CALGARY, Alberta, May 16, 2018 (GLOBE NEWSWIRE) — While many in the consumer world are leery about insurance and warranties, Obvi Inc. has launched a simple and innovative online platform that has set out to tackle some of the biggest problems facing consumers. Obvi is bringing the Canadian insurance industry on par with other countries.
“Our intuitive online platform provides our customers with a cost-effective extended auto warranty both easy to understand, and clearly written,” said Joe McBurney, Obvi President.
The world of insurance is more than just personal home and auto coverage, and there are several specialty products well suited to online direct sales. A technological revolution in the insurance industry more commonly known as “insurtech” has made its way to Canadian customers. Insurtech investment for 2017 realized more than $2 billion in funding, bringing the six-year total to more than $8 billion world-wide. As a result, the Canadian marketplace is positioned for rapid transformation in all aspects of the insurance industry.
“As the market is evolving, and more complex policies are starting to be offered directly online, insurtech is rapidly changing the extended warranty business with a big, long overdue, win for consumers,” said McBurney.
Before Obvi, warranties used to cost more than the repairs themselves. Most policies aren’t transferable at a dealer trade. Rolling an overpriced warranty into a customer’s finance plan increases the amount of interest customers pay and creates a loan to equity imbalance.
Obvi’s standard policy is a 7-year/175,000 km term for all vehicles, including Canada and U.S.-wide repair coverage, also allowing coverage to be transferred between owners upon resale or trade, either through private sales or through dealerships.
In North America, insurance and warranty products have not really made the leap to the online world. Internet-based insurance purchasing has been available in the UK for more than 10 years, and now more than 80 per cent of the UK personal insurance market is sold or generated online.
“You wouldn’t buy home insurance from your realtor – or health insurance from you doctor. We are giving Canadians a fast, easy, trustworthy way to purchase their extended auto warranties right from the source who also handles the claim,” says McBurney.
For more information about Obvi visit: obvi.ca.
CEO, CIPR Communications
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