Insurance emerges as a core strategy in the evolution of consumer-centric auto brands
Today’s consumers know exactly what they want — frictionless buying. It’s never been more important for brands to deliver products that fit the individual consumer’s lifestyle, personal needs, and transaction preferences.
No one understands consumer demand better than automakers and auto retailers. Their buyers want it all — efficiency and state-of-the-art car features, easy financing options, a delivery method that fits modern car shopping, and a seamless integration of the insurance buying process. While auto companies have most of this down to a science, integrating insurance is an entirely new feat. It requires a partner with unparalleled auto insurance expertise and innovative technology to launch new products without risking the loss of hard-earned brand equity.
Sure, an insurance technology company that simplifies the complexities of digital insurance, works with consumer-centric brands to add auto insurance to their financial service offerings. Sure has found that whether brands choose to build in-house tech or work with partners, those capable of seamlessly integrating into the existing brand experience emerge as clear winners of consumer trust.
Auto leaders Tesla and Carvana are thriving in this undertaking. These two auto companies partnered with Sure to guide them through the journey of vertically integrating insurance into the consumer car buying experience. Tesla and Carvana built custom insurance programs on the Sure platform.
Tesla, an original equipment manufacturer (OEM), carefully considers every detail of their cars from the electric motors to the software that makes their cars feel like a technology product. It’s only fitting that when it came time to deliver Tesla-branded auto insurance, they wanted to create and implement an in-house offering. However, like any company focused on growth, properly validating the idea without sacrificing speed to market was vital to the process of exploring and committing to a new business unit.
They turned to Sure to digitize their new insurance products and create a customer experience that would live up to the Tesla name. The Sure insurance SaaS platform enabled Tesla to integrate insurance purchasing into the car buying and delivery process. In addition, the platform facilitated subsequent document generation, payment processing, and policy delivery. The teams worked together to fine tune the platform and insurance offerings providing Tesla with the foundation they needed to take the next step and begin building an in-house solution.
Auto manufacturers are not the only ones focused on folding insurance into their existing customer experience. Carvana’s online sales model makes it easier than ever to buy a car. From vehicle selection, to financing, to touchless delivery — they have everything covered. The only step that previously existed outside of their customer experience was auto insurance.
For companies like Carvana, who seek to build long-term customer relationships that go beyond the vehicle purchase, streamlining the purchase process is critical. In addition, when purchasing from Carvana, proof of insurance must be provided when turning the keys over to the new owner. Recognizing the opportunity to even further enhance the customer experience, Carvana worked with Sure to configure a custom insurance platform that enabled the customer to purchase an auto policy online, at the same time as the vehicle purchase.
By managing the sale of both the vehicle and corresponding insurance policy, Carvana digitized the entire buying process providing auto shoppers with a new level of efficiency and ease never before experienced.
In the months to come, we expect to see more innovative, customer-centric brands turn to insurtech for guidance as they establish the foundation of branded insurance offerings, launch MGAs, and proceed with their innovation plans.
Sure works with businesses of all shapes and sizes, to make their digital insurance goals a reality. Its platform and expert professional services enable disruptors, innovators, and next-gen businesses to offer consumers a seamless digital insurance experience. Just like Tesla and Carvana, Sure’s partners benefit from the implementation speed and technical capabilities of a fully cloud-based insurance platform to boost consumer relationships that build trust and loyalty.