global insurance management

Increase Profit & Compliance

Mar 18 2013

Streamline Compliance to Increase Bottom-line Profit

PRESS RELEASE - March 2013

Every motor retailer selling ancillary insurance products such as Warranty or GAP should be aware of their responsibilities under the 2007 FSA initiative of Treating Customers Fairly and have implemented a TCF policy within a substantial part of their business. The question is: “How do you know if you are truly treating customers fairly?”

Since 2007, Automotive Systems (UK) have worked with an ever increasing number of the leading motor retailers and dealer groups and have achieved truly outstanding results by implementing the use of their sophisticated, yet very simple to use, portfolio of Sales and F&I platforms. Their bespoke software solutions ensure every single client maximises all opportunities to do business within the regulatory framework as Treating Customers Fairly begins to be known as a non-intrusive, integral part of the modern, ever-evolving dealership sales and F&I process.

Managing Director Tim Sheriff explains: “Our TCF platform has at its heart clear simplicity, both for the customer and the user, whilst offering robust FSA compliance and a self-audit trail. Following the "Keyfacts" principals the documentation created is in simple clear English, giving a professional standard format to all documents. The system gives a confidence and consistency in presenting to your customers, which Sales Advisors are comfortable using, following a compliant FSA process which is reviewed regularly in-line with the FSA guidelines and regulation and developed to maintain your compliance.”

Automotive Systems (UK) have painstakingly developed their platform with the retailer in mind; a one-point-of-entry system for product training, auto-policy registration (which reduces the risk and liability for non-registration of policies), FSA compliance, F&I logs and reporting, all displayed in an easy to use format which clearly promotes the benefits of products being sold at the right moment in the sales process, and is seen by the staff using it as an essential tool not only to ensure a compliant sale, but to maximise the profitability per unit sold.

"We have been using the TCF system since 2008, and as Managing Director it was key for us to be FSA Compliant but also to deliver high standards of customer care by treating customers fairly, consistently and with due care. The system and support has given me total peace of mind that we are taking our responsibilities to the FSA seriously and professionally. The focus that the combined F&I logs has given us has resulted in us being one of the leading F&I dealer groups in the Volvo Network - our business and our staff wouldn’t be without it." Tracey Perry, Managing Director - Regent Automotive Limited

The platform includes a “Training Lockdown” feature which means unless a sales person has completed their online product training and assessment they will be unable to access the TCF platform to sell the products. The “5 Minute Warning” feature will also activate if the system believes an advisor has completed the sales process in too short a time to have explained the features and benefits of all the products. These distinctive approaches ensure that only those who are trained to sell compliantly are able to, protecting both the business and its consumers while ensuring complete compliance to the TCF initiative.

Recognising that every business selects their own ancillary products and providers, the TCF platform is able to handle unlimited providers and products to compliment single or multi-franchise dealer groups. Particularly important for network Groups with Appointed Representative structures, it allows for remote audit management and control, with red-lighting warning and trend management reporting.

Automotive Systems (UK) offers a range of support services and systems tailored to your business, and understands the need to adhere to regulatory compliance while maximising every sales opportunity and increase your profit per unit. It’s time to streamline your compliance, simplify your processes and increase your bottom line.

Global Insurance Management is proud to recommend Automotive Systems (UK) and their suite of bespoke TCF systems as their partner to its wide portfolio of market leading motor retailers and dealer groups.

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