A number of factors are converging to call the traditional franchised dealership model into question. Not only have we seen the emergence of independent intermediaries for new cars (eg Autotrader and Carwow), but also we see some of the new breed of automobile manufacturers (eg Tesla, Polestar) operate on the basis of direct sales to customers. The major automobile manufacturers need to therefore make some strategic decisions. Stick with the traditional franchised dealership model or move to some form of new distribution model, such as the agency model? The key differences between the two being:
While there are many financial drivers for the move to an agency model, both for the automobile manufacturer and for the dealers, a key driver for the former is that the nature of a new direct communication channel with customers enables much greater use of new customer insights that become available along the whole sales funnel. Furthermore in the traditional sales model, sales promotions were mainly reactive, whereas the agency model allows for optimised promotions throughout the entire customer lifecycle. Additional product and service sales will grow, as upselling potential enabled by customer insights can be efficiently realised at multiple points in the life cycle.
Direct dialogue with customers, increased insights about customers, ability to offer promotions at any time, all of these open up a radically different set of opportunities when it comes to the provision of insurance by the manufacturers.
Advancements in technology have become the principal force driving the transformation of distribution models for automobile manufacturers. Insurtech solutions can play a critical role in helping manufacturers adapt to these changes. By offering customized insurance products and services, seamless integration, advanced analytics, and advanced claims management, insurtech can help manufacturers provide a seamless and personalized ownership experience that meets the evolving needs of customers.
Wrisk provides a robust platform stack and currently serves established premium brands in the automotive market. Wrisk platform offers cutting-edge features that are specifically developed to assist automobile manufacturers in swiftly adapting to the rapidly evolving distribution models without requiring frequent platform changes or compromising the branded experience.
The Wrisk platform empowers automobile manufacturers to create future-focused, data-driven, and seamlessly integrated insurance protection experiences that delight customers. By combining exceptional customer experience, advanced technology, insurance expertise, and a unique distribution strategy, we provide a significant advantage for automotive brands.
Furthermore, our deep integrations into an automobile manufacturers digital ecosystem enable access to novel data sources, which in turn unlock competitive underwriting advantages and facilitate frictionless question set enrichment. These integrations allow products to be seamlessly embedded at the point of sale, native apps, and other digital touchpoints, resulting in a significant conversion uplift and stronger customer relationships.
Our solutions can be scaled and deployed globally across multiple markets, offering a worldwide technology layer for the insurer partners to plug in their products and pricing. This enables them to innovate with new ideas and gain access to a wealth of data insights.
Thanks to its legacy-free technology architecture, the Wrisk platform can adapt to various assets and product lines. Whether it's a car, a bike or a van, the platform can be tailored to meet the specific needs of each product or asset type.
Some of the key features that we offer are:
The Wrisk platform allows automobile manufacturers to effortlessly incorporate fully branded and tailored insurance products and services, advanced analytics, and claims management into their current platform. This integration ensures a seamless and personalised ownership experience for their customers irrespective of the distribution model. The Wrisk platform provides a strong foundation for automobile manufacturers to continuously innovate and experiment with new models, enabling them to stay ahead of the curve and meet the evolving needs of their global customers.
If you wish to equip your organisation to adapt to these evolving trends and stay ahead of the curve, please reach out to us for a demo at sales@wrisk.co.