This past summer, not only did WALKAWAY Canada Incorporated move to bigger and more impressive new digs located on the picturesque Glen Abbey Golf Course in Oakville, Ont., but the insurer also transformed its business.
The company name and all the team members now reside under its sister company, Insurance Insight Inc., a registered insurance brokerage and now exclusive WALKAWAY distributor.
“Growth often requires restructuring the business units, especially with increasing business lines, markets, people and complexity,” says Robert Varga, company president and CEO.
Closely following the transition, were plans to keep the WALKAWAY program current and introduce some meaningful improvements.
And, on Jan. 4, WALKAWAY did just that.
“We carefully considered dealer, lender and claimant feedback and combined the findings with closely monitoring key industry trends, an ever-changing economy and the consumer – specifically, the negative equity epidemic, an aging population with health concerns, a worrisome workforce and unprecedented levels of consumer debt.
“Things change and we need to change too,” Varga says.
As a result, the WALKAWAY says its program received a number of impressive refinements to keep it relevant and sustainable when it comes to the price-to-value relationship.
The new program is even more consumer-friendly than ever before, offering a broader breadth of coverage and more flexible options.
Since the fall, WALKAWAY's business development managers have been busy in the field conducting detailed program training on the new program.
“The reception has been excellent. The entire team did a really amazing and efficient job of educating the dealers and we've had extremely favourable feedback all around,” he adds.
• Maximum term increases from 84 to 96 months, as finance terms are increasingly longer.
• Full-term upgrade age limit increases from 78 to 79 as our population is aging.
• The 12-month complimentary remains ageless. Everyone qualifies.
• Increase in claim amounts up to $25,000 as negative equity continues to rise and represent one of the biggest challenges in the industry today
• One4One 12-month complimentary policy credits now offered on all payment relief products rewarding dealer loyalty, commitment and performance.
• Additional life events are covered across even more WALKAWAY products to provide greater flexibility for consumers at all levels of coverage.
• More payments in the payment relief product category to help consumers keep their vehicles longer until they get back on their feet.
• Newly designed and professionally produced consumer website and point-of-sale material with simplified messaging to help aid sales, raise awareness, provide multiple touch points and augment dealer training.
• More opportunities to achieve higher margins to motivate business offices and help dealers reach their financial objectives; all are designed with a long-term, ‘partnership’ mentality and to augment other business office product sales.
• Plain language policy wording for easier understanding, consumer disclosure and compliance.
• Further relaxing of qualifiers and shortened waiting periods to make the claim experience easier and friendlier.
Varga says it's hard to believe WALKAWAY has been around for 16 years now and has settled over $80,000,000 of auto-related debt in Canada alone.
“We’re extremely proud of this accomplishment and feel we do good work every day with a program that passes the ‘Mom Test.’
“Having said this, it's very important to always strive to improve every aspect of our game and never take anything for granted.”
For more information about WALKAWAY Protection for Vehicle Financing, visit www.walkaway.ca.