What we learned in 2018
As 2018 has ended, Obvi enters 2019 with an exciting milestone – we now help Canadians save over $1,000,000 each month by going online for Extended Auto Warranty. As we prepared last year to launch a game-changing platform to deliver comprehensive coverage at a fair price, we knew it wouldn’t be easy given some of the stigma facing the industry from decades of poor contracts and sales practices. Whilst looking forward in 2019, we also wanted to share the most talked-about changes we implemented in 2018:
Value of KMs. So many Extended Warranties have short-term options, but this fails to recognize that you are investing in the future of your vehicle. With coverage for up to 8 years and a transfer clause, Obvi recognizes the investment made in your vehicle. Even if you expect to sell or trade your vehicle after 5 years, an 8 year policy drastically increases the value of your vehicle. Without the KMs, the value of a warranty diminishes greatly.
The actual role of an auto dealer. The role of the dealer is to sell another insurance providers’ Extended Warranty and other Insurance products, which are probably the only insurance products today that allow for a point of sale commission of 2 or 3 times the actual premium – it only makes sense to cut out the middleman to deliver customers fair pricing.
Real-time advice that counts. It is important for the team at Obvi that we can communicate instantly through our instant chat system to answer questions and service our customers. What separates Obvi’s advice is that you are speaking with licensed insurance advisors from the same office that will see you through a claim. This service model creates a culture that not only celebrates new customers but those same customers who are satisfied with a claim.
Reviews. The reality is that insurance, or any financial product for that matter, isn’t something customers like to review or blog about. Launching a new brand with a product that might not be called on for many years makes it even more interesting. Our mission is simple – create a trusted and transparent brand that’s focused on bringing value and a better experience to customers. We see it as important to stay engaged and present on social media, Google, and places like the Better Business Bureau to grow trust and allow customers to see how we are doing.
Warranty as an Insurance Policy? Most Canadians don’t associate vehicle warranty as an insurance policy, but it is a requirement in most provinces today. The insurance industry is highly regulated to ensure that customers are treated fairly – especially when it comes to claims.
We live in an online world. Everything we do has an online option so why doesn’t this come to mind with insurance? The Insurance industry is caught between legacy players fighting to hang on and innovators like Obvi creating real-time solutions for Canadians. Major banks in Canada simply embraced and promoted the benefits of technology, whereas the Insurance industry hasn’t been so ready to change.
It was recently reported that residents of British Columbia could save $434,000,000 if ICBC could create an online solution – will they innovate and find a way to pass along the savings? We hope so, just as we are doing with our specialty products.