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ELEMENT and INTEC are developing insurance solutions for second-hand car dealers

ELEMENTand INTEC are developing insurance solutions for second-hand car dealers

 

The first jointly developed product reduces thefinancial risk of second-hand car dealers undertaking warranty commitmentstowards customers.

More than 15,000 trade policies are expected to besold during the first year alone.

 

Berlin, 14 March 2019 – ELEMENT, thewhite-label product factory for insurance, and INTEC are setting up a strategicpartnership. INTEC AG has been a leading expert in product and marketguarantees for second-hand cars for over 40 years. The two companies arejointly developing insurance solutions for second-hand car dealers, offeredthrough the service platform ‘Carbee’ of INTEC. The first insurance is nowavailable, insuring dealers should certain parts of a vehicle cease to functionwithin the warranty period. This means that if dealers give their customers awarranty, the resulting financial risk is significantly lower for them. FurtherB2B products will follow soon, with similar insurances for motorbikes andmobile homes being first off the line.

 

‘Warranty commitments are an importantsales argument, yet they are often risk-prone for dealers in the second-handcar market. Working together with ELEMENT, we have found a practical solutionwhich significantly minimises the dealer's financial risk,’ comments MarkusMüller, Chairman of INTEC AG. ‘It was important for us to create a product thatis legally sound and which can be quickly implemented in a way that suits ourcustomers. Working in partnership with ELEMENT, we managed to do all of this,creating a future-proof digital product within a very short period of time.’

 

As a provider of white-label insuranceproducts, ELEMENT focuses on the creation of new, specially tailored insurancesolutions within record time – using a proprietary product platform and its ownin-house insurance specialists..  INTEC AG, in turn, has one of the mosttechnologically advanced product and claims handling platforms in the industry.This made it possible to develop innovative products for such a highly specifictarget group within a matter of weeks.

 

‘We are confident that, together withINTEC, we’ll be standard setters in this industry. This year alone we’reexpecting our newly launched insurance product to generate the sale of over15,000 trade policies,’ says Christian Macht, Chief Representative of ELEMENTInsurance AG. ‘Our plan is that these products will not be the end of thestory. Working together with INTEC, we want to develop further products for thesecond-hand car market and the range of financial risks that it involves. Wecan see considerable potential here.’

 

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About INTEC

Founded in 1974, INTEC AG sells serviceproducts that focus on vehicle warranties. Until now, the warranties have beenfor second-hand vehicles, components and parts.

 

The family enterprise was set up as a GmbH,a limited company under German law. Its success factors are its proximity tocar dealers, fast and flexible support for claims and the personal commitmentof its management to its customers.

 

In 2005 the company started to expand itsoperations. In particular, this concerned it sales activities, so that INTEC AGnow has a nationwide sales force throughout Germany. INTEC AG offers warrantiesfor all vehicle types, even including light trucks up to 7.5 tonnes. Theproduct range is geared towards the open market (private to private), branddealers and independent second-hand car dealers. The main focus of the businessis currently on passenger cars (80%) and second-hand car dealers.

 

The firm was converted into afamily-managed shareholding company in 2009. It has been expanding and iscurrently employing 15 people at the head office and 13 as sales reps. It hasbeen successful in preserving and even increasing the quality of its customerservice. This has been confirmed in a survey by the publishing companymarktintern, which puts car warranty providers to the test at two-yearintervals. INTEC AG came top among 16 in the surveys of 2007, 2009, 2011 and2013. In 2013 it achieved its best result, 1.42. In 2015 INTEC came third, andin 2017 second.

 

 

About ELEMENT

ELEMENTInsurance AG is one of the the leading white-label product factory forinsurance and a leader in insurance digitalisation. Itis the first young company licensed by the German Federal Financial SupervisoryAuthority (Bundesanstalt für Finanzdienstleistungsaufsicht)as a direct insurer for non-life insurance, which enables ELEMENT to act as arisk carrier, including claims settlement, in 28 countries across Europe.Founded in March 2017, ELEMENT offers a unique technology platform (‘Insuranceas a Platform’) with a focus on the B2B2X value chain: ELEMENT develops for itsmore than fifteen partners from various industries – from e-commerce toestablished insurers – custom-made, innovative white-label insurance productsat record speed. These products are then marketed by the partners under theirown brand. ELEMENT has its headquarters in Berlin. End of 2018, ELEMENT closedthe Series A with a total of EUR 29 Million in investment.

 

 

PresseContact

SebastianSchleicher | Senior Communications & PR Manager

+49 (152) 0132 74 42 | sebastian.schleicher@element.in

ELEMENT Insurance AG |Hardenbergstraße 32 | 10623 Berlin | Germany