Client success story: loyalty
With so much choice on the market, customer loyalty may occur as old fashioned. Loyalty can both help and hinder customers. Read on to find out more.
Our customer, who will refer to as Jane, has been with her current insurer for over 30 years. Faced with increasing rates and declining service from her insurer, she is looking for a new solution.
She reached out to us for assistance. As it happened, Jane’s current policy is priced below market value because it uses her address which is outside the Greater Toronto Area. Usually, areas further away from large cities have lower premiums.
However, she now lives in the GTA and we communicated to her that we would need to price her policy from the perspective of her GTA residence. This may increase the premium, but it ensures the policy will not be cancelled or a claim denied for misrepresentation.
Sometimes, customers ask us to use a different address to lower their premium, but we always refuse. This is not the right way of doing things and it puts both customer and broker at risk.
In other words, squeezing every penny is a losing strategy in the long term. Sometimes getting the right coverage can cost a little more and we were honest with Jane about this possibility.
But we understand where customers are coming from: they pay for insurance year after year and the benefit is not obvious. Insurance shines in the relatively rare cases when a claim occurs and the customer needs a responsive product that meets their needs.
Fortunately, Jane’s new solution is actually lower cost than her current. Not only does it meet her needs, but it also saves her money. Sometimes it’s really possible to get the best of both worlds.
Contact us today to find out if you could be getting better value.