Insurance provider Victor Insurance introduces new service: Extended Warranty coverage
In the ever-evolving world of insurance, one brand is making waves with its latest offering - Victor Extended Warranty. This new service, based in London and supported by a global team of underwriting and claims specialists, aims to address the growing demand for reliable extended warranty solutions in a market reshaped by complex technologies.
Victor Extended Warranty is a brand that specialises in providing extended warranty and vehicle protection plans. These plans typically cover mechanical breakdowns and repairs beyond the manufacturer’s warranty. Key features of such global underwriting offerings include coverage for multiple vehicle types, protection against unexpected mechanical failures, flexible warranty terms, and optional add-ons such as roadside assistance and diagnostics.
The service expands on Victor's existing auto-related insurance solutions, such as Victor Insurance Italy's Auto Dealers program. Sunjay Patel, appointed as the Managing Director of the Victor Extended Warranty team, brings 25 years of insurance sector experience to the table, most recently serving as head of underwriting at White Oak Underwriting Agency Limited for 14 years.
Victor Extended Warranty provides underwriting services for extended warranty solutions across various vehicle types, including Internal Combustion Engine (ICE) and electric vehicles, motorbikes, scooters, Light Commercial Vehicles (LCVs), vans, trucks, and tire protection.
In other news, Build-Zone has renewed two 'A' Rated insurance binders with AXA XL and Fidelis Underwriting Limited / Fidelis Insurance Ireland DAC. These renewed binders enable Build-Zone to continue to write Inherent Defects Insurance (IDI) and Structural Warranty business in the UK and Ireland.
Meanwhile, bsurance, a digital insurance solution provider, has developed a digital insurance solution for kika/Leiner's furniture stores. This innovative service allows customers to take out extended warranty insurance for electrical appliances directly upon purchasing. UNIQA acts as a risk carrier for the digital insurance solution, and bsurance worked closely with kika/Leiner to tailor the insurance product to their customer needs.
These services are designed to help insurers and reinsurers launch their own extended warranty solution, utilizing data-driven insights to manage risk at all points in the product life cycle. As we navigate the intricate world of insurance, it's clear that innovation and adaptability are key to meeting the evolving needs of consumers.
- The insurtech sector, with its focus on innovation and adaptation, is seeing a new player rising in the specialty insurance market – Victor Extended Warranty.
- Underwritten by seasoned insurance professionals such as Sunjay Patel, Victor Extended Warranty offers extended warranty solutions for a variety of vehicle types, including ICE and electric vehicles, motorbikes, scooters, and even light commercial vehicles.
- In the finance and energy sector, data-and-cloud-computing technology is making significant strides, providing insurtechs like bsurance the opportunity to create digital solutions that cater to specific industries, such as the furniture market.
- As the industry continues to evolve, it's essential for companies like Victor Extended Warranty and bsurance to collaborate with established players, like AXA XL and UNIQA, to deliver cutting-edge extended warranty solutions, ensuring seamless coverage for customers in various markets.
