Ever since the dawn of the Information Era in the mid-20th century, numerous industries have found ways to harness technology to innovate and improve business operations. This technological embrace dramatically transformed the retail automotive world, notably with the introduction of the Dealer Management System (DMS). However, since this seminal development, innovation has somewhat plateaued, with dealers still heavily relying on manual procedures and exhaustive paper trails.
Among these archaic systems is the proof of insurance process, often requiring car sales representatives to manually call the customer’s insurance agent/agency to verify their existing insurance coverage and update the policy with the new vehicle being purchased. Not only is this task tedious and causes delays in the delivery of the vehicle - but it’s also noncompliant with Safeguards laws, effective June 9th, 2023.
Enter Gather, a technology company set to disrupt in-dealership auto insurance practices by replacing antiquated processes with an automated approach. Gather's proprietary software allows immediate validation of a customer's existing insurance coverage, followed by the addition of the newly purchased vehicle to the policy. It all starts with a simple text message and takes just 50 seconds to complete.
Furthermore, each vehicle that goes through the Gather process is fortified with the Gather GuaranteeTM - a novel feature that serves as a safety net for dealers, protecting them from loss should anything happen to the vehicle before the dealership receives funding from the finance company.
The need for such innovation in the auto insurance space cannot be overstated. Each year, countless hours are wasted in the process of manually validating and updating insurance policies. The cost, both financial and operational, is a burden carried by dealerships and customers alike. When a deal is prolonged due to administrative hurdles, the dealership’s ability to sell more vehicles is stifled and the customer’s satisfaction with the experience suffers. Gather’s solution alleviates this problem, replacing outdated processes with streamlined, automated procedures.
The implications of Gather's technology go beyond operational efficiency. It also takes into account the legal responsibilities of dealerships. Gather's technology is Safeguards compliant, ensuring that its dealer clients adhere to laws surrounding the protection of consumers' NPI (Non-Public Information) as it relates to insurance administration. In an era where data security is paramount, Gather’s technology offers dealers an added assurance of legal compliance.
Gather’s technology has taken a convoluted, cumbersome, and risk-laden procedure, and turned it into a smooth, automated, and risk-averse process. Dealers can now operate more efficiently, with added security, all while ensuring that they remain within the boundaries of legal compliance.