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GE Auto Warranty Services Offers an Alternative Solution to a Reinsurance Program

Reinsurance is the business of transferring risk from one insurance company (ceding insurer) to a second insurance company (the re-insurer). Auto dealers like the...
May 17, 2005

Reinsurance is the business of transferring risk from one insurance company (ceding insurer) to a second insurance company (the re-insurer).  Auto dealers like the idea of a Reinsurance program, but are apprehensive to participate due to the risks.  Participating PIA members trying to sign auto dealers to the GE Auto Warranty Services program now have another tool to ease the minds of these dealers.  A program developed by GE Auto Warranty Services now offers dealers all the advantages and none of the risks of offshore Reinsurance programs and presents dealers with an opportunity to increase profits on the sale of vehicle service contracts.

"Earnings Plus Elite has become an attractive alternative to offshore Reinsurance programs for our dealers.  There is absolutely no risk of losing money as a result of participation in the program," said George Godfrey, Vice President of Sales for GE Auto Warranty Services.  The Earnings Plus Elite program features multiple benefits that are extremely attractive to dealers who are looking for an alternative to Reinsurance since the release of IRS Notice 2002-70.  Features include a production bonus on every contract sold, a deferral option up to 5 years (with the option to renew annually) to collect additional interest, interest income earned on the dealer's account balance, and a flat admin fee with up to 99% of premium ceded into the dealer's account.  There is no cost to get started in the Earnings Plus Elite Program, and the set up is quick and easy.  Dealers participating in Earnings Plus Elite will also find it easy to qualify for rewards and high payouts, receiving their first production bonus checks just 45 days after their first qualifying month.

PIA members interested in learning more about how they can earn money by promoting the GE Auto Warranty Service to auto dealers should contact (800) 782-9753 or awspiaagents@ge.com and indicate that they are PIA members, or visit the PIA Main Street Store at www.PIANET.com.

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