Auto Insurance Cloud Platform Gives Car Dealers in China a Competitive Advantage
eBaoTech, a leading software provider for the life and property & casualty insurance industry, announces the Beta version of eBaoTech® Auto Insurance Cloud Platform. This Auto Insurance Cloud Platform combines the eBaoTech Auto Insurance Sales Channel Management System with eBaoTech Extended Auto Warranty System into an easy-to-maintain cloud-based solution.
eBaoTech Auto Insurance Cloud Platform enables mainland China automobile manufacturers and car dealers to run their insurance-related operations on a single cloud-based platform. The system is highly automated and includes many built-in features that enable car dealers to minimize manual processes, improve operational efficiency, grow insurance revenues, and maximize after-sales service opportunities. Because the solution is cloud-based, car manufacturers and dealerships can implement the solution and grow their insurance business without having to add IT resources.
After experiencing explosive sales growth of 25% over the last decade, China’s automobile market has cooled since 2011. New-car sales growth has been in the single digits during the last two years, with some automobile manufacturers even experiencing decreases in sales. To compensate for slowing revenue growth, car dealers and pioneering car manufacturers are beginning to consider auto finance-related services as a new profit center. The car insurance business has the potential to create long-lasting relationships with customers and is therefore increasingly of interest to car dealers. Dealerships are also looking to expand after-sales service revenue as the automotive after-sales market becomes more developed in China.
In the current traditional business model, car dealers rarely have their own insurance operation systems and must rely on the systems provided by insurance companies to operate their insurance-related offerings. This limits car dealers’ ability to sell and manage auto insurance, improve customer service and increase customer retention. Specific challenges faced by the car dealers include:
- Lack of effective management in renewals: Without their own insurance systems, car dealers must rely on renewal customer lists provided by insurers. Car dealers also do not have the system tools to track the renewal process, guide the sales force and provide quotes. These factors contribute to low renewal rates and place car dealers at a disadvantage relative to insurance companies who have telephone sales systems with built-in sales tools.
- Lack of data about the value of partnerships with insurers: Although car dealerships and insurance companies often have strategic partnerships to refer customers to each other, car dealerships are not able to track customer referrals from insurance company partners. The eBaoTech Auto Insurance Cloud Platform can change that by integrating with the systems of insurance company partners to automatically notify a car dealership when an insurer refers a customer to that dealership for a repair. This enables the dealership to measure the value of its partnerships with insurers. Car dealers can also proactively contact the car owner to come in for the repair, maximizing the revenue potential of these customer referrals and improving customer satisfaction and loyalty as well.
With over ten years experience in the general and life insurance industries, eBaoTech has released this Beta version cloud-based auto insurance system to solve the challenges faced by car dealers. This Beta version of eBaoTech® Auto Insurance Cloud Platform has these key features:
- Automated tracking of insurance renewals: The system automatically generates a list of policies that are up for renewal and assigns relevant tasks to renewal personnel. The system supports the traditional renewal workflow which assigns the tasks to renewal personnel, and also supports a more detailed and flexible workflow which assigns renewal cases to both after-sales account managers and renewal personnel for more efficient collaborative work. By recording sales activities, the system assures that every renewal case is followed to maximize sales revenue.
- Integration with insurers’ policy administration systems: The Auto Insurance Cloud Platform can provide quotations and comparisons of various mainstream auto insurance products, and supports online underwriting and printing.
- Integration with insurers’ claims systems: The Auto Insurance Cloud Platform notifies a car dealer when an insurer refers a customer to that dealership. The dealer can contact the car owner to provide better service, and has online access to the accident details and estimated damage for more accurate decision making.
- Comprehensive reporting system: Car dealers can analyze its insurance business performance from four main business angles: new cars, old cars, accident repairs and referral repairs. This gives car dealers valuable information about the entire end-to-end value chain from car purchase to end-of-life, enabling dealers to develop long-term business plans that optimize their revenues.
“The importance of finance-related services to car dealers’ profit margins is growing,” said Woody Mo, President of eBaoTech. “eBaoTech has clients in over 20 countries across the world; many of our clients are in highly developed and demanding financial markets such as the United States, Japan, Switzerland, the United Kingdom, Australia and Singapore. eBaoTech looks forward to implementing mature-market best practices with innovative insurers and dealers in China’s auto finance industry.”
For more information about the Beta version of eBaoTech Auto Insurance Cloud Platform, please contact Ms. Cherry Zhu, Product Manager.
Mobile: (86) 13817818360
eBaoTech delivers standards-based, highly configurable insurance software suites to both property and casualty (P&C) and life insurers. Its product offerings enable insurers to realize cost-effective, scalable, flexible and highly automated insurance operations in an ever-changing environment. With offices in eleven countries across Europe, Asia Pacific and the Americas, and installations in more than 20 countries, eBaoTech has extensive global presence to serve leading insurance companies. For more information, visit www.ebaotech.com.
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