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EFG Companies F&I

Is Your Product Administrator Holding You Back?

Hollis Goode Blog HeadshotWe’ve all heard the phrase “I don’t want that product. I had something like it and they never paid the claims. It’s a rip-off!”

Over the years, product administrators have gotten a lot of criticism from consumers about their policies around claims adjudication. Meanwhile, dealerships have come to realize that the customer service provided during the claims process can have significant impact to their customer retention levels. For this reason, smart dealers are becoming more circumspect around who they choose as their F&I product administrator, as that company’s customer service directly affects dealership profitability.

Now is the time to pay attention to what makes a product administrator reputable and dependable, especially since those proof points can even help overcome consumer concern in the F&I office, as well as increase customer retention.

Proof points to pay attention to include everything from consumer reviews to the company’s BBB rating, but what really sets a product administrator apart is transparency. When evaluating whether your product administrator is holding you back, consider whether they provide information on:

  • the number of claims processed quarterly and annually;
  • the percentage of claims paid;
  • how quickly claims are paid;
  • the average call time;
  • the call abandon rate; and,
  • the average availability of a service provider or claims adjuster.

With this information in hand, you have a better picture of whether their processes reflect positively back on you, and have the data necessary to reinforce the positive experience that consumers can expect.

In addition, remember that because your dealerships sold the products, your customers will associate their claims service experience with your dealership. A good experience could cement their loyalty and cultivate return business, whereas a bad experience could send the customer elsewhere when shopping for their next vehicle.

Also, consider your personal dealings with your product administrator. Do they simply come by every once in a while to drop off collateral and leave, or do they make themselves available to you on your schedule? It’s a good bet that if the administrator is a good business partner and is actively engaged with your dealerships, then they will provide a similar customer experience level to your customers. The hallmarks of client service for a good product administrator include:

  • working with you to determine which products best match your market and competitive set;
  • being nimble in developing products that can accomplish business goals by meeting consumer needs;
  • being available by phone or email at any given time, including working the F&I desk when necessary;
  • providing training and one-on-one coaching with your F&I and sales managers on the benefits of the products, how to sell them, and how to overcome objections;
  • staying up to date on compliance and providing training, audits and strategies for dealerships to stay in compliance with both current and new regulations with a dealer services team that is 100% AFIP certified; and,
  • not only providing product sales sheets and brochures, but also information on the company’s administration practices.

With almost 40 years of experience in innovating and administering agile consumer protection products, EFG Companies knows how to set your dealership apart from the crowd. Our unmatched client engagement empowers our business development team to truly learn the ins and outs of your business, including the unique challenges you face. Meanwhile, our high-integrity claims administration model combines efficiency, responsiveness and reliability, resulting in:

  • superior customer service with a team of claims adjusters that are ASE certified and have an average of 15 years of experience;
  • 95.88% of claims calls answered within 90 seconds;
  • A claims call handle time benchmark at 5:30 minutes, while the industry average is 10 minutes;
  • 96% of all claims paid by corporate credit card within one hour of receipt of invoice.

Instill customer confidence and drive sales today! Contact EFG to unleash our profit potential.