When it comes to implementing a mobility fleet insurance solution, components such as monthly premium calculations, customer incident reporting and claims management can prove to be a major bottleneck for any business. Particularly those without the management experience or robust processes in place to help manage these events, especially when you consider the flexible nature of car subscription.
Working with Insuret, a specialist provider of insurance programs to subscriptions businesses, Loopit has developed an integrated damage cover product to help streamline the process of managing these incidents on behalf of our clients. As a new and flexible service, car subscription introduces new challenges for businesses entering this market. It is important to partner with organisations who have experience to provide damage cover products to support rather than hinder our client growth, Loopit identified these key objectives:
- Remove as many tedious administrative tasks as possible
- Create a paperless process that was intuitive for the end subscriber
- Provide configurability to allow clients to monetise their damage cover offerings
Integrated car subscription fleet insurance and damage cover
As an all-inclusive car ownership alternative, car subscription bundles a vehicle damage cover product into the subscriber’s chosen plan, along with registration, servicing and maintenance. For new car subscription providers, the challenge of finding and implementing a damage cover product that meets the unique needs of car subscription while still maintaining internal efficiencies to support business growth was a major hurdle.
As part of our mission to deliver “subscription in a box”, Loopit partnered with Insuret to develop an integrated damage cover solution that would provide new clients with an immediate and seamless solution to manage subscriber incidents directly in the Loopit platform. With damage cover provided, businesses can:
- Automate their premium calculations and payments each month
- Make prorated premium adjustments so they only pay for cover when they need it
- Initiate a paperless claims process for subscribers in the event of an incident
- Configure bespoke products for liability reductions to provide further revenue
- Benefit from the economies of scale by being part of a network of subscription vehicles
Seamless digital claims management
Loopit understands that, similar to other operational tasks in a car subscription service, the ability to coherently submit and access information is necessary in ensuring claims management is a seamless process. Paperless and seamlessly integrated into Loopit, users can submit an incident report and stay across the details; all with a few clicks.
Our partnership with the Insuret’s includes access to their digital claims portal. This provides a central source of truth, making it simple for businesses to process claims at speed without having to print and sign documents. Through a digital process, subscribers can upload evidence at the scene of an incident - including photos, videos and dash cam footage. For businesses, this means accessing and managing information from a central source becomes all the more quicker, allowing them to:
- View and manage the files under the one platform
- Promptly send important communications transparently to customers and external parties such as suppliers to progress repairs
- Minimise room for error and data duplication
- Reduce the lifecycle of the claim through the above seamless processes
On a more holistic level, accessing data under the one platform will help you better understand the incidents from particular subscriber demographics and draw conclusive insights about their driving behaviour. This can be beneficial in helping businesses refine the target customer as a way to reduce the frequency and cost of incidents.
Monetising damage cover with liability reduction options
Partnering with Insuret as market specialist allowed Loopit to develop new products that would pass through monetisation opportunities for our clients. Through our integrated digital claims platform, Loopit users are able to offer car subscription bundles that would allow subscribers to reduce their excess in the event of a claim. Offering subscribers the choice to reduce their upfront security deposit meant that businesses can monetise damage cover as a subscription add-on for a recurring weekly fee which can help offset any additional damage excess costs. With Loopit, there is complete configurability when it comes to offering liability protection. Businesses can adjust both the weekly pricing of adding on liability protection and reduction amount on damage excess liability.
Interested in learning how Loopit.co can power your car subscription service? Get in touch with our team today: www.loopit.co/contact
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