Assurant Rolls Out Electric and Hybrid Vehicle Specific Protection Product to Asia-Pacific
Assurant EV One℠ provides wear and tear coverage giving consumers peace of mind protection from the cost of maintenance and unexpected repairs.
INDIA, Mumbai – Assurant, Inc. (NYSE: AIZ), a global provider of lifestyle and housing solutions that support, protect and connect major consumer purchases including vehicle protection products and services, today announced the continued rollout of an electric vehicle (EV) and hybrid vehicle-specific protection product to Asia-Pacific. Similar to the Assurant EV One℠ product that launched in the U.K. in early 2020, the program provides wear and tear coverage, giving consumers peace of mind protection from the cost of maintenance and unexpected repairs. The Assurant EV One℠ protection product is now available in all regions including North America, South America and Europe.
“We are excited to expand the rollout of our global electric vehicle-focused offering to OEMs and automotive dealers in Asia-Pacific,” said Assurant Global Automotive Senior Vice President of Global Transformation Martin Jenns. “Demand for electric vehicles continues to grow around the world, and as a leading provider of automotive service contracts, we want to be at the forefront of this evolution and provide our clients with products that align to the growing needs of their customers and help promote sustainability in the markets we serve.”
Assurant EV One℠ products in Asia-Pacific pick up where factory warranties stop, covering mechanical repairs and wear and tear maintenance. The product variations for the region include breakdown in EV propulsion systems, navigation and entertainment systems, electrical, steering, air conditioning, transmission, brakes, suspension, wheel alignment, bulbs, fuses and more. As the cost of vehicles continues to rise, mainly due to an increase in technology present in each vehicle, coverage products like Assurant EV One℠ protect consumers from additional post-purchase costs.
Electric vehicle production in Asia-Pacific is on an upward trend, led by China, Japan and South Korea. Furthermore, countries are offering tax rebates and incentives to encourage car owners to switch to eco-friendly vehicles. The cost savings, along with a changing consumer mindset on sustainability, are driving adoption in the region.
“While the electric vehicle market in India is still in its infancy, we expect the industry to grow rapidly in the next few years, led by the two-wheeler segment,” said Srikanth Srinivasan, Country Director, India at Assurant. “Partnering with Assurant helps our clients better understand global trends and gain consumer insights on EVs. With the launch of Assurant EV One℠ our clients are well-positioned to lead the market once demand for EVs increases.”
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About Assurant Global Automotive
Assurant, Inc. (NYSE: AIZ) is a leading global solutions provider in the automobile industry for manufacturers, large group and independent dealers, agents, third-party administrators, financial institutions, insurance providers, and vehicle technology companies. Assurant Global Automotive helps drivers protect their vehicles and avoid costly repair. With over 50 years of industry experience, Assurant is trusted by and works with nine of the top ten global automotive manufacturers serving over 49 million consumers in 17 countries. Providing innovative solutions like vehicle service contracts, performance management and training, participation options, ancillary products, guaranteed asset protection, and more, Assurant Global Automotive helps clients grow and thrive.
Assurant, Inc. (NYSE: AIZ) is a leading global provider of lifestyle and housing solutions that support, protect and connect major consumer purchases. Anticipating the evolving needs of consumers, Assurant partners with the world’s leading brands to develop innovative products and services and to deliver an enhanced customer experience. A Fortune 500 company with a presence in 21 countries, Assurant offers mobile device solutions; extended service contracts; vehicle protection services; renters insurance; lender-placed insurance products; and other specialty products. The Assurant Foundation strengthens communities by supporting charitable partners that help protect where people live and can thrive, connect with local resources, inspire inclusion and prepare leaders of the future.
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