Some details on a new partnership;
Car ownership solutions company, MotorEasy has partnered with leading ancillary insurance provider All Broker Services (ABS) to distribute GAP insurance to ABS’s network of 600 insurance brokers.
The partnership will enable brokers to offer customers financial protection against shortfalls following an insurance write-off or theft, while strengthening customer loyalty and creating a welcome revenue opportunity.
Under the partnership ABS brokers will offer Return to Invoice (RTI) and Return to Value (RTV) GAP insurance alongside their existing general motor insurance products, providing customers with flexible protection solutions for both new and older, used vehicles. Powered by MotorEasy’s Application Programming Interface (API), the process will deliver dynamic pricing, while allowing the broker to sell GAP insurance as a stand-alone purchase or add it to their broader motor insurance proposition.
Established in 2016, ABS has become a leading provider of motoring, household and broader property insurance products. It selected MotorEasy, owned by Intelligent Motoring, for its proven track record in delivering ancillary services and flexible GAP solutions via strategic partnerships.
Andrew Doidge, Executive Director for ABS, said, “Our role is to bring our broker partners well-governed, fairly priced products that complement what they already sell, and GAP is a natural fit alongside motor insurance. Partnering with MotorEasy allows our brokers to offer customers genuine added protection at the very point they are already buying cover, building incremental margin for the broker while improving the outcome for the end customer. Just as importantly, it gives our brokers another reason to stay close to their customers with a relevant, well-timed product that strengthens the relationship over the life of the policy.”
Duncan McClure Fisher, CEO of Intelligent Motoring, said, “GAP insurance has become an increasingly popular product as customers seek to protect themselves against the impact of depreciation following a write off or theft. Critically, that financial gap is growing for two reasons. Firstly, electric vehicles now make up a significant share of cars on UK roads, and they typically depreciate faster than their petrol and diesel equivalents. Secondly, vehicles are increasingly being written off rather than repaired as modern cars are equipped with more technology, meaning even relatively minor damage can make a repair uneconomic.
“MotorEasy offers a broad range of partnership models, including hosted white-label solutions and bespoke software-as-a-service delivery, while our APIs enable partners to integrate our products alongside their own. In doing so, they can build margin for themselves and service for their end customers. Our eleven off-the-shelf protection and workshop products can work end to end with CRM processes, to introduce the right product at the right time, further down the line.”
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