The Singapore office of Willis Group Holdings, the
global insurance broker, has partnered with Australia’s largest insurer QBE to
launch an Extended Warranty product focused at consumers of used vehicles in
Singapore via a network of 300+ used vehicle dealers. The new offering called
Asia Care Warranty provides protection for defective vehicle claims arising
from Singapore’s latest consumer protection act, commonly referred to as the “Lemon Law”.
The so-called “Lemon Law”, which came into effect in
Singapore on September 1, aims to protect consumers from retailers who sell
defective goods or “lemons”.
Under the law, consumers can report a defective item within six months of
delivery and if the retailer can’t prove that the defect did not exist at the
time of sale, the consumer can then ask for a repair or replacement, and if
that’s not possible, a price reduction or refund.
In the used vehicle business,
the expected impact of the ‘Lemon Law’ is an increase in claims against
dealers. Whilst dealers are implementing steps to record the condition of
vehicles prior to sale, it may still prove difficult in the event of a large
and potentially reputation-damaging claim.
The new Willis/QBE Asia Care
Warranty product can be incorporated into the sale of used vehicles and allows
for both dealers and consumers to protect themselves by getting cover against
vehicle defects. Currently the product is available to used vehicle dealers
across Singapore.
Commenting on the protection
provided by the new product, Scott Spaven, Divisional Director, Business
Development & Placement for Willis Singapore said, “We have been working
closely for some time now with QBE to give Singapore’s used vehicle dealers a
long-term solution and the protection they require. Many dealers are now
selling the Asia Care Warranty product to support their sales process and to
help them manage their exposure to the potential increase in consumer claims.
Backed by the strong financial security of QBE Group, our product provides the
dealers and consumers the peace of mind that their claims will be paid quickly
and efficiently.”
The QBE product can apply to
most vehicle makes for a period up to 36 months or 100,000 kilometres and,
depending on the extent of cover purchased, it covers all major components.
Commenting on the attraction of
the new policy, Fazli Faroog from QBE said, “We have successfully launched this
product in other Asian countries and Singapore is the latest country of focus.
The internet-based technology our system uses provides claims authorisations
and we have already paid claims under the warranties in Singapore.
“With Singapore’s exceptionally
high used vehicle sales and the implementation of the ‘Lemon Law’, Willis and QBE’s new product
should be a welcome means of protection for both dealers and consumers.”
Willis Group Holdings plc is a
leading global insurance broker. Through its subsidiaries, Willis develops and
delivers professional insurance, reinsurance, risk management, financial and
human resource consulting and actuarial services to corporations, public
entities and institutions around the world. Willis has more than 400
offices in nearly 120 countries, with a global team of approximately 17,000
employees serving clients in virtually every part of the world. Additional
information on Willis may be found at www.willis.com.
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