Timecare is a distinguished service that seamlessly incorporates insurance coverage into the process of purchasing a watch. This integration greatly simplifies the application experience for customers, offering exceptional features that enhance the overall service. Timecare leverages cutting-edge blockchain technology to enhance security, transparency, and efficiency in claims processing. This innovative approach ensures an indisputable record of ownership and authenticity.
Unlike traditional home insurance policies, which typically offer restricted coverage and inconvenient methods for assessing the value of luxury items, Timecare provides comprehensive coverage with a maximum sum insured of $12.8 million. The insurance policy will be underwritten by one of YAS’s esteemed Global Subscription Partners. In addition, YAS intends to establish partnerships with renowned luxury brands on a global scale, commencing with a prominent Asian luxury watch retailer headquartered in Hong Kong.
Luxury watches are highly valued for their potential as investments, sentimental value as souvenirs, and the ability to be passed down as cherished family heirlooms. Therefore, it is crucial to ensure their protection in a discreet manner, without the inconveniences and concerns typically associated with conventional insurance procedures. Timecare effectively addresses these concerns by implementing a secure and permanent system for recording policy details, coverage information, and watch registration. This includes the inclusion of warranty card details for watch buyers.
The creation of Timecare exemplifies YAS’s steadfast dedication to pioneering insurance solutions and ensuring customer contentment, thereby revolutionizing insurance offerings within the worldwide luxury goods industry.
As per William Lee, one of the co-founders of YAS, Timecare goes beyond being a mere insurance provider. It symbolizes a dedication to fostering trust, transparency, and effectiveness as they pave the way for the future of insurance in the upcoming generation. Lee is of the opinion that Timecare has the potential to significantly reshape the insurance industry by integrating the secure and unalterable characteristics of blockchain technology with the enduring appeal of high-end timepieces.
Timecare has set its sights on expanding its influence within the global luxury asset market in the future. The successful launch in Hong Kong has provided a solid foundation for future expansion into various luxury sectors and products. This accomplishment has also served as a catalyst for inspiring other industries to adopt similar programs and innovations.