Insurance Service
IoT marketplace
About the Company
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.
Our challenge
The main challenges
3rd party insurance supplier
dinamically calculated prices
Several Insurance programs and levels
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.
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.
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 by step
1.
Customer Journey
Split between tink.de and Hakuna Partner, the insurance supplier
Creating a cohesive user experience UX in both instances.
2.
API first solution
API connection between tink.de store with Hakuna Insurance Partner
3.
Protection plans
3 protection plans
3 pro2 product categories entertainment and household appliances
What we have done
Custommer journey
Process details carefully by splitting it into parts.
Creating a customer journey requires clear, step-by-step guidance. By breaking it into smaller tasks, we ensure efficiency. The process involves tink.de and Hakuna instances, with end users focusing on product insurance options, not details.
This method offers a seamless experience for teams and customers. Detail attention and collaboration are vital for an excellent customer journey. Purchasing can be complex, as service covers the entire challenging journey.
Protection plans
Introducing a Point of Sale system, which is integrated with the warehouses and the online shop, to the local concept stores.
ink.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.
API first
Combinig two separated instances require cosntatnt effective communcation.
The API link between tink.de and its Insurance Partner enables smooth integration and communication, enhancing efficiency for the users. This robust connection manages data and services seamlessly, ensuring uninterrupted operations and an improved user experience.
Effective division of processes into clear stages and proactive client communication is key to cohesive system operation.
Outcomes
3
comprehensive protection plans for IoT devices
200
orders in the first month
4%
CR reached for the 5-years plan
What is the tink care business value for tink.de?
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
Product Manager at tink.de
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