I am excited to announce that the rollout of our new ‘genesis Sales System’ is underway and the feedback to date is extremely positive.
As Eric’s key tool to respond to the changing regulatory environment and to ensure we exceed customer expectations, we have spent the last 2 years developing and testing genesis. We have drawn on experience and trends overseas, consulted with local dealers and had open dialogue with regulators to ensure we meet the requirements of today and beyond
Genesis is a totally unique and bespoke sales system to help support our dealers and partners with the integration of finance and insurance products into the sale of a motor vehicle. genesis ensures compliance with all insurance regulatory requirements, supports responsible lending practices and importantly places the customer at the centre of the transaction.
Genesis has been designed to only present products that will provide value to a customer during their estimated ownership or finance period. This is achieved by the customer providing answers to a series of qualifying questions.
A major concern raised by the regulator and industry groups, centred around buyer fatigue due to the time involved for customers to make informed decisions during the sales process. Genesis addresses this issue by providing a unique personalised customer portal which allows the customer to review all product information and any quotations provided after they leave the dealership.
One of the great features we have included in genesis (to improve transparency), is to provide customers with the total cost of each product for each of the different payment types available, including: credit card, pay by the month or bundled with finance.
These unique features and others work in unity with the car sales process to ensure a more transparent, and seamless customer experience when dealing with our dealership partners.
We have also invested considerable time in ensuring that our Training teams and Sales force are well educated on the benefits of genesis and the implementation plan to most effectively complete each transition.
Eric Insurance is committed to evolving our business, with further innovations such as genesis, to seize the opportunities offered in this environment to improve culture, governance, our relationships with our partners and to ensure we treat our customers fairly.
Chief Executive Officer