7 Steps to choosing the right SMART insurance supplier

In the ever-evolving UK automotive industry, car dealers are not just selling cars; they're offering a suite of services designed to cater to their customers above the basic need for a vehicle to get from A to B. One of the standout offerings in this suite is SMART insurance, an essential product for many buyers who wish to keep their paintwork free of chips, scratches and dents. For dealerships, providing the right SMART insurance product can significantly impact customer satisfaction and loyalty.  

Customer satisfaction should be a particular focus for dealerships operating in the regulated environment after the introduction of the new Consumer Duty from the Financial Conduct Authority (FCA) earlier this year. Using products such as SMART insurance can add to the quality of the outcome for a customer long after they buy their car, which works towards meeting the requirement to “act to deliver good outcomes for retail customers”. 

Here’s a tailored guide to consider when selecting your SMART insurance supplier: 

1. Reputation Matters: Partner with a SMART insurance provider that holds a strong reputation and is recognised in the UK insurance industry. A reputable provider boosts your dealership's credibility. 
2. Transparent Claims Process: Quality of customer outcomes can be greatly affected by the claims process attached to an insurance product. Make sure you’re happy with reviews for a supplier's process if they administer claims themselves, and do your due diligence on any repairer third parties.  
3. Diverse Coverage Options: A supplier should be knowledgeable about the differing needs of various sectors of the market and provide appropriate levels of cover. They will be able to advise you on which is the most appropriate for your customers. 
4. Clarify Policy Terms and Limitations: It's essential that your sales team is fully informed and able to clearly communicate what's included and excluded, and any applicable waiting periods. The best suppliers will provide training and support to make sure your team is well informed and confident in selling the product. 
5. Prioritise Customer Support: Work with SMART insurance providers known for outstanding customer support. A hassle-free post-purchase experience can lead to repeat business and favourable referrals. 
6. Highlight the Extras: Look for additional benefits that some SMART insurance providers offer, like cover for multiple areas of damage in one repair, or transferability of the policy when selling a car. These perks can serve as significant selling points. 
7. Be Clear About Cancellation: Customers should be aware of the cancellation terms of their SMART insurance right from the outset. A clear understanding can prevent future disputes and preserve customer relationships. You may want to avoid providers that don’t offer any flexibility in cancellations. 

By incorporating these key points when deciding on a supplier of value-added products, dealerships can be sure that the solutions they’re selling not only enhance trust and increase sales but also promote lasting customer loyalty.