J.D. Power’s “highly accurate” matching algorithm is able to pair customer preferences to their perfect carrier
DealerPolicy and J.D. Power have teamed up to provide a highly customized consumer experience for obtaining personalized auto insurance quotes to car buyers. Based in Vermont, DealerPolicy is a leading auto insurance marketplace for automotive retailers.
“We’re absolutely thrilled to be teaming with J.D. Power to bring an industry-first, next-generation experience to our customers,” says Travis Fitzgerald, CEO of DealerPolicy. “We continue to provide tangible savings to hundreds of thousands of car-buyers and along the way we’ve learned that price isn’t the only factor in a customer’s decision-making process – service matters a lot. Now we can not only provide competitive pricing but also truly personalized insurance. Understanding that insurance is not one-size-fits-all, we’ve worked tirelessly to deliver a solution that matches a consumer’s preferred insurance experience to carriers that are most likely to meet those preferences, such as technology, long term price stability, claims handling or customer service; all backed by the high quality, independent data of J.D. Power.”
Kyle Schmitt, Vice President and Managing Director of Global Insurance at J.D. Power, says: “We have spent more than two decades developing a unique, independent data asset that measures how well individual carriers meet their customers’ expectations. Until now, consumers were largely taking a chance that their carrier choice would meet those expectations. By teaming with DealerPolicy, we are empowering consumers to pick the experience they want by matching their preferences to carriers with a proven track record across multiple service dimensions. This will provide a better experience for the consumer and better retention for the carrier. The powerful combination of choice and personalization is the future of personal lines insurance and we’re excited to bring this offering to market with DealerPolicy, a recognized leader in the space.”
How the DealerPolicy quoting process works
The company has its owned licensed insurance agency which services auto buyers who purchase their insurance through Dealer Policy. According to the Dealer Policy website, auto dealers who sign on with DealerPolicy earn referral payments. Auto dealers who become licensed as sub-producers of Dealer Policy also can earn additional compensation on insureds who renew their insurance with DealerPolicy.
In addition to J.D. Power, DealerPolicy says that it already works with over 30 different insurance companies including The Hartford, Progressive, MetLife, Travelers, Nationwide and Safeco.
How it works:
The DealerPolicy Insurance Agent asks the customer a series of questions itemizing what matters most to the customer with respect to their insurance policy.
The platform then recommends a list of carriers based “…not just on price, but what consumer data indicates would be a good fit for the customer.”
The following is a screenshot of how the newly customized auto insurance quoting process looks on the DealerPolicy platform:
DealerPolicy also has its own independent insurance agency
In addition to this new platform, DealerPolicy also has an independent insurance agency licensed in every state except Hawaii and Alaska. , A full-service personal lines agency, it offers everything from auto and home, to rv and motorcycle as well as personal umbrella and earthquake insurance. As such, what makes this all the more interesting and something that other independent agents should take note of, is the ability of the new platform to capture new clients at the point of sale. It allows the agency the ability not only to obtain but retain new customers arriving from the DealerPolicy platform but the ability to round-out the accounts as well.
In fact, it turns out one of the co-founders and the current DealerPolicy President, Jeffrey Mongeon, is actually an independent insurance agent with over a decade of experience beginning as a producer at Winooski Insurance in Vermont.
As affinity and integration grows in the insurance industry, this is an interesting example of how an independent insurance agent (and his co-founder and team) has been able to take advantage of the opportunities of combining an independent insurance agency with the innovative technologies available.
More about Dealer Policy in its own words…
With its seamless integration into the car-buying process, the company’s innovative solution enables car-buying customers the opportunity to purchase insurance by connecting them with licensed insurance agents while at the dealership or after they arrive home with their new car. The company delivers these benefits through an exclusive combination of partnerships with premier automotive retailers, an industry-best insurance carrier network, and access to DealerPolicy Insurance licensed agents. DealerPolicy Insurance is licensed to operate in the lower 48 states.
