During our AutoTech Effect Episode with Amtrust North America, we spoke with Courtney Palladino, Vice President of Business Development, and Frank Amendola, Senior Vice President of Underwriting, to discuss the transition of electric vehicles and home protection products in the warranty space.
AmTrust is a global underwriter of service contract programs for warranty and specialty risk; they operate in over 80 countries with a large focus on automotive. They also provide service contracts for consumer products, mobile protection, home warranty, and financial services products.
The current transition is the developing market within electric vehicles (EVs). Palladino discusses the rise of gas prices, the sanction of state regulations, and large OEM investments in EVs. As a result, AmTrust is adjusting their products and processes to meet the rapidly changing market. Amendola goes on to discuss how risk factors are assessed for EVs to provide products and solutions that are beneficial to their TPA partners.
Palladino says they want to educate consumers on EVs and provide peace of mind in terms of the EV wall charger, which they’ve recognized as a missing piece in the F&I office. To solve this issue, they are working with energy companies to ensure a full start-to-finish product for EV charger replacement and repair. Palladino discusses the emphasis on technology and how it can improve the overall consumer experience. Their goal is to provide coverage for multiple asset types under the same customer profile for RVs, boats, solar power, and home products.
Palladino emphasizes that consumers want options, such as subscription payment plans for service contracts, which will allow for more flexibility. AmTrust is meeting this need by implementing underwriting and pricing to accommodate subscription. Overall, AmTrust’s goal is to provide benefits to customers with tangible, added value.
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