The Lithuanian company is working together with ELEMENT as Insurance Carrier and has just entered the Finnish market, while preparing for starting business in Ireland right after.
ELEMENT, the leader in the seamless delivery of insurance for its partners in Europe, has just started its cooperation with Warranty Expert, the Baltic States’ leading extended warranty and purchase protection service provider, to launch multiple products across Europe. The Berlin-based insurer, founded in 2017, is growing fast in Germany and expanding across the EU, internationalization being one of the pillars of growth.
Launching in 2013, Warranty Expert grew their business within the region and a TPA network across Europe, focusing on tailored customer experiences and B2B partnerships, while expanding their retail training programs and insurance products. Pivoting to other European markets outside of the Baltic States was their main objective in the first quarter of 2023, and in cooperation with ELEMENT as an Insurance Carrier, the company will be launching their insurance, providing services in Finland and Ireland, with additional market launches scheduled in other regions in 2024.
We are excited to partner with ELEMENT and believe that this collaboration will allow us to provide our customers and partners even better insurance solutions across the European markets, said Simonas Budreika, CFO and Carriers Relations Leader of Warranty Expert. By sharing our expertise and resources, we can introduce our customer focused products and services to a wider network of potential partners and offer a higher quality product that our customers in the Baltics have grown accustomed to.Simonas Budreika, CFO and Carriers Relations Leader of Warranty Expert
Responding to the expectations of Warranty Expert of growing further and expanding into new European markets, ELEMENT is supporting their needs as an insurance carrier by enabling the business to scale across multiple geographies simultaneously, starting with Finland. The lean approach provided by the Berlin-based Insurtech is possible thanks to its deep product and underwriting expertise and proprietary technology and platform.
We are very happy to welcome Warranty Expert as our partner for this ambitious project. Our vision at ELEMENT is to make the delivery of insurance as seamless as possible for our partners across the EU. We are convinced that this cooperation will result in a great experience for the end customers, and a success case in the new geographies. By venturing into new geographies, we aim to create an unparalleled experience for our partners, redefining the landscape of insurance delivery. This project exemplifies our commitment to internationalization as a key for growth, innovation, and ultimately, a resounding success storyFrancesca Cossu, Head of International Sales at ELEMENT.
The partnership between Warranty Expert and Element will take effect immediately, with both companies collaborating on various initiatives and launch strategies and products.
ELEMENT Insurance AG is the leader in the seamless delivery of insurance for its partners in Europe. The 100% cloud based InsurTech is licensed by the Federal Financial Supervisory Authority (BaFin) as a primary insurer for property and casualty insurance, while being able to operate as a risk carrier in all EU countries. As a digital icompany, ELEMENT can create innovative insurance solutions quickly, flexibly, reliably and efficiently along the entire B2B2X value chain in the European market. The combination of insurance and technology expertise makes ELEMENT a pioneer of digitization in the insurance industry.
Warranty Expert is the Baltic States’ leading company in Purchase Protection and Extended Warranty services. Launching in 2013, Warranty Expert grew their business within the region and a TPA network across Europe, focusing on tailored customer experiences and B2B partnerships, while expanding their retail training programs and insurance products. The company is offering their products to a whole variety of purchases starting from all kinds of electronics to furniture. The main goal of Warranty Expert is to ensure peace of mind for all households.
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