Sompo Japan with NexAssure’s expertise receives regulatory approval for vehicle extended warranty insurance in one of the key markets in Southeast Asia.
Back in early 2015, Sompo Japan Indonesia (“Sompo”) approached NexAssure to engage our expertise on vehicle extended warranty. Sompo’s research of Indonesia’s vehicle market, showed extended warranty would be one of the key products for distributors and dealers seeking to grow sales and aftersales revenue. Vehicle extended warranty is a new product for the Indonesian market. Together with Sompo, we were successful in receiving the first ever regulatory approval by the Indonesian regulator on 31 December 2015.
To celebrate the launch of vehicle extended warranty, Sompo hosted a gathering event for all vehicle distributors and large dealer groups together with executives from Sompo Japan. The well attended event was recently held in the new Raffles Hotel in Jakarta. Anthony Hobrow, our Group CEO was a key speaker and was joined by other distinguished industry experts.
Each one of our group companies plays a key role for Sompo. NexAssure Solutions provides underwriting consultancy expertise, NexAssure Agency will in the future provide expert reinsurance capacity and NexAssure Management, provides claims administration services to Sompo.
NexAssure launches Goo Warranty in Malaysia for Berjaya Sompo
Goo Warranty, from PROTO Corporation (owner of Motor Trader magazine) enters the Malaysian used car market with the expertise of NexAssure and our client Berjaya Sompo Insurance Berhad. Goo Warranty based on a similar concept used in Japan, adapted the concept to Malaysian requirements. Goo Warranty, offers a 12 month used car warranty for vehicles no more than 7 year old, 100,000kms for private use.
This is a unique offering for Malaysian used car dealers. The bundled package purchased by used car dealers combines, a 344 point vehicle inspection, advertising in Motor Trader and 12 months extended warranty.
About Sompo Japan Nipponka Holdings
Sompo Japan are one of the leading Japanese insurance groups with a global business network encompassing 210 cities in 32 countries and regions, including Europe, the Middle East, Africa, North America, Central and South America, Asia and Oceania. As a domestic insurer, Sompo are the second largest P&C insurer in Japan.