ELEMENT expands its range of innovativeinsurance solutions for the automotive sector
A fully digital leasing protection safeguardscustomers against additional payments upon return of the leased vehicle
Berlin, May5, 2020 - ELEMENT, the white label product factory for the insurance industry,
hasdeveloped a fully digital leasing protection for vehicles in cooperation withVolkswagen Financial Services AG. The innovative insurance solution protectslessees against additional payments upon return of the leased vehicle, that mayresult from above average wear and tear during the leasing period. The leasing protectionstarts at EUR 22.90 per month for a term of 48 months and can be bought onlineby Volkswagen customers (from a leasing term of 36 months) at rückkgabeschutz.vwfs.de.
"Weare often confronted with customers concerns about possible extra costs whenreturning their vehicle after the leasing contract expires. The leasingprotection insurance effectively reduces these concerns. Our insurance solutionis therefore the perfect supplement to the leasing contract", says TimoHertweck, CCO and Board Member of ELEMENT Insurance AG. "We focused on afast and technically flexible implementation of this insurance solution withour partner - one of our core competencies".
In additionto this product, ELEMENT offers further insurance solutions for the automotiveand mobility sector distributed by various industry partners in Germany, forinstance a sales promoting B2B warranty insurance for used cars. Additionally,more insurance products from Volkswagen Financial Services AG, also for non-VWcustomers, where developed in cooperation with ELEMENT and are alreadyavailable since 2019. Here a product suite with innovative customer-centric short-termcovers was launched (www.kurzzeitschutz.de). More products for the automotivesector are currently being developed.
TimoHertweck adds: “We will continue to support our partners in the automotivesector with tailor-made and demand-oriented white-label insurance products.This way we help them to build customer-friendly digital ecosystems and at thesame time our partners can strengthen their individual brand image. Weintegrate seamlessly into our partners value chain and thus help them tocontinuously expand their product range and services for their customers.”
ELEMENTInsurance AG is one of the leading white-label product factories for insuranceand a leader in insurance digitalisation. It is the first young companylicensed by the German Federal Financial Supervisory Authority (Bundesanstaltfür Finanzdienstleistungsaufsicht) as a direct insurer for non-life insurance,which enables ELEMENT to act as a risk carrier, including claims settlement, inall EU countries. Founded in March 2017, ELEMENT offers a unique technologyplatform (‘Insurance as a Platform’) with a focus on the B2B2X value chain:ELEMENT develops for its roughly twenty partners from various industries – frome-commerce to established insurers – custom-made, innovative white-labelinsurance products at record speed. These products are then marketed by thepartners under their own brand.
SebastianSchleicher | Head of Communications
+49 (0) 152 0132 74 42 | firstname.lastname@example.org
ELEMENT Insurance AG | Hardenbergstraße 32 | 10623 Berlin | Deutschland