What TV and movie reboots can teach us about vehicle protection programs

Reboots of classic television shows and movies have been big business for the entertainment industry over the last five to 10 years. Seems like everything we’ve enjoyed from childhood on screen has been re-done with a modern flare.

However, do these remakes or re-imaginings breathe new life into long-established classic shows or are they simple money grabs? And, you’re probably thinking as you read this, how in the world is she going to be able to connect vehicle protection programs to TV shows and movie reboots?

I can tell you’re intrigued, so let’s take a look at how TV and movie reboots can influence vehicle protection plans you can offer your members. I promise you’ll have the “aha” moment if you keep reading.

Why Terminology is Important?

First, let’s start with defining the difference between a reboot and a re-imagining.

A reboot, according to news outlet Vox, is where a movie resets the continuity of the previously released film or show. A good example of this includes the three separate trilogies of Spiderman. They all have their own worlds, similar plots, but each trilogy is independent of the other (sort of, I won’t spoil the latest Tom Holland Spiderman movie).

Reimagining is taking the core elements of something and changing at least one big thing. A solid example in the movie world is the 2016 version of Ghostbusters, which saw an all-female cast for the main characters.

What Makes a Reboot Good or Bad?

At the core, a show can’t rest on its past laurels. For a reboot to be considered “good,” it needs to have a reason to find a new audience, and have new story elements that new audiences find relevant. For those that grew up with the Wonder Years television show, it was popular because it was relatable for so many viewers that can recall the Winnie or Wayne in their lives. Today, the Wonder Years was recast as an all African-American main cast and saw popularity for exploring experiences of the 60s and 70s Black family.

For those that recall The Fresh Prince of Bel-Air during the 90s, the show was primarily a comedy that tackled tough issues of the time. The show was beloved by many and sent the careers of Will Smith and others into stardom (the Carlton dance is undoubtedly iconic). The show was re-imagined in 2022, seeking a younger teenage audience. It focused less on slapstick comedy and positioned itself more as a modern-day drama.

Rebooting Traditional Approaches to Offering Vehicle Protection

Now, thinking in terms of vehicle protection plans, the traditional approach most credit unions take is offering some version of major mechanical protection (MMP) or vehicle service protection (VSP) that’s offered at the point-of-sale during loan origination. And, not much has changed with how the programs are delivered or what they do. Borrowers have the benefit of rolling the cost of the program into their auto loan or paying for the vehicle protection outright but there isn’t much variety offered. Once the borrower closes on the auto loan, they move on, and finding another opportunity to present MMP to the borrower again becomes challenging.

What does a reboot or reimagining of this product look like today, in 2022? Let’s add a plot twist to traditional MMP where it’s typically only sold during loan origination. How about reimagining this service so that it’s available to any member, whether they have an auto loan with you or not, or if their current MMP policy has recently expired. That means delivering it digitally, so the borrower or member can enroll anytime online. Yeah, now we’re cooking! Let’s find other ways vehicle protection programs can be rebooted or reimagined as an evolution of MMP.

The Key to Successful Reboots: Updating the Setting

A key element of a reboot or reimagining is placing the main story and its characters into a modern environment to make it relevant to today’s audience. This could mean using recent pop culture references, fashion and technology trends, or including locations and settings that didn’t exist at the time of the original movie showing. Even the fact that every character carries a cell phone in the new versions is there to remind the audience that the show is relatable to them.

Where does a next-generation vehicle protection plan land on the evolution spectrum of its predecessor? We’ve established enrolling online and at any point during ownership of the vehicle is a must for today’s consumers. What about filing a claim in the event of a vehicle breakdown? Most consumers own a smartphone, so having the convenience of a mobile app where a member can file a claim, request roadside assistance, or set up alternative transportation (Uber, Lyft, or rental car) is a must to meet the demands of members.

Let’s take into account the fact that with all the vehicle production shortages, higher new and used vehicle costs, and the data that shows the average age of a vehicle on the road is 11.8 years suggests that your members are probably keeping their vehicles for longer than they ever have. The current economic situation has set the stage for a next-generation vehicle protection program to bring real value to members, protect their vehicles, and provide peace of mind to keep their vehicles on the road.

MMP: The Next Generation

Today, the new generational vehicle protection program that was born out of MMP is healthCAR. healthCAR was reimagined for a new audience—today’s modern consumer. A member can enroll in the program through a self-serve application process, there’s an accompanying app to call for roadside service and to initiate a claim, and the program covers vehicles for unlimited miles. healthCAR was built with some of the best elements of a vehicle protection plan and added new features to find new audiences for today’s drivers.

Did you have your “Aha!” moment earlier in the article? Hopefully, you did and can see there were lessons learned from rebooted and reimagined TV shows, and how we applied them to offer the next evolution of vehicle protection plan—healthCAR.

Click here to learn more about healthCAR.

Ronni Martinez

Ronni Martinez

Ronni Martinez joined SWBC in 1998 and is currently the Vice President of Product Management for SWBC’s Financial Institution Group. Prior to joining SWBC, she held positions in the ... Web: www.swbc.com Details