The World of Reinsurance
Unlike traditional insurance, whether you’re in the individual or group market, or if you sell life insurance and annuities, there is no similarities between the traditional insurance world and the automotive reinsurance world. If this is your first introduction to the world of Automotive Reinsurance you may find this interesting. Even though there are many different facets to automotive reinsurance, the one you’re probably most familiar with is the automotive warranty. The consumer buys a vehicle, new or used and they put a warranty on it… simple. The dealer supplies the warranty to the customer and buys the warranties from the broker. Every vehicle they sell new or used, the dealer and broker get paid.
Once you learn Reinsurance, you’ll diversify and expand your client base. Whether they’re a Franchise Dealer (new vehicle) or an Independent Dealer (used vehicle) auto dealerships are far and wide. The broker needs only a few clients to make a sizable difference in earnings. The additional insurance products that can be sold to the dealership is only limited to the brokers product portfolio.
What makes reinsurance gratifying is the fact that you make the dealership money. Every warranty the dealer sells makes them money, which in turn makes the broker money. It goes without saying that nearly every vehicle sold these days has some type of warranty on it.
Successful brokers see the need to diversify. Some brokers are constantly looking to expand their portfolio, if that sounds like your agency, you may want to look at reinsurance.
Reasons for the Right Licensed Brokers to apply:
“Since National Independent Agencies has the distribution channels for some of the largest Reinsurance Groups in the world and has exclusive programs with Comprehensive Dealer Services www.cdsdealers.com to broker contracts to automotive, recreational, sport, motorcycle, farm and marine dealers as well as to banks and credit unions. A selective nationwide opportunity exists for agents and agencies with the backing of all products by a select group of insurance carriers.”
Comprehensive Dealer Services, a sister company of National Independent Agencies offers innovative products and services to the automotive industry. In addition to a multi-product portfolio featuring vehicle warranties, tire & wheel, Gap insurance etc. CDS also offers financing for both new and used vehicles. Most buyers can lease a new vehicle just about anywhere. However, nobody has ever heard of leasing USED vehicles… until now. Only through CDS and their affiliated dealers is this option available.
Qualified licensed Insurance Brokers and Agencies who fit the bill may apply. These programs have never been available to any Agents or Agencies until now.