Creating Happy Members, Protecting Your Collateral, and Earning Greater Profits.
The Good Old VSC. Vehicle Service Contracts made their credit union debut in the mid-1980s. Since then, new tech has made them simpler to offer and administer, but they are otherwise the same. They had (and have) two goals: 1) Protect members from the high costs of mechanical breakdowns, 2) Reduce credit union risk while generating a revenue stream through per contract fees.
Unanswered Questions? There’s more to the VSC story. True revenue share? No-chargebacks? Misleading and confusing member information? What are “Gray area” claims? Any compliance issues? New member technology? We polled a number of CU executives; these were not even questions on their mind.
So we went…
Back to Basics…and Beyond. We started at the beginning: The very first service contract (can you guess when and what it protected?). Then we discuss the Need, Coverage Provisions, and of course, Claims. We’ll help you identify best practices for Staff Training, and introduce newly available Member Technology which enhances the ownership experience.
Naturally, there’s a focus on Revenue. We did a few surveys. Did you know most credit unions have been kept in the dark about a large income source not being shared by most VSC providers?
Finally, in Conclusions and Recommendations, we bring it home, with concise answers to the questions on your mind. We also share our suggested solution.
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