GAP _ Warranty Overview - QBE

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					Warranty & GAP Overview

QBE Insurance Europe Limited
(Dubai Branch)
QBE Product Solutions


             Extended                      • Protects your vehicle against mechanical and
                                             electrical failure when the original manufacturer’s
             Warranty                        warranty has expired.


         Return to                         • Covers the gap between the purchase price and the
                                             insurance value if your vehicle is stolen or written off
       Invoice (RTI)
                                           • Covers the gap between the outstanding balance on
    Financial GAP                            the finance and the insured value if your vehicle is
                                             stolen or written off.


                                           • Provides small accidental damage cover for your
      Rapid Repair                           vehicle, protecting the appearance and value of your
                                             vehicle.



QBE Warranty & GAP Presentation March 12               Page 1
GAP

                                         Gap brings the client back to original value.
      –      We can structure a GAP scheme for dealers and Banks independently or combined
                   GAP (RTI) is return to Invoice and is linked to vehicle purchase price
                   Financial Gap is linked to loans
      –      GAP (RTI) works in the event of Total loss of the vehicle due to accident or theft
                   Auto Insurance Cover reduces in Sum Insurance every year
                   Gap can be bought for 12 months, 24 months or 36 months
                   Gap is bought separate from Auto Insurance allowing better flexibility to negotiate best
                    Auto insurance deal separately from GAP cover


     Motor Policy Sum
                                                                                                         GAP (RTI) Insurance Sum
         Insured
                                                                                                                 Insured




                                                                            12, 24, or 36 month period
                                 12, 24, or 36 month period




Presentation Name – Author/December 09                        Page 2
GAP Coverage

•     What is covered?
      –      Shortfall following to:
                   Total loss
                   Theft of vehicle
      –      What is Shortfall
                   RTI: difference between vehicle Original value & cash compensation of a comprehensive
                    motor policy (after deductible and salvage)
                   Financial Gap: at the time of total loss, a difference between settlement to bank and cash
                    compensation of a comprehensive motor policy (after deductible and salvage)


•     What is excluded?
      –      Depends on the nature of the exact final GAP cover but generally excluded is:
                   The amount payable by the primary Insurer for the total loss
                   Any excess on the Motor Insurance Policy.
                   The amount beyond the shortfall.



Presentation Name – Author/December 09                   Page 3
Advantages of offering a Gap program

•     For the dealer
      •      Commission on the sale on the Gap policy.
      •      Additional possible product option for a vehicle sale.
      •      Opportunity for repeat vehicle (and policy) sale in the event of a claim.
      •      Customer retention


•     For the vehicle owner:
      •      Peace of mind from being covered for the financial shortfall following a total loss.
      •      Ability to purchase an equivalent vehicle upon settlement of claim.
      •      Depending on original vehicle financing then the loan provider may arrange for the cost of the
             cover to be spread over the period of the loan (QBE to receive premium up front).
      •      Customer clearly knows where they stand whatever the experience with the primary motor
             insurer.




Presentation Name – Author/December 09                  Page 4
Extended Warranty


      Covers sudden & unexpected mechanical or electrical breakdown of the insured vehicle
                   which occurs outside the original manufacturer’s warranty.

                                                        •      Warranty is available for:
                                                                  New vehicles
                                                                  Existing car park
                                                                  Used vehicles
                                                        •      Commences at expiry of MF warranty OR
                                                               point of vehicle sale
                 Extended Warranty
                                                        •      Many coverage options: Platinum; Gold;
                                                               Silver; Bronze
                                                        •      Up to a total of 5 years inclusive of the
                                                               manufacturer’s warranty period with
  Manufacturer
                                                               multiple kilometre options
   Warranty


                                           Vehicle Km

QBE Warranty & GAP Presentation March 12                    Page 5
   Coverage Options

                                                                                                       Program Plan
                                                                                                         Platinum
                                                                                                         Coverage
                Engine                            Air Con & Heating System
                                                                                                         Gold Coverage
              Fuel Injection &                                      Safety System
              Emission System                                                                            Silver Coverage

Electrical System                                                                                        Bronze Coverage




Cooling System

                                                                                          Suspension
                                                                                Hi-Tech
Turbocharger &
Air Compressor                                                                                In Car Entertainment


                                                               Brakes
                        Transmission &
                         Clutch System        Drive Axle         Steering


   QBE Warranty & GAP Presentation March 12                     Page 6
Benefits of Extended Warranty




 The Broker                                Dealer / Manufacturer             The End Customer
 • Enhances your value                     • Additional revenue stream       • Provides protection from
   proposition                             • Increases car sales profit        unexpected and unaffordable
 • Increases your revenue                  • Increases parts and service       repair bills
   stream for little investment              profit                          • Provides security, confidence
 • Gives you an edge over your             • Improvement in customer           and peace of mind
   competitors by offering                   retention                       • Unlimited number of claims
   unique, value-add products              • Value-added product assisting   • Warranty can be transferred
 • Helps you to retain clients               the retailing of new/used         when vehicle is sold = better
 • Minimal work in managing the              vehicles                          resale value
   programs, the majority is done          • Reduces warranty goodwill       • Protection from inflation of
   by QBE                                    claims                            rising costs of parts and labour




QBE Warranty & GAP Presentation March 12                Page 7
Collaboration


                                           Broker Partner                         QBE
                                               Identify client              Product, pricing and
                                                opportunity                      contracts

                                            Joint presentations            Online administration
                                                 with QBE                         system

                                                                                 Program
                                            Client negotiations
                                                                               Administration

                                           Premium collection /             Claims Management
                                           Commission payment              incl. claims payments

                                             Support for client            Training – workshops,
                                                 training                   dealer visits, online

                                           Ongoing relationship                Management
                                              management                        reporting


QBE Warranty & GAP Presentation March 12                          Page 8
Administration System - DANNI

                                                                                 Facts & Features:
                                                                                 • Well established system
                                                                                    used worldwide
                                                                                 •   System owned by QBE
                                                                                 •   Multilingual
                                                                                 •   Multiple product options
                                                                                 •   Quick quote facility
                                                                                 •   Dealer variable premium
                                                                                 •   Branded for client
                                                                                 •   Reporting

               User Benefits:
               • Access for dealers to enter policies and print certificate at point of sale
               •     Automatic data validation and price generation
               •     Efficient online claims approval process
               •     Online communication between dealers and claims team
               •     Client overview access for broker

QBE Warranty & GAP Presentation March 12                  Page 9
Example GAP & Warranty Registration Process




                                                                            Insured
       Insured                            Danni                             attaches
                                                                                              Vehicle
  inputs vehicle                      validates data   Insured prints     certificate to
                                                                                           attached with
  and customer                             and         out certificate      warranty
                                                                                             Extended
    information                         calculates       from Danni       booklet* and
                                                                                             Warranty
     into Danni                       program price                         gives to
                                                                           customer


                                                  * Option to print terms &
                                                  conditions directly from
                                                  Danni instead of booklet.



QBE Warranty & GAP Presentation March 12                    Page 10
Basic Claims Process


                     Customer              Authorise Repairer           Claim Process



           Vehicle Breakdown /in        Diagnose the problem
                                                                   Receive information
           need of a repair              with the vehicle
                                                                   through Danni
            Customer Takes               Submit claim
                                                                   Verify Vehicle data
           Vehicle to an authorise       information into Danni
                                                                    Request further
           repairer
                                                                   information if necessary




                                         Repair vehicle
            Customer receives                                     Authorise the repair in
                                         Send Claims invoice to
            vehicle                                                Danni
                                         QBE (with customer
             Nothing to pay                                        Danni provides
                                         signature)
                                                                   authorisation number
                                          Receive Payment
                                         directly form QBE




Presentation Name – Author/December 09             Page 11
Effective Training


 •      QBE provide the following training
        methods:                                                      Sales
                                                                    Techniques
          Regional workshops
           Individual dealer visits                      Danni                  Benefits of
           Train the trainer                            System                  Warranty


           Online training
                                                                   Warranty
 •      Broker partner to support the client                       Training
        training
 •      Training material is tailored                    Claims                  Customer
                                                                                 Objection
                                                         Process
        specifically for each client                                             Handling

 •      Training material is focussed on the
        relevant trainee (e.g. salesperson;                          Product
                                                                    Knowledge
        workshop; etc)



QBE Warranty & GAP Presentation March 12       Page 12
QBE Management Reporting


                                           •   Monthly premium and claims bordereaux reports to
                                               broker and client
                                           •   Quarterly management reports to broker and client
                                           •   Quarterly performance reviews with broker and
                                               larger clients
                                           •   Proactive approach to underwriting control to avoid
                                               unnecessary knee-jerk reactions




QBE Warranty & GAP Presentation March 12                 Page 13
QBE Clients

 QBE works in partnership with the following clients in specific parts of the world




QBE Warranty & GAP Presentation March 12          Page 14
Clients to Target


  QBE Product Protection are targeting the following:

  •Motor Vehicle Manufacturers
  •Motor Vehicle Importers / Distributors
  •Motor Vehicle Dealer Groups / Dealers
  •Used Car Markets
  •Major Banks
  •Auto Loan Finance Companies
  •Leasing Companies
  •Corporate Fleet Clients




QBE Warranty & GAP Presentation March 12    Page 15
QBE Insurance Europe Limited (Dubai Branch)




               For information about QBE, and business in the middle east please refer to
                                            www.qbe.ae




Presentation Name – Author/December 09           Page 16

				
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