A Sad Day - #gutted -

[PukkaT6]

Which could be more expensive, create possible calculation issued with NCB and MTA considerations. And lovely negotiations with the base underwriter, I can see their faces now, …… It would mess with their policy and risk analysis, I can see much head shaking!!

Seriously though, I have seen some variant approaches in the past and some can work, look at the older Elephant 10 months policy for a years NCB, etc

The fact you think a policy like that would cause underwriters to shake their heads makes my day. Policies which only reward after 12 months are the past, imagine being able to gain NCB month on month, Imagine a policy based around you, when you want cover, thats the end game.

I understand your scepticism, its totally justified however its the reason companies like mine exist.

 

[XZO]

We are group of companies comprised of an underwriter, a broker and a claims management company.

As a broker we sell direct and through aggregator sites. We sell both commercial and personal policies and are new to the industry, born out of a desire to not follow the trend but to very much start a trend.

Interesting, I have worked for insurance companies, been a product manager, product implementation manager to the main SWH's, managed aggregator development and product management, developed from an IT perspective wholly new products and latterly programme managed very large IT and insurance transformation projects. Plus many other roles too many to mention here.

I am now newly retired and totally chilled.

Good luck with your new venture and I truly hope you find that gap in the market to make a much needed difference. If I were you I would focus on customer service

 

[PukkaT6]

Like yourself im well versed in IT infrastructure and claims management, customer journey and experience.

Unlike many established insurance companies we are not restricted by legacy systems and approaches and very much want to buck the trend.

 

[XZO]

You are right, legacy systems and change in the larger u/w's is painful and takes ages, especially getting entrenched people to the benefit of new thinking. Sounds refreshing, best of luck and I hope everything works out.

 

[Skyliner33]

Would you prefer a policy that simply renewed every 30 day, no big hikes in price, no lengthy 12 month contracts?!

No, not really, partly for the reasons mentioned above. I would prefer a company that would provide me with a competitive quote (not necessarily the cheapest) at renewal time. From talking to people, its the "Oh you have got a quote for x hundred pounds less than ours, hold the line a minute......... ok we can match that quote." that really makes a lot of people mistrust the insurance industry.

However I would like to see how a policy like that could work.

 

[Ads_Essex]

What really gets my goat is NCD. Particularly Protected NCD; an insurance policy for an insurance policy.

You’ve either claimed or you haven’t.

The problem, I guess, is that once one insurer devises one way or squeezing more money out of their customers, the others either follow suit or fall behind.

Anyway. @Dellmassive I'm glad your repairs are still holding up well

 

[PukkaT6]

What really gets my goat is NCD. Particularly Protected NCD; an insurance policy for an insurance policy.

You’ve either claimed or you haven’t.

The problem, I guess, is that once one insurer devises one way or squeezing more money out of their customers, the others either follow suit or fall behind.

Anyway. @Dellmassive I'm glad your repairs are still holding up well

Even with a NCD protection a history of that claim will be logged on the insurer database. Yes you will retain the NCB % discount you get at renewal but a claim has still be recorded and could potentially used against you.

 

[dubber36]

It is indeed. With protected NCD, yes you'll get you keep your NCD % after making a claim, but it will be the % discount off an inflated initial premium. As customers, we are over a barrel.

I'm just glad I'm weeks away from SAGA insurance and live in the sticks.

 

[PukkaT6]

SAGA being cheap is also a myth ha

 

[dubber36]

It was more of a reference to my age. It has its advantages.

 

[DaveyB]

SAGA. Sex annually, generally August (just to take this thread even more of topic).

 

[dubber36]

I just read annually as something else

 

[DaveyB]

I just read annually as something else