12:01 pm, February 29, 2008
MOTOR insurer Lloyd Latchford Schemes is going from strength to strength in its partnership with software house Codeweavers – thanks to innovative use of CAP data.
Working together, Lloyd Latchford Schemes and Codeweavers developed a search engine that checks some of the largest names in the market for the best deal, which can be fixed for up to three years for cars advertised on dealer websites.
This innovation was made possible by mapping the insurance industry’s standard ABI codes with CAP codes, to enable instant quotations on individual unique vehicles.
For dealers it provides a welcome additional revenue stream, lost by many who were unable to comply with the Financial Services Authority’s increasingly tough regulatory rules around the sale of financial and insurance products.
Dealers are now able to appear to customers to be offering competitive low-cost fixed-term insurance instantly and receive commission payments for each policy sold.
Whilst this is especially welcome for smaller dealers, Lloyd Latchford’s ability to work with franchised dealers has also seen the product embraced by some of the UK’s largest banks, leasing, AM100 and media companies including AutoExposure.
Lloyd Latchford Schemes’ Tim Hutton said: ‘CAP data has helped ourselves and Codeweavers pioneer innovative technology and played a major part in the wow factor that is making this fixed term insurance solution so successful.’
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