Specialist Lloyd’s insurer Jubilee has been appointed as the underwriter for a range of new products for the RAC. The first products to launch are a combined tyre and alloy wheel protection and a minor accidental damage cover which are specifically targeted at Santander Consumer Finance’s dealer partners.
The scheme has been designed to provide dealers with insurance cover on a scale usually only available to larger dealerships. The range of products will help dealers extend their customer relationships at the point of sale and in after sales. Also, by enabling the dealer to undertake their own repairs, the scheme will help to enhance Finance and Insurance margins and customer retention.
Underwritten by Jubilee’s Affinity and Special Risks team, the new scheme will be the first of a number of RAC branded products being developed to support the extension of its product portfolio.
The scheme will initially be marketed via Santander Consumer Finance’s 3000 dealer partners to be sold alongside finance packages and car sales.
The scheme provides cover for tyre repair or replacement, alloy wheel repairs and small minor accidental damage caused by everyday driving such as dents, scratches and scuffed bumpers.
Philip Pearce, Affinity and Special Risks, Underwriter, Jubilee Syndicate 5820 at Lloyd’s said: “This scheme clearly demonstrates our capabilities to provide brands with robust and responsive insurance products that are proven to enhance customer relationships and revenue streams for business partners. As the first in a suite of products with the RAC we are looking forward to building on this initial scheme with other relevant products.”
Kerry Michael, Commercial Director of the RAC, said: “These products are the first of a number we will be launching designed to offer enhanced levels of support and extending the reach of the RAC brand into aligned and complimentary areas of our core business. Jubilee has a proven track record and the expertise to ensure these products are the best of breed and directly meet our customers’ needs.”
Andy Green, Marketing Director, of Santander Consumer Finance, added: “Our dealer partners will have access to an unrivalled set of high quality insurance products backed by Lloyd’s of London. In partnership with RAC and Jubilee we are now able to provide solutions that add considerable value to our overall sales proposition with dealers which in turn benefits both their customers and their businesses.”
