Today, VouchForMe and Euroins Romania are pleased to announce the launch of a new and unique type of car insurance: facultative motor insurance with a deductible guaranteed by the clients’ social network. Through this approach, clients gain significant discounts, making Casco insurance more affordable to drivers.
Euroins product, Casco is a novelty on the market and is the first company to introduce the system of a third-party deductible.
When purchasing their insurance policy, clients decide how high they want their deductible to be in case of an insurance claim. The higher the deductible, the higher the premium discount. If drivers are not comfortable with taking a high deductible, they can invite their friends and family to step in by guaranteeing through VouchForMe, allowing them to access the highest discounts, without taking on additional financial risk. In the case of a claim, the deductible is split proportionally among the guarantors. This way, guarantors express their trust in the individual’s driving skills and behaviour in the form of financial commitment. The product is available within the Euroins sales network across the entire country.
Euroins Romania: “We wanted to offer our clients a new Casco product tailored to individuals based on their driving skills and behaviour, and reward those who are willing to prove this with better pricing. By guaranteeing that they are safe drivers, their family and friends can help them achieve great discounts.”
Matt Peterman, co-founder of VouchForMe: “We are very proud that Euroins chose to partner with VouchForMe to bring an exciting new product to the market. Euroins is one of the leaders in a growing market, and they have already proven that they know what customers are looking for. We believe that the VouchForMe model can bring significant savings to the end customer, help the insurance company to lower the risk and at the same time, encourage safer driving in the future.”
About Euroins: Euroins Insurance Group (EIG) AD is one of the largest independent insurance groups operating in the CEE/SEE/CIS markets. The company is focused on providing a full range of insurance products in the areas of general, health and life insurance. Bulgaria-based group operates in 9 European countries and owns insurance subsidiaries in Bulgaria, Romania, North Macedonia, Ukraine and Georgia. EIG also operates in Greece and Russia, and has niche insurance operations in Spain and Italy. Currently the insurance group has over 2.5 million clients and over 3000 employees. In 2017, the international credit rating agency Fitch assigned Euroins Romania, the largest company within EIG, an insurer financial strength (IFS) rating of ‘BB-‘ with stable outlook. EIG is a subsidiary of Eurohold Bulgaria, a leading independent business group operating in the CEE/SEE/CIS region, listed on the BSE and WSE. Eurohold Bulgaria operates in insurance, leasing, car sales, asset management and investment. www.eig.bg www.eurohold.bg
About VouchForMe: VouchForMe is the next generation hybrid peer-to-peer insurance model based on social proof endorsements, fully harnessing the power of blockchain innovation. The VouchForMe platform simplifies the risk assessment and segmentation for insurance companies while creating a favorable insurance solution for end customers. Our mission is to enable a completely new type of ecosystem to cover for areas of life and business where trust of the community counts as a risk assessment for an individual who in return benefits from a lower cost of insurance.