SouthwestRe Announces New GAP Program
SouthwestRe launched its new Guaranteed Auto Protection (GAP) program, underwritten by General Fidelity Insurance Company, a Bank of America subsidiary.
SouthwestRe launched its new Guaranteed Auto Protection (GAP) program, underwritten by General Fidelity Insurance Company, a Bank of America subsidiary. The program is an addition to SouthwestRe’s suite of automotive finance and insurance products marketed under the First Automotive name.
With the launch of GAP, SouthwestRe now offers two programs that were developed in conjunction with Bank of America’s Insurance Services Group. In March 2007, SouthwestRe introduced a credit insurance product underwritten by General Fidelity Life Insurance Company.
By appealing to the consumer’s desire to be protected against financial risk, credit insurance and GAP both meet the current needs of automotive F&I departments, which are an important source of revenue for dealerships. “With a broader product offering and a partner like Bank of America providing the underwriting through its own insurance subsidiaries, we become more competitive and even better equipped to help our clients realize larger profits,” said Gabe Galaviz, executive vice president, SouthwestRe.
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