New Assurant Vehicle Care Brings Enhanced Protection Products and a Comprehensive Digital Consumer Experience

Rhea-AI Summary

Assurant, Inc. (NYSE: AIZ) announces the launch of Assurant Vehicle Care, a new suite of vehicle protection products aimed at dealerships. This suite includes enhanced offerings such as Vehicle Service Contracts, Dealer Certified Limited Warranties, Prepaid Maintenance, and Theft Protection, among others. The product suite is designed to streamline sales and improve customer experience through digital platforms, including the Vehicle Care by Assurant app and VehicleCarePlan.com. Additionally, inflation-optimized pricing enhances product viability. The initiative reflects Assurant's commitment to innovation in the automotive sector and aims to strengthen dealer revenue and customer loyalty.

Positive

• Launch of Assurant Vehicle Care suite enhances service offerings.
• Digital tools improve customer experience and engagement.
• Pricing optimized for inflation protects dealership revenue.

Negative

• None.

New product suite features ‘best-of-the best’ of Assurant’s legacy products with optimized pricing for dealers, convenient digital tools for drivers

NEW YORK--(BUSINESS WIRE)-- Assurant, Inc. (NYSE: AIZ), a leading global business services company that supports, protects, and connects major consumer purchases like automobiles, introduces Assurant Vehicle Care, a comprehensive new suite of vehicle protection products launching in dealerships this quarter. Assurant Vehicle Care offers dealers the following enhanced products:

• Vehicle Service Contracts for both internal combustion engine and electric vehicles
• Dealer Certified Limited Warranties
• Prepaid Maintenance
• Appearance Protection
• Theft Protection
• Lease Protection
• Guaranteed Asset Protection
• Ancillary Products (Tire & Wheel, Paintless Dent Repair, Windshield Protection, Key Replacement), bundled and sold separately

Assurant Vehicle Care also brings a seamless new digital experience for consumers, spanning the enhanced Vehicle Care by Assurant app (formerly Pocket Geek Auto) and VehicleCarePlan.com, a comprehensive customer-facing website. These easy-to-use digital tools allow drivers to choose, in the moment, how they digitally interact to manage their product policies and keep their vehicles in top condition.

“This new suite of products continues our momentum in providing innovative solutions for our dealer partners and their customers,” said Martin Jenns, EVP & President, Assurant Global Automotive. “What sets this new suite of products apart is how we have elevated the benefits for drivers and given them new digital tools to manage their vehicle care, while optimizing and streamlining the products’ pricing for our dealer partners.”

Some examples of product enhancements to the vehicle service contract offered through Assurant Vehicle Care include:

• Expanded vehicle eligibility – moving from “current plus 12 model years” to current plus 15 model years, and opening to vehicles with less than 200,000 miles (up from 150,000 miles)
• Improved participation options, opening availability to multiple participation structures on products that did not exist prior to the launch of Assurant Vehicle Care
• A wider choice of Terms, now including 12, 24, 36, 48, 60, 72 and 84 months

“To create Assurant Vehicle Care, we looked at our full scope of dealer products, including our legacy products from our integrations with The Warranty Group and American Financial & Automotive Services, and picked ‘the best of the best’ for coverage, benefits, eligibility and more,” said Jeff Strickland, SVP, Assurant Dealer Services. “The result is benchmark coverage within the industry – simplified for streamlined sales – which will help our dealers stay ahead of the evolving vehicle purchase process landscape.”

Beyond offering a streamlined portfolio of products, Assurant Vehicle Care is designed to help dealers and consumers stay ahead of another challenge of our times, as inflation drives repair costs – and claim totals – higher. “Years of proprietary data on cost of claims, claims frequency and other factors have enabled us to optimize these products with pricing designed to future-proof them against the effects of inflation," added Strickland. “This will help protect dealership revenue and ensure consumers retain the same high level of coverage.”

To meet consumer expectations to digitally manage their lives, the Vehicle Care by Assurant app and VehicleCarePlan.com helps drivers stay better connected to their vehicle – and their dealer – to easily manage vehicle care. With these online tools, drivers can:

• Digitally store their service contracts and protection plans
• Stay updated on the status of a claim
• Document service history
• Receive just-in-time maintenance notifications
• Track upcoming maintenance
• Check for safety recalls
• Transfer a policy

“When customers purchase Assurant Vehicle Care, they not only get the best suite of vehicle products we’ve ever offered; they also get a convenient, intuitive online customer experience through the Vehicle Care by Assurant app and VehicleCarePlan.com website,” explained Strickland. “Consumers want digital solutions for the products they purchase to make overall car ownership easier, which in turn can enhance customer loyalty.”

To help dealers educate and market this new suite of products, Assurant has created easy-to-understand digital videos and brochures that demonstrates the value of the products to consumers.

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 50 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.

About Assurant

Assurant, Inc. (NYSE: AIZ) is a leading global business services company that supports, protects and connects major consumer purchases. A Fortune 500 company with a presence in 21 countries, Assurant supports the advancement of the connected world by partnering with the world’s leading brands to develop innovative solutions and to deliver an enhanced customer experience through mobile device solutions, extended service contracts, vehicle protection services, renters insurance, lender-placed insurance products and other specialty products.

Learn more at assurant.com or on Twitter @Assurant.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230120005224/en/

David Biss

(973) 953-0721

david.biss@assurant.com

Source: Assurant, Inc.

FAQ

What is the Assurant Vehicle Care product suite?

Assurant Vehicle Care is a new suite of vehicle protection products launched by Assurant, Inc., designed for dealerships.

How does Assurant Vehicle Care improve dealer offerings?

It includes enhanced products like Vehicle Service Contracts and Theft Protection, optimized pricing for dealers, and new digital tools for consumers.

What digital tools are available with Assurant Vehicle Care?

The suite offers the Vehicle Care by Assurant app and VehicleCarePlan.com for managing service contracts and vehicle maintenance.

How does Assurant Vehicle Care address inflation concerns?

The product pricing is optimized to counteract rising repair costs due to inflation, ensuring better protection for dealership revenue.

When was Assurant Vehicle Care launched?

Assurant Vehicle Care is set to launch in dealerships this quarter.