Vehicle Protection Plan Consumer Survey (2019), conducted by AmTrust Specialty Risk and Axiom, provided valuable information and a better understanding about the modern consumer mindset when purchasing F&I protection products before, during, and after the sale. The following information reveals how to improve overall satisfaction throughout the buying process by identifying major influencers of change as the automotive industry moves into a new digital era.
The world we live in today, consumers have access to everything at their fingertips and they want instant gratification. Automotive consumers desire this same access to their F&I products whenever and wherever, 24/7. (73%) like the availability of a downloadable mobile app to conveniently manage all extended warranty needs, like contracts, notifications, make a claim, schedule service and more. Receive notifications about recalls, regular maintenance, and service updates via text, email, chat, or push-to-talk to an agent (76%).
Automotive consumers prefer to be educated about potential problems in their vehicles, becoming more informed car owners. (77%) are interested in the automatic detection of problems with their vehicle, getting informed and scheduling service as their convenience. Consumers desire the convenience of storing service history and information about their purchased F&I protection products through a mobile digital engagement platform. (77%) like the ability to store their entire service history via mobile app and (66%) obtain, print download and store their vehicle protection plan.
Consumers prefer to be prompted through push notifications to buy additional automotive protection products and schedule vehicle-related services driven by a modern, digital engagement platform: (60%) receive notifications and buy other automotive protection and service products (e.g., appearance, tire and wheel damage protection, lost key protection). Make a claim, schedule service, track service progress and get notifications when your vehicle is ready for pick-up (70%).
Consumers like the idea of having all their information, service history, and incentives to be accessible from a mobile digital engagement platform. This allows customers access to all their F&I protection products and information; along with being able to conveniently schedule vehicle service.