Tesla to Provide In-House Insurance Service in Germany

Tesla insurance is very convenient for car owners. The appearance of new job openings related to insurance in Germany hints that the company is going to enter the country's market.

In the summer of 2019, Tesla introduced insurance to its customers in California. Tesla insurance is competitively priced and aims to provide Tesla car owners with lower rates of up to 20% and in some cases up to 30%. The company also announced that it plans to expand in the future.

Just a few days ago, Tesla established an insurance brokerage limited company with a 50 million yuan register capital in China. The new insurance brokerage company's address matches the Tesla Gigafactory Shanghai location. And the company's business scope is indeed listed as an insurance brokerage.

Aug 11, Tesla Just Established An Insurance Brokerage Company in Chinahttps://t.co/nIWakKQiZH

— Tesmanian.com (@Tesmanian_com) August 16, 2020

Rumors that Tesla plans to launch insurance in Germany have been circulating for months, according to Elektroauto-News.net. Now, on the company's website, we can see two positions related to this activity.

Program Manager, Insurance Product & Underwriting and Program Manager, Insurance Pricing Actuary & Data

"Tesla is looking for an exceptional and experienced underwriter to develop motor insurance products across our European markets. We are developing the next generation of insurance products protecting Tesla owners, enhancing their ownership experience and lowering total cost of ownership. The Program Manager, Product & Underwriting (Europe), will work alongside our pricing, data science and engineering teams to rethink how a motor insurance product is best designed with the customer in mind first."

Both posts are for Berlin. German insurance inspector Torsten Kusmanow said that Tesla's entry into the German insurance market must be taken very seriously. “The problem for the established insurers is that there is still little experience with EVs,” he explains. With its own insurance, the manufacturer benefits from "clean customer interaction" and "no other interface." This provides a "huge informational advantage,” for example when it comes to evaluating data on driving behavior and the use of Autopilot.

Kusmanow rates the willingness of Tesla customers to disclose their personal insurance fee data as above average. Tesla "as a closed system can increase the willingness to disclose data," especially since it can create real added value, "for example, in the form of a cheap premium or additional individual insurance benefits."

© 2020, Eva Fox. All rights reserved.

Article edited by @SmokeyShorts, you can follow him on Twitter

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