Client success story: getting the most out of your policy
When their premiums increase, one of the first thoughts in a customer’s mind is changing service providers. But that’s not always a good idea.
Read on to find out how to create value for customers in these situations.
William’s policy is due for renewal in October and his insurer increased his premium by $400.
He called us to request a more affordable solution. Although he was considering changing to a different insurer, he was open to remaining with his current one because he has had a good experience with them. Therefore we suggested first reviewing his current policy to see where we could find more value for him.
Policy reviews can yield many benefits for customers. They identify inaccurate policy details, see if any discounts have been disabled, or if any penalties have been applied. Reviews contribute to accurate record keeping which helps us source the most competitive solutions.
In this case, our review revealed that most of William’s premium increase had come from his daughter’s car. We also discovered a few inaccuracies in his policy details. William’s family were driving a lot less than the policy indicated, which means they were overpaying. Updating all the data, we sourced a new quote that $600 lower than William’s current premium.
To create extra value for William and his family, we also suggested they enroll in a Usage Based Insurance (UBI) program with his insurer. Enrolling in this program adds another discount to William’s premium.
The UBI program includes a smartphone app that tracks driving habits and increases the discount the safer he drives. In this context, safer refers to fewer harsh braking and hard acceleration events, as well as limiting driving after midnight.
UBI data cannot be used to penalize drivers; the worst case scenario is that drivers simply get a smaller discount.
Today, William is enjoying the right coverage at a fantastic price with the insurer he trusts.
It’s a win-win-win all around.