data underlines the value of Smart insurance according to leading value-added product provider AutoProtect Group.
WITH cars getting larger and parking spaces becoming tighter, minor knocks and scratches are a regular frustration for many drivers, even if the damage might be self-inflicted.
Add in stone chips, lane hedge and winter gritting, and lorry risks and incidents of minor damage are all too frequent realities. In the event of a claim, it can damage drivers’ no-claims bonuses, and that claim can ultimately prove costly and frustrating because of insurance excesses reaching up to £300.
The combination of minor car damage risks that confront all car buyers, not least of all PCP and PCH finance customers who face the potential of end-of-agreement excess wear and tear damage charges, all point to the potential afforded by Smart insurance.
Peter Carter, Head of Compliance at AutoProtect, points to the role of a quality Smart insurance package in relation to the Financial Conduct Authority (FCA) requirement for fair value under the Consumer Duty. He said: “The regulatory requirement ‘fair outcomes’ concentrates the mind of suppliers and dealers alike. The requirement is that consumers receive fair value from products, with a reasonable relationship between the price and the benefits received. Our Smart model, which embraces our unique UK-wide mobile repair network Shine! is delivering great value, and I base this claim on hard metrics.”
AutoProtect measures and reviews customer experiences consistently across various data and feedback sources. Management information is reviewed through governance committees and includes, but is not limited to, sales performance, pricing, cancellations, complaints, customer feedback, service levels, claims volume, claims declinature, claims values, and complaints handling.
Carter added: “We are committed to the FCA’s call for good customer outcomes. It is a reassurance that our dealers welcome. Our ‘excellent’ Trustpilot rating from over ten thousand customers is part of this value equation, but much more is involved. What all our work tells us is that our Smart insurance model and its linked Shine! mobile repair network is highly valued by claiming customers. It is a message that as dealers assess their value-added product approach, we know more will appreciate.”