KASKO Launches Flexible Rental Car Excess Waiver Product for Itzehoer in Six Weeks

KASKO, the London InsurTech company changing the way Insurance incumbents bring new products to market at speed, has announced its latest partnership with German mutual insurer Itzehoer Versicherungen, to launch SB adé (excess waiver product). The new product digitalises and simplifies the workflow for sales agents at car rental companies, offering excess waivers to customers who have rented cars with them. This allows Itzehoer Versicherungen and SHT Much to displace the offering of an incumbent insurer and offer a new kind of coverage for car rental companies to protect their incomes.

Itzehoer Versicherungen teamed up with KASKO to develop the product in just six weeks, far faster than the industry average of launching a new product which can take up to 12 months – a duration and associated opportunity cost that often makes hurdle rates too high to go after these opportunities. SHT Much will be responsible for distributing the new products through its partnerships with car rental companies.

Nikolaus Sühr, KASKO’s Co-Founder and CEO, commented: “This project is further proof that collaboration between companies like KASKO, Itzehoer Versicherungen and SHT Much can work, whilst improving operations, bottom lines and relationships along the way. These are the sorts of trusted partnerships that KASKO thrives upon and is focused on building for years to come.”

Itzehoer Versicherungen’s Product Manager, Christoph Meurer, added: “We needed to find a solution that worked quickly and securely, integrating our offerings into much wider distribution networks. Collaborating with KASKO was the perfect fit – they could get us to market quickly and flexibly. This is an Itzehoer Versicherungen first and we have considered it a test. Building on the success of this, we are exploring other avenues for deploying products with KASKO’s help, where there is opportunity and where we might not have previously had the IT capability.”

Fatih Kazanci, SHT Much’s Managing Director, said: “The demands of the modern business users are changing all the time, this collaboration between our trusted partners at Itzehoer Versicherungen and our new friends at KASKO has been a revelation. When we started talking to Christoph (Meurer) at Itzehoer Versicherungen about building a product of this nature, at no point did I think it even possible to be launching less than two months later.”

Itzehoer Versicherungen met KASKO at InsurTech Werft, a digitalisation initiative for executives focused on implementing new solutions and on jointly building propositions between insurers and startups.

One of the founders of InsurTech Werft, Prof. Dr. Florian Elert stated: “This is great news for our initiative, established insurer and InsurTechs and technology providers like KASKO, working together is one of our preferred outcomes of the InsurTech Werft. Some of the startups in the space have great solutions to problems that the insurance industry dealt with for years. It proves that InsurTech Werft is focused on problem-solving and implementing new solutions as well as building new relationships that are going to change our industry.”