IM delivered a white label GAP product that upheld the highest standard of regulatory conduct and customer service.
Partnership in brief
Close Brothers Motor Finance (CBMF) are a leading car finance company who work with over 8,000 dealer and broker partners, funding some 90,000 vehicles every year. CBMF are part of the Close Brothers Group, a UK merchant bank with a history dating back to 1878.
CBMF sought to develop a range of vehicle protection services to support its motor finance customers against unplanned costs. Return to Invoice (RTI) GAP insurance was identified as a clear priority for its motor finance customers given the typical difference between motor insurance settlement and the price a customer.
The opportunity
CBMF went out to tender inviting a number of major providers to present a product and service proposition that met its motor finance customer needs whilst upholding the highest standard of regulatory conduct and customer service.
Key to their requirement, was a need for a solution that would complement, rather than compete with CBMF’s existing dealer network.
The process
Following visits to IM’s Contact Centre, a mystery shopping process and a formal pitch process in early 2022, a final shortlist of 2 companies was drawn up. IM won the tender and were appointed in September 2022.
In selecting IM, Close Brothers recognised a track record serving both consumer and retailer customers, through both MotorEasy and Warranty Assist. They also recognised a strong drive for innovation, notably through IM’s Digital Garage and joined-up CRM strategy. A capability CBMF recognised, enables IM to achieve some of the highest conversion rates on product sales and customer loyalty across the industry.
As part of the solution, IM worked closely with CBMF’s incumbent telesales operation, Foundever. The process involved sharing information on sales techniques as well as rules of engagement on approaching customers, to ensure CBMF car dealers were given the first opportunity to sell RTI GAP insurance.
As it stands today, a significant volume of RTI GAP insurance products are sold every month to CBMF motor finance customers.