The new protection is part of the “Non-Food Retail Initiative” being run by SIGNAL IDUNA and the Handelsverband Deutschland (HDE), a leading German retail organisation, to strengthen local trade.
KASKO built the new insurance solution is in 8 weeks, which includes integration into a third-party tool that automatically check the online business is legally compliant by going through its website, helping to avoid hefty fines
The SI Legal Notice Protection also provides customers with tips on how to ensure their business is fully compliant. The aim is to help more German retail businesses move online successfully at a time where traditional bricks and mortar stores are closed due to the COVID-19 Crisis.
KASKO, the London InsurTech providing the fastest and most flexible platform for insurance incumbents and startups to digitalise and scale their product offering, has announced its latest work for German insurance provider, SIGNAL IDUNA, launching the SI Legal Notice Protection in just 8 weeks. 47 percent of German online retailers have been fined for not having fully compliant websites and for businesses moving online during the COVID-19 challenge, the average fine they risk receiving for missing key information is up to €2000.
KASKO worked with SIGNAL IDUNA to launch the new product which is part of the insurer’s ‘Non-Food Retail Initiative’ in collaboration with German retail association, Handelsverband Deutschland (HDE), to strengthen local trade. Businesses that are going digital for the first time can fall foul of providing inappropriate or missing disclaimers, warranty for defects or data privacy policies. When they do, they will be fined. KASKO’s digital product suite includes an automatic screening of their website for data to see what they do and don’t have, looking at the risk of a new customer and it removes the need for expensive and time-inefficient lawyers.
The insurance costs customers €24.99 per month, which will cover an initial review by Signal Iduna’s partner law firms and costs associated with legal and court expenses expenses, dunning fees and third-party damages, up to €100,000.
Nikolaus Suehr, Co-Founder and CEO of KASKO commented, “This product can make a big difference to small businesses as they move their operation online in the time of crisis. We’re really proud of the work we have done, and know that this product will make a difference. We are also happy with the success of our partnership with SIGNAL IDUNA which came via an introduction by one of the premier global strategy consulting firms. Collaborating with trusted advisors like them is opening new doors to insurance partners who are adapting their services to include best-in-class solutions to better serve their own clients. KASKO is in a great place to provide them with the smart digital solutions they need for customers today.”
Denise Stahlhut, Product Manager for SIGNAL IDUNA, added, “Speed and timing were crucial in delivering this product. Right now, business owners are quickly having to pivot to ensure they survive and are able to still trade. Whilst this is great for business, for those who haven’t run a digital store before, they are more likely to miss critical information in order to be fully compliant. Our new insurance will not only protect them, but provide them with the tools and information they need to ensure they are operating as they should be. KASKO were fast and agile in responding to the needs of this product as the world around us continued to shift, and as a result we have great third-party features that will really help our customers.”