During the second edition of the SIAM Automobile Finance & Insurance Summit themed “Re-Connecting with Customers during Challenging Times”, vehicle manufacturers, bankers, financers and insurance companies deliberated on re-shaping automobile business post-COVID.
All stakeholders identified the need to augment demand with easier and affordable access to finance and insurance as such measures would greatly incentivise customers to reconsider vehicle purchases, which hit all-time low during the first Quarter of FY 21. Various policy recommendations and regulatory issues to address on-ground operational challenges were highlighted.
Mr Rajesh Menon, Director General, SIAM, said, “There is a need to better connect with customers for finance, leasing and insurance which would support in bringing back the auto sector on a sustainable growth path”.
Mr Gopal Bansal, Chairman, SIAM Finance and Leasing Group and Whole Time Director & CFO, SML Isuzu, said, “Closer association between auto and finance sector would ultimately benefit the customers”.
Mr Diego Graffi, Chairman & MD, Piaggio Vehicles, highlighted that there are several challenges in financing three wheelers and PSU banks need to recommence financing for this segment and three-wheeler manufacturers would provide necessary support as required.