San Francisco — Universal Warranty Corp. (UWC), a subsidiary of GMAC Insurance, Maryland Heights, Mo., introduced new technology and process enhancements, making its aftermarket finance and insurance (F&I) sales process completely electronic. The full set of solutions, Online Performance Suite, is the most recent addition to GMAC Insurance's portfolio of customer-centric products and services, and also has the potential to reduce time spent on every transaction by up to 20 minutes, according to the company.
"UWC and GMAC Insurance, as a whole, are dedicated to providing solutions that address our dealer customers' array of needs," says Tom Callahan, executive VP of GMAC Insurance's Dealer Products & Services group. "Online Performance Suite and its components will essentially revolutionize the way many of the day-to-day aftermarket F&I sales activities at a dealership are done, moving to an entirely electronic and paperless process."
Beginning in March 2008, UWC's SalesDriver sales software system will be upgraded to include dealer management system integration-doing away with re-keying and paper contract submissions by allowing dealers to electronically file a deal with UWC. SalesDriver will continue to provide instantaneous, precise quotes for VehicleOne service contracts and VehicleOne Primary GAP products by simply entering the vehicle identification number.
At the same time, a new reporting and monitoring system will be rolled out to dealers across North America. Reports Online is designed to help dealers monitor their production reports via a secure Web site. Dealers also can receive accounts receivable statements and risk management monitoring with loss ratio reports through the same tool.
"Reports Online provides dealers with information that is critical to maximizing F&I sales," Callahan says. "Working together with their independent agents, dealers can use the data to develop plans that improve or refine their current business."
UWC also is changing business accounting processes to speed up the time it takes for contracts to be activated. In most cases, contracts submitted electronically will be activated and paid overnight, also using electronic transfer of funds.
"Online Performance Suite streamlines the way dealers and independent agents do business with us," Callahan says. "Recognizing every dealer's business is different, this solution is designed to complement—not compete or replace—existing software."
Source: GMAC Insurance
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