Client success story: continue supporting customers when their needs change

One reason your customer may be denied insurance coverage is when their risk profile and asset value change. One of our customers encountered this very challenge in recent weeks. Read on to find out how we helped solve the challenge.

Pam had been with her insurer for some 27 years and she was an ideal customer. Over the years, the policy accumulated changes as her home grew in value and she added scheduled items to it.

Eventually, the combined value of the house and scheduled items exceeded the insurer’s capacity.

Different insurance companies target different market segments and they usually don’t extend coverage to assets outside of their envelope. They identify the segments that they’re most competitive in and stick to them.

For example, some carriers will take on higher risk assets like high value homes (over $2 million); others will insure medium range risks and some take care of lower risk assets.

At first, Pam was offended because she knew she had treated the company well. We communicated to her the way insurance companies target different segments and that her particular situation had gone outside her insurer’s target.

It was nothing personal and in fact, the insurance company expressed sincere regret that they would be unable to continue her coverage.

At that point, our responsibility was to create a new solution for her. When her policy came up for renewal, we sent her policy out to market, meaning we requested quotes from other insurance companies. We ended up placing her policy with another insurer, making sure she has no gaps in coverage.

We paid particularly close attention to the policy details around water damage to make sure she has the right coverage for her needs. Each insurance company uses different wordings around water damage, meaning that policies which appear the same on the surface do not actually provide the same coverage.

As a result, Pam has the same great coverage she always had even as her needs continue to change and evolve. If you’re experiencing changes in your life, contact us to find out how we can help you create a smooth transition.