ELEMENT and Volkswagen Financial Services now offeringinnovative insurance products for consumers
The subsidiary of Volkswagen Financial Services, theVolkswagen Versicherungsdienst GmbH, and ELEMENT Insurance AG are bringingthree innovative and completely digital insurance products to the Germanmarket.
Berlin, 29 January2019 – ELEMENT, the leading white-label product factory for insurance, and VolkswagenVersicherungsdienst, a subsidiary of Volkswagen Financial Services, are now partneringto offer consumers jointly developed insurance products. The initial insuranceproducts on offer protect car drivers against financial losses when they lendtheir 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 takingcare of a number of risks that irritate drivers. Thanks to our new range ofproducts, our customers can, for instance, let friends use their car carefreeand without having to worry about the consequences’, says Ulrich Bollmann,Leader Innovation Management at Volkswagen Financial Services. ‘We decided topartner up with ELEMENT, so that we could develop these innovative on-demandproducts in record speed.Customers can purchase a policy by the day without taking on any long-termcommitment.’
These digitalsolutions are the perfect example of the insurance products of the future,which are focused directly on the customer. Practical solutions now take careof problems for which there was no tailor-made protection in the past. This hasbecome possible thanks to the combination of insurance expertise withultra-modern technology.
‘Our partnershipwith Volkswagen Financial Services is an important milestone for us. These newproducts fully reflect our vision – to develop insurance products that meet theconsumers’ needs. We are thrilled that our expertise in insurance andtechnology is being used by major players of the industry’, remarks ChristianMacht, Chief Representative of ELEMENT.
ELEMENT implementsinsurance products, created by in-house insurance experts, in record speedthrough their proprietary technology platform – even for very specific target audiences. Licensedby the German Federal Financial Supervisory Authority (BaFin) to sell non-lifeinsurance across Europe, the Berlin-based company also offers risk protectionand claim settlement.
About third party driver protection
· Protection against financial losses causedby subsequent charges and penalties from an existing car insurer
· Pays the excess charged by the existinginsurer
· Total protection of up to €5,000
· Premium option: Also pays for any increaseof the existing insurance’s premium if it becomes more expensive because of aclaim
· Can be purchased by anyone in Europe over21 years of age for a maximum term of 30 days
About car hireprotection
· Reduces claim excess
· Protection against financial losses
· Total protection of up to €2,500
· Premium option: Additional protection formisfuelling and car key loss (each up to €500) and any hire company processingfees up to €70
· Can be purchased for cars hired in Germanyby persons over 18 years of age for a maximum term of 30 days
About testdrive protection
· Can be purchased by individuals privatelyletting their cars be test driven or lending their cars for a test drive and bycar dealers who let their cars be test driven
· For private individuals offering testdrives:
o Protectionagainst financial losses caused by demands from an existing car insurer forpremium and penalty payments
o Paysthe excess charged by the existing insurer
o Totalprotection of up to €5,000
o Premiumoption: Also pays for any increase of the existing insurance’s premium if itbecomes more expensive because of a claim
o Can bepurchased by persons over 18 years of age for test drives commencing in Germanywith a maximum term of 24 hours (the test drive itself may not exceed 4 hours)
· For dealers offering test drives:
o Protectionagainst financial losses
o Totalprotection of up to €2,500
o Can bepurchased by persons over 18 years of age for test drives commencing in Germanyfor a maximum term of 5 days
*More informationabout product features can be found in the insurance terms and conditions.
>> About Volkswagen FinancialServices
Volkswagenfinancial services are an area of business of Volkwagen AG and includeVolkswagen Financial Services AG with their associated companies, VolkswagenBank GmbH and Porsche Financial Services. They additionally include thefinancial service companies in the US, Canada or Spain directly or indirectlyowned by Volkswagen AG, with the exception of the brands Scania and PorscheHolding Salzburg. Their main areas of business include dealership and customerfinancing, leasing, banking, insurance, fleet management and mobility services.Volkswagen Financial Services have 15,770 employees worldwide – 6,670 of whichare in Germany. The Volkswagen financial services report total assets of EUR186.9m, an EBIT of EUR 2.5b and a portfolio of about 19.7m contracts (as of 31Dec 2017).
ELEMENT InsuranceAG is the leading white-label product factory for insurance and a leader ininsurance digitalisation. It is the first young company licensed by the GermanFederal Financial Supervisory Authority (Bundesanstalt für Finanzaufsicht) as adirect insurer for non-life insurance, which enables ELEMENT to act as a riskcarrier, including claims settlement, in 28 countries across Europe. Founded inMarch 2017, ELEMENT offers a unique technology platform (‘Insurance as aPlatform’) with a focus on the B2B2X value chain: ELEMENT develops for itspartners from various industries – from e-commerce to established insurers –custom-made, innovative white-label insurance products at record speed. Theseproducts are then marketed by the partners under their own brand. ELEMENT hasits headquarters in Berlin and operates across Europe.
SebastianSchleicher | Senior Communications & PR Manager
+49 (152) 0132 74 42 | email@example.com
ELEMENT Insurance AG |Hardenbergstraße 32 | 10623 Berlin | Germany