Fair Names Assurant Primary Insurance Partner
Insurance Coverage Now Part of Company’s Fully Digital Flexible-Ownership Platform
SANTA MONICA, Calif.--(BUSINESS WIRE)-- Fair, the first app that lets you get a car on your phone and turn it in any time, announced a strategic partnership today with Assurant, a leading provider of risk management services in the on-demand economy. Assurant is the primary underwriter for the Fair-branded property & casualty insurance offered for all vehicles available on the app.
“This partnership will allow us to provide Fair customers with top-tier insurance coverage and the additional ability to turn it off when they turn in their car,” said Scott Painter, Fair CEO and founder. “Along with our price guarantee and other powerful consumer features, the arrangement will help give our customers total peace of mind under Fair’s flexible new model.”
With Fair, a customer can sign for a pre-owned vehicle right in the app and drive it as long as they want—with no long-term commitment or physical paperwork. Through the agreement with Assurant, users have the option to enroll in an Assurant-backed property & casualty insurance program through the app that would protect users and their Fair vehicle for as long as they have the car. The plans offer industry-leading rates and can be instantly discontinued whenever a customer turns in a Fair car.
Customers can simply add the Assurant-backed Fair insurance at the end of the car-shopping process, and include it with their car’s all-in monthly payment, which already automatically includes maintenance, a limited warranty and roadside assistance. Fair is a licensed insurance agent and plans to expand participation in the program in partnership with Assurant.
“This is another way to bring our risk-management expertise to an innovative mobility venture,” said Kunal Malhotra, Assurant Vice President. “We help Fair provide a simple solution by streamlining the customer experience. If a user needs insurance, we have a unique product that works for them through the Fair app.”
Assurant’s partnership with Fair is the latest in a series of technology-based innovations in risk management from the company, which also safeguards millions of electronics users, renters, home-sharing clients and small-package shippers.
Fair is a FinTech company that provides a new way to shop, get approved and pay for a car—all on a phone. Fair aims to provide access to mobility for everyone by pioneering the car-as-a-service (CaaS) concept. It gives customers the freedom to drive the car they want for as long as they want, and the flexibility to walk away at any time. Fair is headquartered in Santa Monica, California. CA DOI Lic.# OL79594.
Assurant (NYSE: AIZ) is a global leader in risk management solutions, helping protect where people live and the goods they buy. Millions of consumers count on Assurant’s innovative products, services and support for major purchases like homes, cars, appliances, mobile devices and funerals. Assurant partners with leading companies that make, sell or finance those purchases to take great care of their customers and help their business grow. A member of the Fortune 500, Assurant has a market presence in 16 countries worldwide. As of September 30, 2017, the company had $32 billion in assets and $6 billion in annualized revenue. Learn more at assurant.com or follow us on Twitter @AssurantNews.
Megan McCourt, 408-515-4063