Perhaps reflecting what Polly discovered about car insurance availability at dealerships, EchoPark made a move in that space on Tuesday.
The Sonic Automotive division focused on retailing used vehicles announced a long-term partnership with Matic, a leading digital insurtech platform, to provide property and casualty insurance products to EchoPark guests.
Under the partnership, Matic’s innovative insurance marketplace of more than 40 A-rated carriers will be integrated into EchoPark’s online vehicle buying experience, providing a frictionless way for buyers to shop for and purchase auto insurance.
The two companies said through a news release that they have a joint foundation of saving consumers money to provide category-leading value. EchoPark saves shoppers up to $3,000 on the purchase price of quality used vehicles, while Matic saves EchoPark guests up to $579 per year on auto insurance.
“The partnership with Matic is a perfect fit for EchoPark,” said David Smith, chairman and chief executive officer of Sonic Automotive and EchoPark Automotive. “Their commitment to innovating new technologies that simplify a complex industry to the benefit of the consumer mirrors what we’ve accomplished with our new eCommerce platform.
“Matic’s capabilities allow us to find new ways to deliver on our brand promise of Every Car, Happy Owner and we will integrate the auto insurance purchase process into key car-buying moments to offer EchoPark guests even greater overall value,” Smith continued.
Matic CEO and co-founder Ben Madick added, “Matic was built as a digital-first solution that is integrated into the customer buying experience right when insurance is needed.
“We are thrilled to partner with EchoPark and their innovative eCommerce platform to further enhance the car buying experience,” Madick went on to say.
Expanding the one-stop shop of products and services offered by Ford Pro to commercial customers, Ford Credit announced on Wednesday plans to launch Ford Pro Insure, a new commercial auto insurance product powered by Pie Insurance.
The captive explained through a news release that Ford Pro Insure will cover commercial vehicles purchased through Ford Pro and other channels. It will be provided through Ford Credit’s rated insurance subsidiary and is expected to begin rolling out in the first half of 2023.
More details about Ford Pro Insure will be available closer to launch, according to the company.
“Ford Pro customers have come to expect a complete set of products and services that ensure their fleets are the most efficient and productive business tools they can be,” said Jim Drotman, Ford Pro FinSimple executive vice president overseeing commercial financing and insurance. “Insuring their vehicles through Ford Pro Insure will be an important part of that seamless experience that helps many business customers lower their total cost of fleet ownership.”
The insurance team of Ford Pro FinSimple, Ford Credit’s commercial financing unit, is working with Pie Insurance, an insurtech specializing in commercial insurance for small businesses.
Pie will provide distribution, underwriting, servicing and claims.
“We are focused on developing capabilities in key areas that are important to commercial customers. Insurance is critical for business,” Drotman said. “We believe leveraging Pie’s experience in commercial insurance technology in delivering Ford Pro Insure will help us bring a seamless financing and insurance option to businesses quickly, all under one roof.”
Dax Craig is co-founder and president of Pie.
“Since our founding in 2017, Pie’s mission has been to empower small businesses to thrive by making commercial insurance affordable and as easy as pie,” Craig said “We’re excited to grow our efforts to support small businesses with this expansion of our work into commercial auto coverage by working with the Ford Pro FinSimple team to bring Ford Pro Insure to the market.”
Cover Genius found a new path to an industry relationship last week.
A leading insurtech for embedded insurance and a 2020 Emerging 8 honoree announced a partnership with Zip, a global buy now, pay later (BNPL) player, to offer customers tailored protection embedded into the payment process and Zip’s wallet experience.
According to a news release, the partnership expands Zip’s BNPL offering by not only protecting purchases in the moment, but also allowing customers to add protection to their recent purchases.
“With the global BNPL market expected to reach $680 billion by 2025, we’re thrilled to partner with Zip to protect the growing number of worldwide BNPL customers,” Cover Genius co-founder and chief executive officer Angus McDonald said in the news release.
“Zip is a popular payment option and is uniquely positioned to protect their customers at point of sale but it also has a tremendously loyal and engaged customer base, meaning they’re able to further develop the relationship with embedded protection in their popular wallet, while also doing away with arcane multi-year products backed by traditional insurers who produce poor customer outcomes,” McDonald continued.
The partnership integrates XCover, Cover Genius’ global insurance distribution platform, into Zip’s alternative payment platform for a seamless customer experience that is designed for ultimate flexibility.
The feature will give Zip Pay and Zip Money customers the ability to add protection to their Zip purchase, either during checkout or after checkout on select purchases, making it an affordable and timely alternative.
In an initial launch, customers will be offered transaction monitoring, where they can protect their recent purchases — with a solution that leverages transaction data to offer protection that is tailored for relevance and renewed on an annual, recurring basis. Insurance options will also be available for Zip customers at checkout, with XCover’s Natural Language Processing utilized to identify relevant items.
“We’re excited to collaborate with Cover Genius to offer Zip’s customers real time, relevant offers for their online purchases,” said Larry Diamond, co-founder and global CEO at Zip. “We understand our customers want flexibility and peace of mind when making major purchases, and Cover Genius’ embedded technology does exactly that in a seamless and convenient way.”
“This partnership also perfectly aligns with our ethos of creating a financially fearless world. We put our customers at the center of everything we do, so it is important to us that we can arm them with the ability to shop confidently and protect the items that they care about in a way that is affordable and tailored to their purchases,” Diamond went on to say.
Through this partnership, Cover Genius has the potential to address Zip’s more than 11 million BNPL customers, giving them access to real time protection that’s embedded into their purchase journey. Amid the rapid growth of the fintech sector, there is a huge demand (up to 96% according to the survey) for banks, neobanks, wallets, accounting platforms, BNPLs and other fintechs to protect their customers in this way.
For more information visit, covergenius.com.
One of last year’s Emerging 8 honorees is set to operate with a new name.
On Tuesday, DealerPolicy announced a rebranding and insurance agency name change to Polly in an effort to better engage consumer audiences.
The insurance marketplace for automotive retail said the name change will take effect on March 2.
Polly’s existing suite of technology solutions designed for use by dealers will continue to be accessible via a web interface or smartphone application called “Polly for Dealers,” which can be downloaded at The App Store or Google Play.
Leadership highlighted that Polly is about to open a new chapter for the seven-year-old company, which has grown exponentially and is now serving vehicle buyers in more than 1,200 dealers nationwide, including a growing number of top 150 dealership groups.
Polly plans to further expand its insurance marketplace for automotive retail which continues to create tangible insurance savings opportunities for hundreds of thousands of shoppers each year.
“We’ll be forever grateful to have started our journey as DealerPolicy, but looking ahead, it is time we align our brand with the unwavering commitment we have to our customers,” co-founder and chief executive officer Travis Fitzgerald said.
“The name Polly represents the amazing coalition of support we’ve established across dealers, partners and industries, in addition to the ever-increasing value and convenience we’re able to bring to consumers,” Fitzgerald continued.
Executives explained that the new Polly brand emphasizes the company’s pledge to modernize the process of buying a vehicle, making it faster, easier, more affordable and better protected — complete with insurance from trusted carriers.
“The timing of the Polly rebrand aligns nicely with increased consumer demand for more personalized insurance solutions,” said Jeff Mongeon, co-founder and chief insurance officer of Polly Insurance Agency.
Polly mentioned the name change also creates a unique opportunity for select dealers to co-brand.
Driven by dealer demand, Polly now affords licensed dealers the ability to provide a white-label version of the Polly platform to their customers, creating increased touch points, greater brand affinity, and improved profitability.
“Our belief is that a more friendly, approachable, and memorable brand, logo and accompanying marketing tone will prove to be more inviting to consumers, leading to improved loyalty and customer retention,” Fitzgerald said.
“Polly reflects our humble beginnings, but better embodies who we aspire to be, and it’s a brand that we’re confident will better carry our valued carriers, dealers, users and customers into the future,” he went on to say.
Prompting Emerging 8 recognition a year ago, Polly allows customers to bundle auto insurance with their vehicle purchase, providing what’s designed to be a streamlined buying experience that can complete the retailing process and generate customer savings.
On average, Polly said its customers who report savings have saved $64 per month on their automotive insurance.
The company said these savings can empower customers to reinvest in additional F&I products offered by dealerships. Dealers in the Polly network report an average back-end gross increase of 44%.
Polly will debut at the NADA Show 2022 in Las Vegas in the North Hall, Booth No. 7009, from March 11-13.
And the next cohort of Emerging 8 honorees will be highlighted during the Auto Intel Summit, which is set for April 12-14 in Raleigh, N.C. The Auto Intel Summit designed to answer the question of “what’s next” regarding technology impacting how vehicles are wholesaled, retailed and financed.
And you can save as much as $400 with early bird discounts available until March 14.
Complete details can be found at www.autointelsummit.com.
Toyota has had a captive finance company for some time.
Now the automaker is officially in the car insurance business, too.
Last week, Toyota Insurance Management Solutions established its first branded product, Toyota Auto Insurance, which is designed to offer customers quality, customizable coverage at affordable rates.
Toyota Auto Insurance is currently available in Arizona, Illinois, Indiana, Ohio and South Carolina, and will soon be offered in Georgia, Missouri, Tennessee and Texas.
According to a news release, future states will be added in the coming months.
The company highlighted Toyota Auto Insurance offers consumers a quick, easy and flexible policy purchase process via Toyota’s mobile app, call center agents, participating Toyota dealerships and the ToyotaAutoInsurance.com website.
The company also mentioned Toyota Auto Insurance customers will benefit from more than 90 years of insurance insights, knowledge and award-winning claims support provided by Toggle, the underwriter, part of Farmers Insurance, one of the nation’s leading multiline insurer groups.
Customers also receive exclusive “Toyotally Awesome” discounted pricing and Toyota genuine parts for repairs whenever possible.
The company went on to note that Toyota Auto Insurance works with Toyota Certified Collision Centers and Rent-a-Toyota programs to get customers back on the road as quickly as possible. The product can integrate with Toyota vehicle benefits such as Toyota Care Roadside Assistance, so customers won’t pay for something their Toyota already provides.
Will Nicklas, chief operating officer of Toyota Insurance Management Solutions, added that Toyota Auto Insurance is customizable based on how customers use their Toyota vehicle and their lifestyle, with a wide range of options including coverage for rideshare drivers or pet passengers. Nicklas said non-Toyota vehicles in the customer’s household can be covered as well.
“We are excited to bring our flagship auto insurance product to market. With Toyota Auto Insurance, we can truly enhance the complete Toyota ownership experience for our customers,” Nicklas said in a news release. “We look forward to expanding this product even further, including empowering Toyota owners to seamlessly use their driving data for additional insurance discounts.”
The introduction of Toyota Auto Insurance marks yet another major milestone for Toyota Insurance Management Solutions, which launched in April 2016 to provide Toyota customers an easy way to compare and buy car insurance policies online.
The full-service agency has since expanded to offer a variety of insurance products in addition to auto (including home, renters, recreational vehicle and pet insurance) and is well positioned to continue growing and transforming how people find and select insurance products.
Interested customers can visit ToyotaAutoInsurance.com to obtain a quote and purchase insurance. Customers may also call (877) 249-0086 with any questions.
For more information about Toyota Insurance Management Solutions, visit www.toyotaims.com.
DealerPolicy finalized a pair of industry alliances on Tuesday.
The Emerging 8 honoree and insurance marketplace for automotive retail announced a strategic alliance with JM&A Group, one of the largest independent providers of F&I products and dealer services in the industry, and an alliance with Darwin Automotive, another Emerging 8 honoree, J.D. Power subsidiary and global leader in data analytics and consumer intelligence.
According to a news release, the three companies said they will work to deliver the next generation of F&I solutions to dealers nationwide. Through these alliances, DealerPolicy will continue to deliver innovative insurance products that bring together automotive insurance and car buying, with many consumers seeing cost savings.
DealerPolicy’s insurance platform for automotive can offer dealers the ability to offer a more holistic car buying experience. Partnering with JM&A Group provides DealerPolicy with access to more than 3,800 dealers, further expanding its reach while incorporating personal insurance into JM&A Group’s process for presenting and selling service contracts and other vehicle protection products.
To further enhance the retail experience for dealers and car buyers, the company has collaborated with Darwin Automotive to fully integrate FastPass — DealerPolicy’s proprietary insurance solution — into the dealer menu used to present F&I products to consumers.
“Our vision has long been to improve the car buying experience by seamlessly embedding the industry’s only choice-based automotive insurance platform into the systems, processes and culture of automotive retail,” DealerPolicy co-founder and chief executive officer Travis Fitzgerald said in the news release.
“To be successful, we knew we had to work with other proven leaders in automotive finance and insurance such as JM&A Group and Darwin Automotive, to deliver the ultimate experience for dealers and consumers,” Fitzgerald continued. “We are honored to be the exclusive personal insurance partner for JM&A Group and to be fully integrated into the Darwin Menu, enabling a faster and superior process for everyone.”
The news release also contained feedback from a client. Michael Fader is vice president at MileOne Auto Group.
“The real value that DealerPolicy brings to its dealer partners is their extensive knowledge of automotive retailing,” Fader said, “Their ability to consistently convert insurance savings and customer buying power into incremental back-end profit has been a tremendous help to our business.”
With DealerPolicy’s technology solutions, personal insurance is available alongside traditional F&I products. On average, DealerPolicy insurance customers, who report savings, save car buyers $64 per month on their automotive insurance, in addition to offering homeowner, renter, marine, RV, motorcycle, and powersports coverage.
In turn, DealerPolicy said car buyers can utilize these savings to further protect their investment through other value-added vehicle protection products, thus increasing dealers’ F&I gross profits by as much as 44%.
“With all of our product offerings through JM&A Group including Fidelity Warranty Services and Fidelity Insurance Agency, we want to maximize the value we bring to our dealer partners across the country,” said Elliot Schor, vice president of sales operations at JM&A Group.
“We immediately recognized DealerPolicy as one of those opportunities that perfectly aligns with our value proposition,” Schor continued. “DealerPolicy is leading this new and exciting category and providing tangible value to both dealers and consumers alike.”
And Phil Battista, president of dealer technologies at J.D Power, added these perspectives
“Darwin Automotive is first and foremost an automotive technology company, and anything we can do to streamline a natural step in the process for dealers and customers is something we get really excited about,” Battista said.
“Seamlessly integrating DealerPolicy’s choice-based insurance solution, FastPass, into the F&I menu drives meaningful value for our collective dealers and customers. We are thrilled to be a part of this collaboration that will enable the future of how people buy cars and insurance,” he went on to say.
For more information, visit www.dealerpolicy.com.
Toyota doesn’t want to just place vehicle buyers into Camrys and RAV4s at its franchised dealerships. The automaker also is looking help their customers secure the necessary insurance for those vehicles right there at the Toyota store, too.
And the OEM took a significant step toward that objective recently, as Toyota Insurance Management Solutions (TIMS) established its first official office space and national headquarters in Plano, Texas.
TIMS — Toyota’s exclusive independent insurance agency — was launched in April 2016 to provide Toyota customers with a seamless way to compare and buy car insurance policies online and find their best usage-based insurance options using data-driven recommendations and a personalized purchase experience.
As the full-service agency expanded to offer a variety of insurance products in addition to auto (including home, renters, recreational vehicle, and even pet insurance), the TIMS team required a larger space to support the future growth of the organization and bolster innovation.
The grand opening of this new office, located in the Legacy West business district, was commemorated with a ribbon cutting ceremony and site tour, observing appropriate COVID protocols.
Guests included TIMS executive leadership, as well as Plano mayor Harry LaRosiliere, who cut the ceremonial red ribbon.
“The opening of TIMS’ first dedicated office is such an exciting landmark in our journey — one that reflects the tremendous growth we’ve achieved in our first five years,” said Robert Spencer, TIMS vice president of finance and administration.
“There are certainly many benefits to operating like a start-up,” Spencer continued in a news release. “But even as we embrace virtual work, it is also beneficial to have our own space to come together for collaboration when appropriate.”
The automaker highlighted TIMS is the latest Toyota business to put down roots in Plano, which continues to attract corporations and professionals in a variety of fields.
During the past few years, the rapidly growing city has become the home base for a number of Toyota entities, all of which contribute to the area’s increasing job market and standing as a leading center of business within the United States.
“The city of Plano is thrilled to announce the grand opening of Toyota Insurance Management Solutions in our city,” LaRosiliere said in the news release. “This marks another exciting milestone in our relationship with Toyota. It is further evidence of the deep-rooted commitment we have to help each other grow and prosper.
“Toyota’s footprint in Plano now includes Toyota Motor North America, Toyota Financial Services, and Toyota Connected. We welcome all TIMS employees and look forward to their success in the City of Excellence,” he added.
TIMS maintains a strong focus on supporting its dealers. And as its relationships with dealers continue to grow, the company said it is well positioned to continue expanding its services and transforming how people find and select insurance products.
“TIMS completes the Toyota ownership experience by providing simple, convenient ways to shop for and purchase insurance for all Toyota models, new and pre-owned, as well as coverage for other vehicles,” TIMS chief operating officer Will Nicklas said.
“Looking ahead, TIMS is expanding distribution — both digitally as well as through select dealers — and we will continue to innovate new products, providing Toyota customers with personalized auto insurance tailored to their unique needs,” Nicklas went on to say.
For more information about TIMS, visit www.toyotaims.com.
With insurance becoming a great component in the auto-financing process at dealerships and credit providers, LexisNexis Risk Solutions is looking to enhance its tools to track consumers’ behavior, use of insurance and more.
Last week, LexisNexis Risk Solutions announced the launch of a new LexisNexis Drive Metrics scoring model, a next-generation telematics-based scoring model for the auto insurance industry.
According to a news release, this new scoring model will be available for testing through LexisNexis Telematics OnDemand and is designed to flow seamlessly into insurers’ existing auto insurance ratings programs to help improve segmentation, pricing risk and profitability.
The company explained Telematics OnDemand will be the first LexisNexis Telematics Exchange product to offer scores using the new Drive Metrics telematics scoring model which leverages analytics applied to driving behavior data. The resulting scores can help carriers deliver a more accurate risk assessment of driving behavior data, both at point of quote and renewal.
Most importantly, LexisNexis Risk Solutions said this solution can help carriers with no prior experience with telematics to quickly leverage a large volume of driving behavior data which is accrued from more than 29 billion driving miles and hundreds of thousands of recorded claims.
LexisNexis Risk Solutions highlighted this new scoring model is compatible with carrier-specific rating plans and can deliver a 79% additional lift above standard rating factors, with the potential to increase future performance of the model even further as additional driving behavior attributes are included.
The company also pointed out the separation power of this scoring model is high with an 8.7 times lift between top and bottom deciles in terms of claim frequency and performs strongly across coverage types to offer differentiated claim relativities and recommended discounts.
While this new scoring model demonstrates strong performance, the data scientists at LexisNexis Risk Solutions consistently evaluate, innovate and recalibrate its Drive Metrics telematics scoring models to continually deliver market-leading performance of its models and scores.
With more individuals paying attention to their current driving habits or decrease in driving in some cases, LexisNexis Risk Solutions said the time is right to release this newest generation of telematics driving behavior models.
In a LexisNexis Usage-Based Insurance (UBI) study, 88% of drivers indicated they prefer auto insurance pricing based on their actual driving habits.
Furthermore, 71% of respondents noted that telematics and driving behavior data is among the fairest ways to set a price for the insurance if they perceive a benefit.
With the new Drive Metrics scoring model, LexisNexis Risk Solutions indicated that carriers not only can focus on pricing risk more accurately to improve their books of business but also incentivize their customers who are participating in telematics data sharing programs by offering discounts based on driving behavior.
“Adding Drive Metrics to our Telematics OnDemand solution represents the next stage in the UBI evolution,” said Adam Hudson, vice president and general manager of connected car at LexisNexis Risk Solutions.
“Insurers want as much information as possible about all of the variables that comprise a true picture of risk propensity, while consumers expect a more streamlined and personalized experience for sharing their telematics data,” Hudson continued in the news release.
“The level in which we’re able to normalize telematics data and deliver actionable driving behavior insights in the form of both scores and attributes in seconds is not only an exciting prospect, but one of greater possibility as we look to extend this powerful new scoring model to other exchange-based solutions,” he went on to say.
While insurance carriers are poised to see substantial improvements in predicting and analyzing driving risk, LexisNexis Risk Solutions mentioned that automakers can also benefit from the added scoring model to Telematics OnDemand due to greater demand and usage of telematics data sourced from automakers by a broader set of insurers and consumers.
“With more than 30 years as a trusted custodian of data for insurance, having the ability to provide greater transparency and accuracy is critical,” Hudson said.
“The latest advances among proprietary linking technology and advanced analytics capabilities enable us to link a driver to a vehicle and monitor the legitimacy of that person’s connection to the vehicle, ultimately allowing for a more trusted and personalized experience where they can benefit from their data,” he continued.
For more information about the new Drive Metrics telematics scoring model and the associated eBook, go to this website.
