Solution

How Tyre Insurance Benefits Your Automotive Business

Whether you are serving individual buyers or fleet owners, providing insurance coverage or warranty for tyre damage can help build customer loyalty, attract new business and increase revenue.

As demand for tyres grows in Asia, manufacturers and dealers are turning to tyre insurance to gain and maintain a competitive advantage.

Asia’s fast-growing automotive market

The growth of the Asia-Pacific automotive market is accelerating and is expected to increase at 5.4% CAGR from 2018 to 2025^[1]. Within Asia, growing vehicle usage will fuel the demand for tyre replacement^[2] as tyres are one of the most important replaceable parts in a vehicle.

Tyre Insurance: Challenges for automotive businesses

When customers purchase a vehicle or tyre, there is a preference for manufacturers and dealers that offer tyre insurance and warranty protection. However, increasing tyre prices are placing an increasing financial burden on tyre makers, tyre dealers, and car dealers that offer in-house tyre replacement programs.

How Marsh’s tailored Tyre Insurance Solutions can benefit your automotive business

Marsh offers two tyre insurance solutions — Tyre Accidental Damage and Road Hazard Program — providing coverage for repair or replacement of tyres:

For tyre manufacturers or dealers, you can give assurance to your customers that unexpected costs arising from tyre repair or replacement are taken care of.
For vehicle manufacturers or dealers, you can offer tyre warranty as part of overall vehicle coverage to provide added value to your customers.

A seamless Digital Platform serving you and your customers.

One-stop portal for warranties, claims, and data management.
Real time fraud detection, aggregated reporting, and insights for decision-making.
Faster claims processing (reduction of processing time by 3 to 6 working days).
Customers can obtain timely and accurate details on their warranties digitally.

Tyre Insurance Solutions: Why partner with Marsh?

To increase customer loyalty, win new customers, and seize growth opportunities in today’s competitive automotive market, businesses need to choose the right partner to design and implement a tyre insurance program that is cost-efficient and tailored specifically for your business and customers. Marsh’s Tyre Insurance Solutions and the Digital Platform together delivers a highly customised and streamlined program with tangible benefits for both the automotive business and its customers.

Download the product guide to learn more about Marsh Tyre Insurance Solutions.

Sources:

^[1] 2021 Global Tire Replacement Market Report, Goldstein Market Intelligence.
^[2] 2021 Asia Pacific Tire Replacement Market Report, Goldstein Market Intelligence.