Y Combinator-backed insurtech startup Bimaplan, has recently announced its exclusive partnership with Impex, a manufacturer of consumer durable appliances, to provide a complementary extended warranty on its range of televisions as an add-on benefit to its customers.
As part of the partnership, Impex will integrate Bimaplan's warranty extension into its existing product to provide 48 months of warranty coverage to boost new customer acquisition and retention in the Southern region of India, starting with Kerala. Almost every consumer durable comes with a manufacturer's warranty for electrical and mechanical failures. However, the tenure remains valid only for a short period of usually about 12 to 24 months which makes it challenging for customers to claim the cost of the manufacturing defect after the manufacturer’s warranty period is over.
India’s extended warranty market is expected to exhibit a CAGR of 11.65% during 2023–2028. Impex believes that warranty benefits for high-involvement purchases such as LED TVs will create a loyal customer base and therefore, has partnered with Bimaplan to simplify the extended warranty process for its customers by following a completely paperless approach and authorised repairs and partners.
Talking about the partnership, Nuvais C, Managing Director at Impex said, "Impex is delighted to have partnered with Bimaplan which will provide extended warranty on a range of Impex televisions. Bimaplan's reputation for their commitment to customer satisfaction aligns perfectly with Impex's values and we are excited to see the success this partnership will bring."
Speaking on the partnership, Avinash Gaikwad, CSO of Bimaplan, said, "The consumer durables market has faced the heat of the last two years of pandemic slowdown. However, the economy is coming back on track as the Indian homegrown brands have demonstrated the fastest growth to register a record 22 percent share of overall TV shipments in the Q3 of 2022. We are all set to provide Impex customers with the add-on benefits of extended warranty plans that will steer the company’s sales in the South India region. Additionally, we believe this partnership will also help us enhance our new customer base in the region."