TOT UP by OTOMOTO PAY: Revolutionizing Car Financing and Insurance Qorus-Infosys Finacle Banking Innovation Awards 2024

Concept and Objectives: TOT UP, an innovative feature of OTOMOTO PAY, integrates vehicle financing and insurance into one streamlined process. This solution allows users to obtain quick insurance quotes and include the cost in their car loan, consolidating all expenses into a single monthly payment.

Reasons Behind: Traditional car buying is fragmented and time-consuming, often requiring multiple interactions with different service providers. TOT UP addresses these inefficiencies by providing a seamless, integrated purchasing experience, meeting the needs of tech-savvy consumers who value convenience and transparency.

State of Competition: The car loan market in Poland has nearly 20 financial institutions offering over 30 products, but lacks a specialized comparison site for car loans. TOT UP is the first embedded financing solution on automotive classifieds in Europe, offering a unique advantage over competitors.

Sources of Inspiration: Inspired by the need to simplify the car buying process, TOT UP leverages the strengths of OTOMOTO, a leading automotive classifieds platform, and multi-agency to provide competitive insurance rates and a seamless customer experience.

Departments Involved: The development of TOT UP involved collaboration between OTOMOTO's product development, finance, and customer service teams, along with external partnerships with financial institutions and insurance providers.

Main Results So Far: Since its launch, TOT UP has processed over 46,000 credit applications, with nearly 3% of all credit applications in Poland submitted through OTOMOTO PAY. The platform has financed vehicle purchases totaling 0.5 billion PLN, with a high customer satisfaction rate reflected in Net Promoter Scores consistently above 80.