Building a sustainable insurance business should be embedded in the culture of the dealership, according to Chris Codd, head of sales at MAPFRE ABRAXAS.
The economic downturn and subsequent recovery has created a cautious consumer who remains vigilant in protecting their high ticket items such as cars. This in turn has seen the portfolio of insurance products expand to include such products as tyre & alloy, cosmetic repair and MoT insurance as suppliers continue to develop new and evolve existing products to match customer demands and needs.
Codd will be speaking at this year’s AM Hit for Six Conference which takes place at Cedar Court Hotel, Wakefield, on November 19. The conference tackles six hot topics facing automotive retailers in the fields of new cars, used cars, aftersales, finance, insurance and digital.
“Today’s consumers are certainly more mindful of protecting themselves against potentially costly motoring related expenses. The economic situation has undoubtedly put household budgets under pressure for a number of years now, so ways to mitigate financial risks appear to have crept up the priority list of the average consumer."
Codd will explore how dealers can develop a successful insurance business whilst meeting the needs of consumers and boosting customer satisfaction levels at the event. He takes to the podium alongside a raft of high profile speakers including Financial Conduct Authority senior advisor David Gagie and Hitachi Capital managing director Gerald Grimes.
He added: “Dealers have had the opportunity to build a sustainable insurance business by listening to customer feedback, adapting their proposition and working closely with their suppliers to ensure they have the right product portfolio to fit their customer and stock profile. This approach should continue.
“For us, it is about dealers adopting a number of critical success factors which act as the foundation of their insurance business. This starts at the top of the management tree with embedding the right culture and goes right through to ensuring the correct processes, training and development are in place. All of this will ensure sales staff have the right attitude when it comes to insurance.
“If sales staff are correctly ascertaining the customers’ demands and needs, clearly presenting the appropriate insurance products that allow the customer to make an informed choice, then there is no reason why their business shouldn’t flourish in tandem with customer satisfaction.
“When the strong foundations are in place, dealers are consistently delivering the right customer outcomes and, at the same time, having a positive impact on their own bottom line.”