Consumer Duty boosts role for Smart insurance: AutoProtect

Value-added product provider AutoProtect Group insists that as dealers reappraise products that offer fair value, Smart insurance should be considered one of them.

Pointing to new data that it underlines the value of Smart insurance, it said 98.47% of AutoProtect Smart insurance claims are accepted; 99.36% of claims were completed without customer complaint and that car insurance premiums have increased by around £148 on average since the summer.

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:

“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.

The depth of the business’ approach leads Peter to conclude; “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 10,000 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.”

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