The australian-owned general insurer, Eric Insurance, has entered a mutual partnership with Nodifi, a leading personal and asset finance partner solution.
The partnership will introduce a Virtual Business Manager (VBM) solution for Eric, providing compliant finance and insurance solutions to its car and motorcycle dealer network
Research by Eric uncovered car dealerships have experienced circa a 20 per cent decrease in finance income and insurance revenue respectively, over the past 12 months. While over 80 per cent flagged interest in exploring options for their customers to purchase finance and insurance solutions, via alternative methods, including phone, video and online channels.
The partnership with Nodifi allows Eric to provide dealerships with a tier 2 accredited resource, to assist customers with finance and insurance options for new and used motor vehicles purchased through dealerships. The VBM model provides dealerships with a diversification solution, allowing them to generate new revenue streams by providing customers with alternative channels to finance and insure their vehicle purchase.
Eric Insurance General Manager, Customer, Jonathan Brookes, said, “the partnership provides an opportunity for car and motorcycle dealerships, to diversify their revenue streams, in accordance with consumer buying trends.”
“Not only does this benefit dealerships’ bottom line, but also delivers a seamless buying experience for their customers, appealing to a growing demographic chasing a virtual buying experience.”
Nodifi CEO Tom Caesar, says the new partnership reaffirms the upward trajectory the business is experiencing, following its partnership with the industry-leading aggregator, Connective.
“We are seeing an influx of inquiry from various businesses, seeking potential diversification solutions ahead of pending compliance regulation changes, and changing consumer behaviour trends.”
“Our back-office staff has expanded by 70% over the last 12 months and have proven to help dealers reduce their fixed costs whilst increasing finance penetration.”
Nodifi is a personal and asset finance platform aimed to help car/leisure dealers and mortgage brokers offer a broader range of financial services. It was crowned Innovator of the Year at The Adviser’s Australian Broker Awards in 2018.
Select dealerships in Eric’s network will be the first invited to the new VBM model, with a full network invitation expected to follow.
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