Dealers, insurers and F&I experts from
across the UK gathered in London yesterday to identify the future
of insurance products at the point of sale, and assess the
opportunities for dealers to maintain profitability in an
ever-changing regulatory landscape.

The event, ‘Finding new profit centres – what
are the F&I options for dealers post-PPI?’, was hosted by
Motor Finance and software house Frontline Solutions, and
saw 14 delegates engage in a round table discussion on subjects
including the future regulation of GAP insurance, methods of
maintaining PPI sales, and the development of income protection
products.

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Of the attendees present, only 40% thought
that GAP sales would continue to rise for the next three years,
with as many delegates predicting stagnation or a downturn in
sales. All agreed that the answer would depend on the outcome of
upcoming guidance on the product issued by the Association of
British Insurers.

Meanwhile, despite all but three delegates
agreeing that the selling of PPI through dealerships was currently
defunct, 80% believed that sales were still possible via
re-solicitation after vehicle delivery.   

All present agreed that the fundamental crisis
surrounding ‘add-on’ products such as insurance and paint
protection was the fact that dealers had been forced by dwindling
margins on vehicle sales to rely on the sale of such products for
their profits in the first place.

A full report on the discussion will be
produced in a supplement accompanying the July edition of Motor
Finance. 

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