In the aftermath of new FCA regulation centred upon GAP and RTI insurance, there were concerns that the product may have had its day. The experience at AutoProtect over the last year has certainly been the very opposite, to paraphrase; ‘rumours of GAP’s decline have been grossly exaggerated!’ – the way forward has been a move to embrace compliance and digitisation positively.
The Rationale for Growth
Fundamentally, GAP is a good product and against the challenging political and economic backdrop of the last year, consumers value the certainty it offers. This is especially true in light of the greater potential financial exposure driven by the increase in PCP sales in new and, increasingly, used car sales.
Compliance is the Key
From being the very problem for some, our experience is that compliance is the perfect solution. There is no point in harking back to the past; the reality is that consumers want transparency and courtesy of regulation and digital accessibility, they already have it. Embracing this transparency and the trust that flows through makes promoting GAP and other added-value services so much easier.
Accepting that customers can control their purchasing journey is central to the new way of thinking; making it easy for them to do just that, quickly overcomes barriers and opens the door to success.
Support in Your Corner
Over the last year, AutoProtect has increased the number of dealers it works with and increased the average number of GAP policies sold per dealer. We have also seen a reduction in early cancellations, which demonstrates solid sales processes and informed customers. We are proud of the results and through a teamwork approach our clients have benefited, and we are certainly open to helping more dealers!
To help we offer:
- A UK wide network of local field-based experts.
- Access to compliance experts.
- Expertise in digitising the promotion of GAP.
- Showroom support from training to merchandising.
- A track record of helping dealers of all sizes to succeed.
- A commitment to Treating Customers Fairly.
- Claims administration services that add value.
Read the full story HERE.