Building trust via AutoProtect’s SMART Insurance

  • 4.9/5 Trustpilot rating – customer rating of AutoProtect’s Smart Insurance, supported uniquely by the business’ UK wide Shine! mobile repair business.

The recent announcement by the Financial Conduct Authority (FCA) that they are consulting on a Consumer Duty that would set more explicit and higher expectations for firms’ standards of care towards consumers has implications for F&I in the motor retail sector.

The regulator has proposed the introduction of a new ‘Consumer Duty’. Their aim is that this “will drive a shift in culture and behaviour for firms, meaning that consumers always get products and services that are fit for purpose, that represent fair value and are clearly communicated and understandable”.

It believes this will “will help, rather than hinder, consumers to make good choices and be confident that they will receive good customer service”.

The move is aligned to the FCA’s theme around creating good outcomes for consumers, raising the stakes for the personal accountability under the SMCR regime that rests with an individual in every regulated dealer or group. However, as Matthew Briggs, CEO at AutoProtect Group observes, embracing the good outcome principle now in a business’ culture, processes, pricing and products, already makes sound commercial sense;

“In today’s omnichannel car buying world, reputation is crucial. Creating good customer outcomes is central to this, and it is an area where added-value products and the partner selected are part of the equation. Insurance products can provide peace of mind, but the acid test on value is often linked to a claim and the track record and reputation of a business when a claim is made. Smart insurance has an increasing role to play in reassuring and delighting customers according to all the data from our unique end-to-end Smart model.”

  • Claims Levels – 50% of all customers make more than one claim
  • 4.9/5 is the feedback to the claims experience from over 2500 customers

Promoted online and in the showroom, AutoProtect’s Smart insurance proposition is helping to delight and retain customers for dealers by delivering good outcomes. A dedicated app joins the SMART policy, the claims and fulfilment process in a unique ‘smart’ manner as Matthew concludes;

“Minor dings to our cars is a modern issue that we all understand. We have created a way in which the customer can claim 24×7 and have their car repaired at their home or office by our award-winning Shine! Mobile repair colleagues. By removing friction from claims and not having to visit a Bodyshop, the result is delight as the data shows, and the halo effect is good for dealers as well.”