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Future-proofing your brokerage: should brokers focus their efforts on EV?

Written by Steve Molloy

The motor insurance broker sector is clearly mindful of the accelerating demand for electric vehicles, with specialists often tailoring their services to cater for the needs of EV drivers.

However, it seems that some are lagging behind and have not yet adjusted their operations to account for the particular needs of today’s EV drivers and the growing car parc of electric vehicles.

Having the right partners in place can make the transition much easier, and Motor Assist now offers a suite of services including claims management and FNOL which accommodate EV drivers.

 

How driver priorities are changing as consumers increasingly opt for electric cars

EV-owning motorists have a different set of priorities to ICE car drivers, and this is very much in evidence when they have the misfortune of being involved in an accident which results in their car being off the road. As the shift to EVs continues, consumer attitudes are changing, including the requirement for like-for-like replacement vehicles.

To put the meteoric growth of EVs in context, while petrol-powered vehicles remain the most popular fuel type, comprising 56.3% of new car sales in March 2023, the data from the Society of Motor Manufacturers & Traders (SMMT) shows that battery electric vehicle (BEV) deliveries reached a record high of 46,626, representing 18.6% of the overall market.

 

Obstacles which insurance brokers should look to overcome

The shifting sands of the motor industry and consumer demand present an array of challenges for the insurance broker sector, which is gradually pivoting to provide products and services that meet the needs of EV drivers.

However, the speed of change means it is vital to:

  • Safeguard customer retention and claims revenue by adapting your strategy to incorporate EV
  • Have access to an extensive electric vehicle body and mechanical repair network
  • Offer ‘like-for-like’ EV replacement vehicles, which are comparable in size but also in terms of range and charging speed
  • Access to a broad fleet of electric vehicles which can be deployed nationwide
  • Have an ‘EV-ready’ FNOL service which can offer the expertise and efficiency required for electric car incidents

As EV adoption accelerates, the need to differentiate products and services increases

Over the last few years, we’ve seen EV drivers refuse non-EV courtesy cars due to their commitment to low emissions motoring – in other words, once they’ve chosen an EV, they won’t step back into a diesel or petrol model.

Insurance brokers will need to future proof their services rapidly to stay competitive and relevant. The easiest way to do this is to utilise the expertise of an experienced partner.

 

Motor Assist is both EV-ready and offering other technology benefits

Claims processing in the motor insurance broker market is particularly complex. Time-consuming and potentially costly, even some specialist claims management providers are struggling to remain efficient as the motor car parc evolves.

As well as the necessary access to like-for-like vehicles and repair specialists, Motor Assist has heavily invested in technology to improve the customer journey for both partners and drivers.

  • Complete FNOL and claims management solutions for both retail and commercial customers
  • Step-by-step customer journey that simplifies the handling of complex incidents for all stakeholders
  • Motor Assist’s integrated user platform is fully configurable, enabling us to tailor it to the needs of each broker and their clients
  • Providing both fault and non-fault vehicle replacement services

By partnering with Motor Assist, we will help make your transition to electric vehicles more seamless, supporting you to develop a claims and product solution which accommodates both EV and ICE customers.

 

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