Pinnacle has acquired internet-based warranty provider Warranty
Direct, for an undisclosed sum.
The two companies have complementary business models. “Both
companies operate through affinity partners and motor dealers
through dealer warranty programmes,” Cardif said.
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Reading-based Warranty Direct, which employs around 40 staff,
will continue to operate as a standalone business in its current
location.
“Our ability to accelerate the expansion of our warranty
business is significantly enhanced by this acquisition,” said Paul
Glen, CEO of Cardif Pinnacle. “I congratulate both David and Duncan
McClure Fisher [MD of Warranty Direct] for building a robust team
and business and look forward to working with Duncan as a member of
my senior management team at Cardif Pinnacle.”
“I’m excited at the opportunity of working with Cardif Pinnacle
early in the evolution of their strategy. I’m convinced that Cardif
Pinnacle’s dealer and underwriting knowledge will complement
Warranty Direct’s system and service capability,” said Duncan
McClure Fisher.
New PPI products for Cardif
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By GlobalDataCardif has also announced the expansion of its product offering
in the field of payment protection insurance (PPI) for the motor
industry.
The new, modular-style product range will allow customers to
“choose from one of 7 levels of PPI cover, based on their
individual circumstances which are fully appraised at the point of
sale,” said Cardif. Individual elements of the cover – such as
life, accident, sickness and unemployment – can be sold separately
based on a customer’s needs.
The standalone PPI product is not “tied into any particular
finance agreement”, meaning that if necessary, the cover can be
converted to “income protection” after the end of the loan, “with
exactly the same premiums and benefits”, Cardif said.
Dave Sherrington, sales manager for motor partnerships at Cardif
commented: “Our close working relationship with the industry’s
leading distributors of PPI, together with our innovative approach
to product design, and pragmatic application of regulatory and
customer service principles have resulted in this new range of
products.
“Early indications are that the range is being well received in
the market.”
Motor Finance Issue: 42 – April 08
by Jo Tacon ,
Published for the web: April 23 08 11:35
Last Updated: April 24 08 15:36
