Protecting your business reputation with aftercare products customers can rely on
The quality of the products your business offers customers is vital to your reputation – not to mention retention, satisfaction rates, and ultimately your bottom line. That of course includes financial aftercare.
If your customer chooses to protect their new vehicle with warranty and GAP insurance, for example, and those products don’t meet expectations, that reflects on everyone in the supply chain. Ensuring aftercare products live up to their promises – which must be clearly stated at the outset of any agreement – is essential.
That’s where working with a reputable and established financial aftercare partner makes a real difference. Car Care Plan’s dedicated compliance team implements, monitors, and oversees all aspects of the customer journey to ensure the products and services we offer have real value and utility.
To ensure this is the case, there are various processes and activities that take place, including:
• The Product Approval Process – Before a new or adapted product reaches the market, it is scrutinised to ensure it offers value and utility to customers.
• Monitoring Against Risk Appetites – Efficient product performance monitoring allows us to identify any issues and develop an improvement plan if needed.
• Compliance Monitoring Reviews – As with the above, monitoring is also conducted on our internal processes and any issues lead to an improvement plan being implemented.
• Process Owners and Audit – Our team works closely with those delivering the product to the end customer to assist with identification, monitoring and mitigation of customer harm.
• Ad-hoc activities – This includes process improvements to keep up with the ever-changing risk profile and regulatory changes.
Regarding that final point, the Financial Conduct Authority (FCA) has issued its finalised rules and guidance for a new Consumer Duty. The Duty sets higher and clearer standards of consumer protection across financial services – requiring firms to put their customers’ needs first.
Here at Car Care Plan, we have ensured the Duty’s principles and rules are followed closely, further solidifying our dedication to customer protection. We will be taking a closer look at the new Consumer Duty in our next eBook, which will be available to download for free from the Car Care Plan website. Sign up to our newsletter to ensure you’re kept up-to-date with the latest.
A more in-depth version of this blog appears in the latest issue of AM Magazine.