ASSURANT AGENT INSIGHTS
November 2020 Newsletter
One way Assurant is providing a better customer experience is through the use of the online Dealer Claims Portal. Major and transformative changes have been made to the portal to allow service departments to track claims in real time, print EOPs with instant access and verify customer contract coverage with one click.
Encourage your clients to make the switch to online claims today for a quicker, smoother and more efficient claims process. Contact your Assurant representative for more information or an online Dealer Claims Portal enrollment form.
At Assurant, we’re committed to helping you and your dealer clients achieve their goals. From providing a wide range of F&I products to offering comprehensive participation and reinsurance options, we’re working to add value to your dealer relationships.
Now, your clients can stay ahead of the curve when they participate in our comprehensive online training through the Assurant Performance Institute. We offer flexible solutions for busy, time-strapped teams. Our training is a complete playbook that can be delivered online through the Assurant Virtual Learning platform or in person at your client’s dealership.
If your clients aren’t getting the most out of their dealership training program, contact us for course descriptions or a full consultation.
Assurant Resource Automotive is more than a product provider, we’re a true performance partner with broad visibility into the whole dealership. Our focus is on giving you a full suite of competitive products to meet your clients’ needs and help maximize your profitability.
But serving as your performance partner is only half of our story, we recognize our strength also comes from the business support we provide. From new technology and training to reporting and research, our services are unmatched. As we continue to invest and innovate, we’ll also be refreshing our name to Assurant Agent Services in January. Watch for more details in the new year and get ready for the next level of service with Assurant.
Earlier this year, when social distancing and shelter-in-place orders were in effect, auto sales took a hard hit. Short-term findings indicate that social distancing measures prompted an estimated 65% drop in sales volume in March 2020. But there’s good news. A Q2 analysis by KPMG suggests that online approaches to vehicle sales have “bent the curve,” and sales are beginning to stabilize. While our industry's recovery period is inevitable, there’s some uncertainty around what “the new normal” of vehicle purchasing will look like. Early indications suggest that social distancing will have a major long-term impact on how dealers sell vehicles and the F&I products attached to them.
In recent years, consumers have been clear about wanting more online options throughout the car-buying process. A pre-COVID-19 Assurant study found that between 85% to 90% wanted a better car-buying experience with more online options but still wanted the flexibility of completing steps in store. Here were some of the top findings around the car-buying experience.
COVID-19 has accelerated many of these trends, including prompting a decisive increase in dealers' importance having a strong approach to digital retailing and/or virtual transactions. The digital survey by KPMG suggests that to meet the increased demand for online car shopping, 80 to 90% of U.S. car dealers will fully adopt e-commerce capabilities by the end of 2020.
Given the critical role F&I products play in dealership profit margins, now is the right time to think through how these key profit-drivers integrate into the digital retailing strategy. Studies show that customers who research F&I products during the pre-buying process have higher attachment rates at the end of a sale.
Recent Assurant research indicates that online attachment of F&I products can play a big role in dealer profitability. Here are some of the key findings.
By being able to conduct F&I research on a dealer website, buyers will be more prepared to purchase both a vehicle and F&I products once they contact the dealership.
Create a guide to help your clients develop a process that makes presenting F&I products and closing the deal online easy. Include an easy-to-tailor virtual presentation that can help your dealers communicate benefits based on customer needs.