Watchmaster offers insurance at the POS

ELEMENT , Germany’s cloud-based insurance company, has partnered with Berlin-based startup Hakuna to bring “embedded and more sustainable insurance solutions” to the European markets.

One use case can be seen by looking at Watchmaster , an online platform for refurbished watches. Now, all watches come with an additional warranty extension, giving the customer three more years of protection against damage, breakage, and theft. In this case, ELEMENT is the primary insurer and risk carrier, while Hakuna is responsible for claims and contract processing as well as sales.

The plan is to introduce more insurance solutions throughout the year.

“We are very pleased about the cooperation with ELEMENT, a strong partner whose insurance infrastructure will enable us to offer many customers real added value in all possible product categories in the future. Watchmaster is a great starting point for this, after all, a watch is one of the few products nowadays that can really accompany buyers throughout their lives – good and fair product protection is essential.” – Sebastian Jost, Co-CEO of Hakuna.

“Hakuna’s approach to sustainable repair and replacement solutions enables retailers like Watchmaster and end customers to have a brighter future in e-commerce. At the same time, we at ELEMENT are actively driving the change towards a sustainable future in the insurance industry. We are therefore all the more pleased to have another partner at our side who shares the same conviction.” – Christian Macht, CEO of ELEMENT.