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The Warranty Group launches TrustCircle in Singapore

In View Summary

The Warranty Group, a global provider of warranty solutions (extending warranty coverage for auto or home purchases) and underwriting services has launched a new program for the automotive sector, TrustCircle.

The program is to provide extended warranty solutions for dealerships managing parallel imported and used cars in the entire market. This segment of automotives do not have the benefit of the manufacturer’s warranty. The program is available to the vehicles after undergoing rigorous testing for roadworthiness.

The program is to provide extended warranty solutions for dealerships managing parallel imported and used cars in the entire market

The benefits offered by the TrustCircle program include:

  • Protection against breakdowns of covered components for the full warranty period

  • Emergency service and repair solutions at any approved, partner workshop throughout Singapore

  • A simple and easy claims process, with a centralised call centre and an aggregated service network for ultimate convenience

  • Payout up to the car’s current average retail value.

The TrustCircle program is underwritten by Tokio Marine Insurance Singapore and although currently only available via six local dealerships, additional partners will soon be added to expand TrustCircle’s network.

According to Dennis Means, Head of Automotive Strategy APAC at The Warranty Group, “As a business, we have a proud heritage of more than 50 years operating and innovating in the automotive space. TrustCircle is our latest initiative to offer customers peace-of-mind and an exceptional after-sales service founded on a culture of transparency and flexibility.”

Reported Benefits

Benefits to customers

  1. Improved coverage
  2. Reduced processing time and costs
  3. Simple and east claims
  4. Transparent and flexible
  5. Improved customer experience

Benefits to insurers

  1. Improved service with customized product offerings
  2. Reduced costs
  3. Enhanced customer engagement

The Digital Insurer's View

As digitalisation grows, insurers are bringing in more and more external stakeholders like repairers/bodyshops and hospital in an attempt to form their own ecosystem. Ultimately, this initiative from Warranty Group’s TrustCircle program will help to tap into the new segment of parallel imported and used cars that do not benefit from manufacturer’s warranty.

References

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