Insurance service add on across all Magento products
tink.de is a disruptive online marketplace for smart home products powered by the Internet of Things (IoT). Since its launch in Berlin in 2016, tink.de has swiftly emerged as a frontrunner, with an impressive customer base of 700,000 and a team of over 100 talented professionals. Backed by a recent investment of 40 million euros, tink.de is poised to become a key player in the booming IoT market.
Featuring an extensive range of IoT products from renowned industry giants like Google, Amazon, Apple, Bosch, and Volkswagen, tink.de goes beyond the conventional. Alongside its forward-looking services encompassing rentals and insurance, tink.de provides comprehensive IoT solutions to cater to every need, including cutting-edge offerings in e-mobility.
Extra protection service for IoT devices
In today’s interconnected world, where homes are filled with a myriad of IoT devices, ranging from household appliances to gardening tools and entertainment gadgets, it becomes crucial to acknowledge the potential risks associated with their vulnerability and susceptibility to damage.Â
That’s where tink care comes in – its mission is to offer customers a comprehensive, seamless, and reliable protection service that ensures the safety and longevity of their valuable devices. With a wide range of innovative solutions and a customer-centric approach, tink care as a tink’s sub-brand is dedicated to safeguarding users and their cherished IoT devices, providing them with the peace of mind they deserve.Â
The objective was to enhance the in-store experience by offering additional protection through warranty extensions and insurance services, alongside the regular product offerings.
The tink care service is provided by a third party with a dedicated insurance price calculated dynamically based on the type of product, its price, susceptibility to damage and a number of other more or less significant variables.
Solution
Step 1.
When it comes to creating the customer journey, step-by-step guidance is key. By breaking it down into smaller tasks, we can ensure a more efficient process. In this case, the customer journey creation is divided between tink.de and Hakuna instances, but the end user just has extra product insurance options and does not bother about details.
This approach allows for a seamless and comprehensive experience for both the teams involved and the customers themselves. So, whether it’s mapping out touchpoints or optimizing user interactions, attention to detail and collaboration are crucial in delivering a top-notch customer journey. The purchasing can be intricate, where service encompasses the entire journey which is technically challenging.
Step 2.
The API connection between tink.de and its Insurance Partner allows for seamless integration and communication. By leveraging this connection, we can enhance the efficiency and effectiveness of the processes, providing a more streamlined experience for our users.Â
The robust API connection facilitates seamless data and service management across two different instances, ensuring a smooth and efficient workflow. This integration eliminates any potential negative impact on the client, enabling uninterrupted operations.Â
The key to achieving this lies in effectively dividing the process into well-defined stages and proactively communicating them to the clients. By doing so, the entire system operates cohesively, providing an enhanced user experience.
Step 3.
tink.de provides a range of comprehensive protection plans that cover two distinct product categories: entertainment and household appliances. They offer optional add-on services with protection plans available for certain products, giving the customers the flexibility to choose from 12-month, 3-year, and 5-year plans. These protective measures shield devices from technical flaws, accidents, vandalism, theft, and robbery, ensuring their safety and security. Insurance prices vary depending on the product being insured, which is a challenge for the whole purchasing process.Â
With these plans, the clients can ensure that their valuable devices are safeguarded from unexpected damages and expensive repairs, giving them peace of mind and uninterrupted enjoyment of their favorite gadgets and appliances.
Outlined below are the tangible business benefits that became evident within the initial month of deploying the solution.
Outcome / benefits
What is the tink care business value for tink.de?Â
We are delighted to introduce an important project that has recently been launched, focusing on providing extra protection services for our customers. Recognizing the value and cost of smart home products, we are dedicated to offering extended guarantees and other protective measures to ensure our clients’ peace of mind and security. In collaboration with our partner, Hakuna, we have introduced three comprehensive protection plans. These include a 3-year and 5-year extended guarantee, as well as 12 months of full protection.
All eligible for the extension tink products are categorized into three groups: electronics, household appliances, and tools, and various price ranges. The pricing for the protection plans is determined based on these categories and price buckets for tink products.
Within a span of less than a month, we have already received almost 200 orders. Notably, the conversion rate for the exclusive 5-year plan, currently available only for lawnmowers, stands at approximately 4%.
Anna Dodonova, tink.de Product Manager