We joined forces with Autodeal to introduce BNPL for mandatory car insurance policies 

In the current environment, when everything just simply becomes more expensive the mandatory car insurance (MTPL) price makes no exception. To offer an alternative financing method that doesn’t put additional weight on Romanian consumers’ monthly budgets, we joined forces with Autodeal, mobile app for managing all costs related to cars. Threfore, we will offer the payment plan Buy now, Pay later to our common customers to better ease up the related expenses. Through BNPL, buyers can purchase MTPL policies and pay in 4 equal installments with no interest or additional fees.

"In the context of maintaining the current costs for MTPL policies, we expect that approximately 20% of the total insurances to be paid in installments by Autodeal users. Moreover, we estimate an increase in the number of policies concluded for 1 year, for which drivers have to pay a higher amount, but which can be accessed now in installments.” says Sandu Băbășan, Autodeal partner.

"Our partnership with Autodeal involves facilitating the acquisition of MTPL policies in 4 interest-free installments, through the solution Buy now, Pay later offered by us. The financing plan is 100% online, the flow is fully digitized and automated, and the response time for the financing application is up to 10 minutes", says Mihai Cringasu, Senior Partner Success Manager at TBI Bank.

For 2022, the estimation shows tripling of the number of policies concluded through Autodeal app. and the number of downloads of the application to exceed 300,000, compared to 120,000, currently.