Image credits: Mazda Motor Corporation
News Article

Mazda, Assurant Mexico Introduce Spare Part Insurance

By Alejandro Enríquez | Mon, 08/16/2021 - 15:37

Assurant Mexico and Mazda México introduced a new insurance policy to cover the robbery of spare parts in used vehicles. "With this new insurance customers of the brand may protect auto parts such as car plugs, bumper, lights, cameras, tires, etc. This shows the commitment to protect what they care the most, for our partners and their customers. Congratulations Mazda for this excellent initiative," wrote Felipe Sánchez, President and CEO of Assurant Mexico, on Linkedin.

Assurant is a Fortune 500 present in 21 countries that offers mobile device solutions, extended service contracts, vehicle protection services, pre-funded funeral insurance, renters insurance, lender-placed insurance products and other specialty products. In Mexico, the company has been in the country for over a decade and one of its first major business lines focuses on the automotive industry. "Assurant has been in the country for 12 years and during this time we have developed five business lines. The first is Global Automotive. Our Extended Service Contracts (ESC) division serves the retail industry. The third business line is focused on mobile devices and offers theft or accidental damage insurance. Our fourth division is Assistance and Financial Products, which offers insurance for mortgages, car loans, unemployment and permanent disability. Our fifth business line is Property," told Felipe Sánchez PresidentAssurant Mexico, to MBN during an interview.

Both companies have been customer-obsessed about improving their respective products. "Assurant also strives to turn its customer service into a competitive advantage. We have important relationships with large retailers like Liverpool, Palacio de Hierro and Costco and in the automotive sector with automakers including Toyota, Nissan, General Motors and Volkswagen, all of which are companies that are very selective and have high-quality standards. These companies are our clients and our strategic partners. An interesting feature of the service we offer is that even though we are a B2B business, we deal directly with the client," explains Sánchez.

Mazda is among the Top 10 vehicle brands in terms of sales in Mexico. The company ranked seventh in 2019 and 2020 in sales with 4.56 and 4.86 percent of market share, respectively. During 1H2021, the brand achieved the sixth position in the sales ranking with a 4.73 percent share, overcoming the downward vehicle sales cycle experienced by the industry. While the sector hit record sales in 2016 with 1.6 million units sold, Mazda started to grow. In 2017, it sold 54,163 units, then 58,112 the next year and hit record sales of 60,081 units in 2020.

"This may sound like a cliche but it’s true: even if a company has a good product, at a good price with excellent aftersales service, without the team’s enthusiasm to help customers, everything else is worthless," told to MBN Miguel Barbeyto, CEO of Mazda de México.

Today, the brand is clear that immediacy, customer service and logistics are key to standing out in an increasingly competed and digitized market. “Now, more than ever, in a digital world, the certainty that we give to customers is fundamental. We have to give them the confidence that what they are buying will arrive on time and in good quality. Sometimes, we create strategies thinking about what the company wants. But no, everything has to be linked to what the client is looking for,” Barbeyto said during Mexico Automotive Summit.

Alejandro Enríquez Alejandro Enríquez Journalist and Industry Analyst