Daily Markup

Daily Markup #796: YAS announces blockchain-powered microinsurance coverage for luxury watches, plus more from this week

July 28, 2023 · 2 min read
Credit: YAS

Keeping a close watch

  • Luxury watches are more than just accessories to some — they could be investment assets, valuable mementos, or even family heirlooms. 500-backed microinsurance company YAS developed a revolutionary luxury watch insurance program TimeCare, powered by blockchain technology, to help safeguard these valuable timepieces.
  • According to the team, TimeCare sets an unprecedented standard in the insurance industry, combining cutting-edge technology and protection to cater to the unique needs of luxury watch enthusiasts worldwide.
  • The policy comes with the watch purchase process and seamless claims processing in addition to establishing an indisputable record of ownership and authenticity.
  • TimeCare securely and permanently records policy details, coverage information, and watch records, including guarantee card details for watch buyers.
  • This is welcome news for the watch enthusiast, who typically can only opt for conventional home insurance policies that provide limited coverage and inconvenient value appraisal methods for luxury items.
  • On the other hand, TimeCare will cover up to US$12.8M. YAS will also be working with luxury brands around the world, starting with an Asia-renowned luxury watch retailer from Hong Kong.
  • William Lee, Co-founder of YAS said, “TimeCare is more than just insurance; it represents a commitment to trust, transparency, and efficiency as we build the future of insurance for the new generation. We believe TimeCare will be a singular moment in time where we start to redefine how insurance works.”
  • That’s not all — TimeCare aims to expand its reach, covering other regions and luxury products.
  • Read the full story here.

Other stories you may have missed:

  • CARSOME introduces complimentary insurance coverage to protect the unemployed
  • Grab honored as ‘TIME100 Most Influential Companies’ for building an inclusive digital economy in SE Asia
  • Transcelestial’s laser networks are breaking boundaries in spacetech for Singapore
  • GoWork business grows over 2x with ‘scale-as-a-service’ for companies to build complete & connected satellite offices in Indonesia
  • Alodokter acquired Diary Bunda – an app that helps mothers track their pregnancy – from Japan-based Marubeni Corporation
  • Malaysian national carmaker Proton announced strategic partnerships with three companies including CARSOME to refine the disposal process of trade-in cars for customers
  • Laka announced that they will be the official insurance partner for prestigious cycle brands Cervelo and Santa Cruz
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