Insurian Selects a New Powerful Account Servicing Tool to Deliver Online Product Training to Agents, Dealers and Financial Institutions Nationwide
Insurian, a nationwide provider of innovative debt cancellation products for lenders and dealers, has selected SOARLMSi to deliver online training to Agents and Dealers representing Insurian’s products.
Insurian offers best-in-class debt-cancellation products to protect and benefit consumers in unforeseen times of need such as an illness, job loss, and more. The company was founded in 2014 by Paul Budvitis after identifying gaps in the consumer protection product market.
“When difficult life circumstances occur, consumers take all the risk of payment default and negative equity which can severely damage their credit,” said Paul Budvitis, founder and CEO of Insurian. “We set out to help solve this problem by creating the first and only Vehicle Return Plans (VRPs) that could be purchased as stand-alone products at the time a loan or lease is originated. Our founding value statement encompasses how we protect and put consumers first: ‘Your vehicle comes with numerous safety features, so we thought your loan should, too!’”
Insurian’s unique solutions give consumers peace of mind with long-term financial security if they run into hard times. In 2020, Insurian had great success putting their debt cancellation platform to work with the launch of their award-winning Hyundai Job Loss Protection Plan. This innovative, custom-designed program was implemented at the onset of the COVID-19 economic crisis to instill confidence in the purchase of Hyundai automobiles during a time of extreme economic uncertainty.
Insurian’s product suite consists of LifeGap™, LeaseWrap™, InsurianVRP™, and payment protection products. These are available across all transportation verticals, including auto, RV, powersports, motorcycle, boats and commercial trucking. They are also available across OEMs, banks, credit unions, financial institutions, leasing companies, refinance lenders and motor clubs.
Getting Important Protections in the Hands of Consumers
Now, with rising inflation and economic uncertainty on the horizon, Insurian’s products can be game-changers for consumers who have this kind of protection. So in order to get their solutions into the lives of consumers as quickly as possible, Insurian has engaged a nationwide network of agents to bring their product into all sorts of transportation dealerships and Financial Institutions.
“There’s no better way to introduce our product to dealers quickly than through agents who already have relationships with them,” said Paul Budvitis. “This also creates a fantastic opportunity for agents to bring more value to those relationships, and enjoy some financial benefits as well. The dealerships that implement our products win because they experience increased profits, market differentiation, increased traffic, improved lead conversion and increased customer loyalty, among other things. But the best part is knowing that we’re offering something extremely valuable to consumers. It’s a win-win-win for everyone.”
Bringing Agents and Dealership Sales Teams Up to Speed Quickly
While engaging a network of agents nationwide to bring these products to the public quickly is a smart approach, agents would likely run into an ongoing challenge with ensuring that all dealership sales and finance teams are properly trained.
“We have to make sure that salespeople fully understand our product’s features and benefits, and how to present them to customers in a way that is legally compliant,” said Budvitis. “So we found and engaged training solutions to address this need for our agent network, so they don’t have to bear the burden of training dealer sales teams, especially as these teams experience turnover.”
Being a best-in-class provider of innovative debt cancellation solutions, Insurian sought best-in-class solutions to develop and deliver training on their products. First, Insurian turned to the College of Automotive Management (CAM) to develop quality training for agents and dealership sales teams. CAM was founded in 1992 and has graduated more than 10,000 highly skilled automotive managers over the last 30+ years.
“CAM has a great reputation in the industry and a long history of offering high quality training. They were the obvious choice to help us develop training,” said Budvitis.
But great training needs to be delivered efficiently and ongoing, without agents having to be on-site to deliver it. So the training developed by CAM will be delivered to agents and dealers through an innovative Learning Management System, SOAR LMSi. By building out interactive training content for Insurian’s product on this platform, dealership sales teams can access it any time, on demand, from any kind of device. Furthermore, SOAR platforms can be completely private-labeled in each dealer’s name or the selling agency’s name, depending on which format the agent feels would be most practical.
“This training program and delivery system combined offer a remarkable solution, since so many dealerships experience turnover regularly in their sales teams,” said Stuart Houser, President of the Automotive Marketing Group and Agent for Insurian. “This approach means that all existing and future sales and finance team members get the same training every time, so there is no lapse in product knowledge or legally compliant presentations to consumers as turnover occurs. The other great benefit is that as an agent, I can see at a glance exactly how far along in the training materials each dealership employee is. I have no doubt that the efficiency provided by this LMS platform will be a major part of this program’s success in dealerships.”
A Remarkable Tool for Accountability, Follow-up and Account Servicing
Agents and dealership management are able to obtain written confirmation of the following from every dealership employee involved in the sales process:
- That they have a total knowledge of the product features and benefits
- That they developed a comprehensive understanding of how to present the product in a legally compliant manner
- Their opinions about the product.
All of this data is gathered through tests, quizzes, and surveys that are embedded in the curriculum, and then provided to agents and managers as desired.
“We designed this platform for the purpose of helping companies deliver quality training in a way that is simple, practical and aesthetically pleasing,” said Kevin Keenum, CTO of SOAR LMSi. “The platform features and reporting capabilities are extremely malleable and offer a number of customization options that allow each organization to get exactly what they need when they need it. It’s a robust account servicing tool as well, for all of those reasons and more.”
Agents can easily service their accounts with personal interactions as a result of the instant feedback notifications feature that comes with every SOAR platform. As feedback and test results come in, agents and managers can respond in real time right from their mobile devices. They can also see current employee training activity right on their customizable dashboard or by pulling activity reports. Weekly and monthly reports, including employee feedback and continuous success stories, are automatically compiled and sent to select dealership management and owners as determined by the agent, so no one ever has to go looking for data. It’s always right at their fingertips.
Using SOAR platforms to do all the heavy lifting of training, reporting and maintaining accountability with dealership sales teams allows agents to increase the number of accounts they can serve exponentially. And it allows them to do it better than any live, in-person scenario ever could. They can redeem their time and repurpose it to focus on relationship-building in their face to face visits and other communications with their dealer accounts.
To learn more about bringing Insurian products to your dealership or financial institution, visit https://insurian.com/.
To learn more about how a private-labeled SOAR LMSi platform can benefit your business, visit https://www.soarlmsi.com/.
To learn more about the College of Automotive Management, visit https://collegeofautomotive.com/