Parking Panda is quickly becoming one of the most popular navigation programs for cars, trucks, and SUVs. The Parking Panda program lets users see where free parking is available depending on their current driving destination. Parking Panda hasn’t even gone live yet in three major cities for full compatibility with rental requests and park spot listings.
This program was designed by the award winning software engineers at Apple, Inc. and they had lots of fun developing it. They took numerous requirements and constraints from the insurance companies to make this program as user friendly as possible. With so many users, parking garages are forced to upgrade their equipment to accommodate future clients. However, most parking garages aren’t tech savvy so upgrading equipment can be a real down turn.
Recently, I had an opportunity to speak with Dan Taylor, President of iTNC, about how their business is going to be impacted by the new version of Parking Panda. He shared some really great insight into what the iTNC business is all about. “The biggest change we’ve seen with ride-hailing in the auto insurance space is the migration of our agents to iTNC. Since inception, we’ve been working hard to differentiate ourselves from other auto insurance providers. We’ve offered custom insurance rates, competitive pricing, personalized customer service, and a fast and convenient claims process. “
Currently the insurance carriers have not embraced the ride-sharing solution. Currently they are using the existing system with a few select carriers. This means that there will need to be some changes to the current process. Dan noted that the iTNC platform will offer a way to bring all of the insurance companies on board. He shared some great statistics about how well the iTNC software functions with different types of agencies:
According to Dan, this solution has helped to reduce the cost of his agents by 40%. The cost savings comes from the fact that the insurance carrier no longer has to pay the traditional commission fees that the agent normally receives. The iTNC software is actually responsible for collecting the data and passing it on to the agent. With the vehicle tracking data the agent can accurately determine the make, model, and year of the vehicle in question. This allows the agent to instantly know the value of the vehicle.
Once this information is able to be provided the agent can create a custom quote for the owner based on several factors including the vehicle’s estimated time of recovery. The iTNC software also takes care of any additional charges that might be associated with the parking garage. These include fees for the security or fencing around the parking garage and the monthly fee for the monitoring service. All of these fees can now be included in the monthly policy without the agent having to request them from the insurance provider. This is a huge savings in time and money for the insured.
With the system installed, Dan found that there were more clients coming into the office as well. In fact, he was so pleased that he decided to introduce the product to his ten other insurance providers. He attributes the new levels of interest to the ease in which the system operates. The system is so simple that anyone can use it.
The parking garage solution is something that is bound to be adopted more widely across the country. As more people become aware of its benefits, they are likely to follow suit and install this system themselves. The benefits of such a move include the ability to accurately determine the vehicle’s condition, the ability to monitor the vehicle’s mileage, and the ability to offer a fair and accurate quote to the client. By taking advantage of this valuable technology, car owners can expect to save a fair bit of money on their insurance premiums.