First Blockchain-Powered Luxury Watch Embedded Insurance
Hong Kong (July 14, 2023) – YAS is proud to announce the groundbreaking launch of TimeCare, a revolutionary luxury watch insurance program powered by blockchain technology. TimeCare sets an unprecedented standard in the insurance industry, combining cutting-edge technology and protection to cater to the unique needs of luxury watch enthusiasts worldwide. This innovative solution offers enhanced security, transparency, and a seamless embedded insurance experience to cherished timepieces.
Distinguished by its features, TimeCare seamlessly embeds insurance coverage into the watch purchase process, providing a simplified application experience. Leveraging state-of-the-art blockchain technology, TimeCare elevates security, transparency, and efficiency in claims processing, establishing an indisputable record of ownership and authenticity. Unlike conventional home insurance policies with limited coverage and inconvenient way of value appraisal for individual luxury items, TimeCare at time of launch will cover up to US$12.8M total sum insured underwritten by one of YAS’ global underwriting partners. YAS will also be working with luxury brands around the world, starting with an Asia renowned luxury watch retailer from Hong Kong.
Luxury watches aren’t merely accessories; they are often investments, memories and family heirlooms. Watch owners deserves more prudent protection without the hassle and intimidation from conventional insurance process. TimeCare securely and permanently records policy details, coverage information, and watch records, including guarantee card details for watch buyers.
TimeCare was designed with utmost dedication and care for watch enthusiasts. This reflects YAS’ commitment to insurance innovation and customer satisfaction, redefining insurance offerings in the global luxury goods market.
Blockchain Powered Luxury Asset Embedded Insurance Program by YAS.io
William Lee, Co-founder of YAS, said: “TimeCare is more than just insurance; it represents a commitment to trust, transparency, and efficiency as we build the future of insurance for the new generation. We believe TimeCare will be a singularity moment in time where we start to redefine how insurance work. Combining the immutable nature of blockchain with the perpetual essence of a time piece is a perfect match. We are not waiting for tomorrow; we go beyond hypes, and we are doing it today.”
Looking ahead, TimeCare aims to expand its reach and impact the global luxury asset market. The successful launch in Hong Kong lays the foundation for further expansion into other regions and luxury products, whilst inspiring more industries to adopt similar programs and innovation.
About YAS
Established in June 2019, YAS is an Asia based award winning Insurtech venture with a vision to offer new hyper-personalized and autonomous insurance protection thru the world of connected data. Leveraging, blockchain, machine learning AI models and GPS telematics technology, it aims to introduce disruptive new business models, underwriting approaches and provide insurance inclusion for every moment that matters for people around the world. For more information, please visit www.yas.io/en/.
SOURCE: YAS Group
Tags: blockchain, embedded insurance, industry first, launch