Partnership bolsters Assurant’s ability to offer products like Assurant EV One Protection℠ by combining real-time battery and actuarial data with enhanced modeling and AI
NEW YORK, Jan. 25, 2023 –Assurant, Inc. (NYSE: AIZ), a leading global business services company that supports, protects, and connects major consumer purchases like automobiles, today announced an agreement with Altelium, a provider of real-time data driven battery solutions. The partnership enables Assurant to leverage Altelium’s artificial intelligence (AI)–driven battery data and electric vehicle (EV) insights to create an array of innovative electric vehicle solutions, including vehicle service contracts that protect EV owners from costly battery repair and replacement.Assurant will also use this technology to provide enhanced EV awareness to dealers and EV insights to EV owners.
While this partnership represents the foundation of a wide range of potential EV and EV-related solutions for auto dealers and EV owners, Assurant is already deploying Altelium’s technology in Assurant EV One Protection℠, Assurant’s most comprehensive electric vehicle service contract product to date. With Assurant EV One Protection℠, drivers of BEVs and PHEVs less than eight years old, and with fewer than 80,000 miles at the time of purchase are covered for extensive mechanical repair and replacement coverage, including the lithium-ion / traction battery and battery management system.
Altelium strengthens Assurant’s ability to offer products like Assurant EV One Protection℠ by combining Assurant’s data –from actuarial and other sources –with information and EV insights from Altelium. Importantly, these will provide a seamless customer experience to both dealers and EV drivers. The platform produces dynamic reporting and insights for dealers and EV owners, with customer-centric service that enhances the experience and benefits of driving an EV or plug-in hybrid electric vehicle (PHEV).
“Our work with Altelium allows us to bring clarity, transparency and a higher degree of confidence to the world of EVs, which will become increasingly important as more drivers embrace electric vehicles and more EVs are purchased as used vehicles,” said Martin Jenns, EVP & president, Assurant Global Automotive. “Data modeling enhanced with AI gives us the ability to underwrite batteries with confidence, and, with Altelium’s technology behind our products, we can offer a superior level of customer service and support.”
“As innovators, we are delighted to grow our relationship with Assurant, known for their innovation in creating robust vehicle protection solutions,” said Ed Grimston, co-founder of Altelium. “Working together to apply AI-driven insights to Assurant’s EV protection solutions will help position them and their dealer customers for success, while customers drive away with more peace of mind.”
“This partnership also helps support the green transition by giving vehicle buyers the confidence to switch from ICE to EVs or PHEVs,” added Jenns. “It addresses two of Assurant’s key product sustainability goals–leveraging insights to accelerate the rollout of offerings that add customer value and have a positive impact on society and introducing products and services that support the acceleration and adoption of technology that helps minimize the carbon impact on the environment.”
About Assurant Global Automotive
Assurant, Inc. (NYSE: AIZ) is a leading global solutions provider in the automobile industry for manufacturers, large group and independent dealers, agents, third-party administrators, financial institutions, insurance providers, and vehicle technology companies. Assurant Global Automotive helps drivers protect their vehicles and avoid costly repair. With over 50 years of industry experience, Assurant is trusted by and works with nine of the top ten global automotive manufacturers serving over 50 million consumers in 17 countries. Providing innovative solutions like vehicle service contracts, performance management and training, participation options, ancillary products, guaranteed asset protection, and more, Assurant Global Automotive helps clients grow and thrive.
Assurant, Inc. (NYSE: AIZ) is a leading global business services company that supports, protects and connects major consumer purchases. A Fortune 500 company with a presence in 21 countries, Assurant supports the advancement of the connected world by partnering with the world’s leading brands to develop innovative solutions and to deliver an enhanced customer experience through mobile device solutions, extended service contracts, vehicle protection services, renters insurance, lender-placed insurance products and other specialty products.
Altelium provides battery health information through a real-time data driven SaaS solution which enables decisions regarding the operation, insurance or purchase of lithium-ion powered EVs and energy storage systems to be made with confidence. Altelium real-time data driven SaaS solution supports Service Contract and Warranty Providers and distributors in the underwriting of EVs and Hybrids. The solution includes enhanced customer service providing Insights to Dealers and EV Owners. Altelium’s customised insurance solutions for financiers, asset owners and OEMs across the globe include Energy Storage Construction and Operational Insurances and Extended Warranties. Altelium is a trusted partner on the path to net zero.