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AUTOMOTIVE add-on insurance provider Premia Solutions has completed a successful pilot scheme of its online product portal, Look After My Car.

The portal was launched mid-2018 in response to the FCA’s changing regulations around the promotion of financial products.

It is designed to ensure that brokers can provide customers with a service that protects them and their vehicles for the full length of hire.

Despite current industry uncertainties, the need for products such as GAP, SMART or Tyre and Alloy insurance on new vehicles has not changed.

For example, keyless entry – a mod con installed ‘as standard’ on an increasing number of vehicles – accounted for 88% of vehicle thefts in 2018.

This can mean if a car is stolen, the driver is left out of pocket through no fault of their own.

This is where Look After My Car steps in.

With customers looking to complete ever-more transactions online, offering access to a suite of products through an exclusive portal can provide a differentiator against competition.

This increases the likelihood of retaining that customer when a contract expires.

The pilot ran for six months with a focused set of brokers and now has over 4,000 vehicles registered on system with 51% product penetration achieved

The pilot ran for six months with a focused set of brokers and now has over 4,000 vehicles registered on system with 51% product penetration achieved

Ian Simpson, Director, said, “We’re extremely pleased with the progress and performance of Look After My Car.

“Brokers obviously recognise their moral obligation to inform customers of these products – something difficult to achieve for many businesses who lack the correct regulatory permissions.

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“This shows through the excellent feedback we have received, and the take-up of products across the board, which has surpassed even our expectations.

“There will be more changes to come this year which we look forward to sharing with the community!”

Customer benefits of Look After My Car:

  • Free membership to exclusive mobile-friendly online platform
  • Access to a menu of complimentary insurances and non-financial products
  • Three month free trials available – no purchase necessary
  • Enhances overall experience for duration of rental
  • Since source of supply for key products that may offer financial protection from worst case scenarios
  • Focus on Treating Customers Fairly, ensuring transparency and suitability are priorities
  • Access to a well-established nationwide mobile repair network

Broker benefits

  • Long-term enhanced customer services offer
  • Opportunity to increase customer loyalty, and in turn customer retention
  • Passive but not inconsiderable income stream
  • Fulfil a moral obligation of informing customer of financial risks, while not undertaking additional regulated activity
  • Ability to deal with educated buyers with more complicated needs

Reasons to remain a member

  • Access to new services as they become available
  • Discounted wheel/bodywork repairs undertaken by a mobile technician can be booked at any time during rental

To learn more about how Look After My Car can protect your customers click here

 

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