|
If you are in the UK, it probably hasn’t escaped your notice that this year is the 150th anniversary of the publication of Charles Darwin’s book “Origin of the Species” “Adapt to survive” has never been a more fitting mantra in a year which has continued to see change and upheavals in the business world. In this issue we take a look at how it’s possible to keep one eye on your core business, whilst looking for new sources of fee income, maintain a focus on high levels of customer service and, find a match to the changing needs of vehicle finance customers by adding insurance to the leasing portfolio.
 Marketing Coordinator
“If you do not change, you can become extinct”
How do you resolve the issue of expanding into new revenue generating areas whilst still concentrating on your core business? Business books seem to offer contradictory advice in this area.
In his book “Good to great”, Jim Collins explains the “Hedgehog Concept”. It’s a business fable of a cunning fox trying to attack a lowly hedgehog. The hedgehog just curls up into a ball, sharp spines in every direction, until the fox gives up. Collins’ message is “stick to one big concept and make a success of it”. In challenging times, by concentrating on your core sector you can truly be effective and operate successfully.
However, in the classic motivational business fable, Spencer Johnson’s “Who moved my cheese?” two groups of mice are in the habit of getting their cheese from one place until one day the supply disappears. One group waits for it to return, but the other group goes out and looks for a new supply and thrives. Eventually, one of the mice of the first group goes out to look for more cheese, and carves a message into the wall near his friend: “If you do not change, you can become extinct”. So, maybe considering alternatives to your core business does make sense?
Combining leasing with a compatible product, such as insurance and outsourcing to insurance experts, responds to the dilemma. The fully outsourced insurance programme offered by Lease & Loan Insurance Services Ltd is designed to make revenue from your core business. Leasing is our only sector (our hedgehog concept). We know the sector inside and out and, we understand how insurance can be sold, take full care of the sales and insurance administration process and have generated many millions for our customers.
So, if you haven’t done so already, come to Bristol to look for some cheese. We may be able to help.
 |
Our customer service and claims team in Bristol are able to handle calls from France, Germany, Netherlands, Belgium, Spain, Italy, Finland and the UK. Wherever possible we employ native language speakers, who have in depth knowledge of the culture of the country they are dealing with.
This enables our customer and claims advisors to understand the customer queries and issues clearly and deliver the highest level of service.
Our year-to-date figures at the end of September 09 show that our Customer Service department achieved an average service level of 93.85% of calls answered within our target of 15 seconds. In fact, our average speed of answer was a speedy 1 second and we achieved our goal of less than 3% of calls abandoned.
Well Covered
The claims team aims to turn around claims as quickly as possible and feedback from claimants reveals that 98% of those interviewed were satisfied that they had been treated fairly during the negotiation of their claim. Lessees comment on the excellent service, which gives them the confidence that any future claims on their leased equipment will be processed quickly and efficiently.
|
|
A couple of examples of claims dealt with by the Lease & Loan Insurance Services Ltd European claims department this year.
|
|
Window smashes monitor
During strong winds in Madrid in April this year, one customer’s office window was blown out of its frame and fell directly on to a leased monitor. The customer made a claim and after investigation the monitor was promptly replaced.
|
Vending machine rage
In the UK, thieves broke in to a customer’s premises by creating a large hole in the roof. After tripping the alarm the thieves proceeded to smash up the vending machine which was on lease. By the time the thieves got out of the building police were on site and arrested them.
|
|
|
|
 The UK Car Scrappage Scheme has helped manufacturers to sell cars in appalling market conditions in the UK and other markets in Europe that have tried it. According to the Society of Motor Manufacturers and Traders (SMMT), sales in the UK in August were up by 6% when compared with 2008.
However, the fund may well be exhausted by the end of this year. Sue Robinson, Director of the Retail Motor Industry Federation said: “The scheme has been highly successful, but with the retail economic climate still fragile, demand still growing, and an increase in VAT scheduled for 1 January 2010, an extension of the initiative is vital”. However, what happens if the extension doesn’t materialise? How can you entice people to spend again when they are not feeling confident about the economy, their finances or their jobs?
Early Termination Insurance (ETI) responds to this situation.
ETI acts in the same manner as Gap Insurance in that it pays off a customer’s outstanding finance. However, it is different in two ways. Instead of the trigger being damage to the car, ETI responds to a change in personal circumstances such as Redundancy, Loss of Driving Licence, even when your customer becomes a father or mother for the first time and would like to hand back their cherished two-seater sports car in favour of a family estate car!
Lease & Loan Insurance Services Ltd can offer a variety of packages and in times of economic uncertainty, this cover can have a high perceived value on the part of the customer and can assist in driving sales activity.
|
 |
Sniffing out the best cheese
A master cheese-grader has had his nose insured for £5 million with Lloyds of London. Somerset-based cheddar expert, Nigel Pooley, who has worked in the industry since 1963 has the most expensive nose in the UK, which he uses for ensuring the quality of every batch of award-winning cheddar cheese that leaves Wyke Farms.
Trapped hedgehog’s
successful escape bid
In a case of “sticking to the big concept and making a success of it”, a hedgehog successfully managed to convince a German family that it was a burglar when they heard screams coming from their cellar. They called the police, who, on investigation, found a hedgehog trapped with its head in a yoghurt pot. A spokesperson said: "He was making a lot of noise that was being amplified by the carton. It's an easy mistake to make."
|
|
