About third party driver protection:

  • Protection against financial losses caused by subsequent charges and penalties from an existing car insurer
  • Pays the excess charged by the existing insurer
  • Total protection of up to €5,000
  • Premium option: Also pays for any increase of the existing insurance’s premium if it becomes more expensive because of a claim
  • Can be purchased by anyone in Europe over 21 years of age for a maximum term of 30 days

 

About car hire protection:

  • Reduces claim excess
  • Protection against financial losses
  • Total protection of up to €2,500
  • Premium option: Additional protection for misfuelling and car key loss (each up to €500) and any hire company processing fees up to €70
  • Can be purchased for cars hired in Germany by persons over 18 years of age for a maximum term of 30 days

 

About test drive protection

  • Can be purchased by individuals privately letting their cars be test driven or lending their cars for a test drive and by car dealers who let their cars be test driven
  • For private individuals offering test drives:
    • Protection against financial losses caused by demands from an existing car insurer for premium and penalty payments
    • Pays the excess charged by the existing insurer
    • Total protection of up to €5,000
    • Premium option: Also pays for any increase of the existing insurance’s premium if it becomes more expensive because of a claim
    • Can be purchased by persons over 18 years of age for test drives commencing in Germany with a maximum term of 24 hours (the test drive itself may not exceed 4 hours)
  • For dealers offering test drives:
    • Reduced excess
    • Protection against financial losses
    • Total protection of up to €2,500
    • Can be purchased by persons over 18 years of age for test drives commencing in Germany for a maximum term of 5 days

 

*More information about product features can be found in the insurance terms and conditions.

 

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