Fada Unveils Dealer Satisfaction Study To Strengthen Relations With Insurance Companies

The Federation of Automobile Dealers Associations (FADA), in collaboration with PremonAsia, has initiated a Dealer Satisfaction Study focusing on Finance and Insurance companies, scheduled to commence in mid-April.

According to a press release, this study aims to unravel the intricacies of the relationship between auto dealerships and finance & insurance entities, providing insights to enhance services and customer experiences in the automotive retail sector.

With the survey link open until mid-May 2024, dealerships across India will have the opportunity to participate and contribute their perspectives on various aspects of their relationships with F&I companies.

Following the data collection phase, a thorough analysis is scheduled for mid-June, employing regression analysis methodology to assess the importance of different factors and attributes.

The results of the study will be unveiled during the third FADA Finance and Insurance Summit, set to take place on 14 June, in Mumbai.

The study will encompass insights from dealers across all segments of the automotive industry, including two-wheelers, three-wheelers, four-wheelers, and commercial vehicles.

Key areas of examination will include the ease of policy purchase, training of dealership personnel, loan disbursement and claim payout processes, policy renewal procedures, and overall dealer-business relations.

Manish Raj Singhania, President of Fada, expressed his enthusiasm for this initiative, highlighting its significance in understanding the dynamics of dealer-finance and Insurance company relationships.

Singhania said, "With the annual Dealer Satisfaction Study, becoming the benchmark in understanding the dealer-OEM relationships, Fada is happy to take a step further to launch the Dealer Satisfaction Study for Finance and Insurance Companies. The study will focus on key aspects of the relationship between Dealers and Finance & Insurance companies and therefore, provide a platform to understand the nuances of this relationship."

Segment-level analysis of data, encompassing close to 30 attributes from five to six factors, will be conducted to provide comprehensive insights into dealer satisfaction levels.

By indexing data on a 1000-point scale, the study aims to offer a nuanced understanding of the dynamics between dealerships and F&I companies, paving the way for enhanced collaboration and improved services for end customers.

Amar Jatin Sheth, Fada treasurer and Director of Dealer Satisfaction Study (DSS) for Finance & Insurance, underscored the association's commitment to supporting dealers in all aspects of their operations.

Sheth said, "In line with FADA's stated objective of helping Dealers with all aspects of running their dealership, the DSS for F&l is the first study to be launched covering the Insurance and Finance company relationships with the dealers. The results of the exercise are expected to help the Dealers and the F&l sector work on key areas of concern in order to improve services to the end customers."