Simplifying our business and products
Our aim is to make doing business with us as simple and straightforward as possible. One of the ways we are looking to achieve this is to review our existing product portfolio, assessing where we have unnecessary complexity and reducing the number of similar products we currently offer. We want to clearly set out our product offering and appetite as part of this.
Why are we doing this?We have listened to your feedback to simplify the way we do business, to reduce complexity, focus attention on our core products and deliver a more efficient business model that makes us easier to do business with. We want our customers to have a clear choice and understanding of the products we offer and working through this simplification helps deliver this.
How are we doing this?We have reviewed our range of products and identified where there is an opportunity to simplify our offering. We have looked at where we can align customers to more appropriate products and therefore have identified some products to close to both new business and renewals.
The products which will be impacted are as follows:
Blocks of FlatsNo new business or renewals will be offered for this product. For all future renewals currently on this product, we will be offering renewal based on our Property Owners (Professionals’ Version) Policy Wording.
Property Owners – StandardNo new business or renewals will be offered for this product. For all future renewals currently on this product, we will be offering renewal based on our Property Owners (Professionals’ Version) Policy Wording.
Marine CargoWe will no longer be writing this product. No new business or renewals will be offered.
All RisksWe will no longer be writing this product as a standalone policy. No new business or renewals will be offered. This does not affect any all-risks cover which we currently provide as part of a package policy.
What are the next steps?Existing customers will need to be notified in advance of renewal and we will provide you with details of how these changes will impact individual policies prior to each renewal.
We are committed to keeping you informed and will provide an update on all upcoming cases with a minimum of 60 days’ notice. We will make you aware of any impacted policies as and when necessary.
Where we have identified a viable alternative product to replace the existing cover, we will provide you with a new renewal invitation based on the information we currently hold. You will need to ensure that the quote provided meets all your customer’s demands and needs.
For All Risks and Marine Cargo renewals, we are unfortunately unable to provide an ICCI alternative option to policyholders. Alternative arrangements will have to be made should the need for cover continue beyond the renewal date.
Questions & Answers
What are we doing and why?
When are these changes happening?
These changes will begin with effect from 1st September 2021 renewals onwards.
Are all policies impacted?
No, we are making changes which will impact only certain policies. A list of products impacted are shown above.
Do I need to act immediately?
Yes. Once we provide our monthly update of any affected policies, it is imperative that policyholders are afforded as much time as possible to consider the available options and for any replacement policies to be written prior to existing cover ending.
Will all brokers be receiving this same monthly communication?
No, only brokers with policies affected by the changes will receive a monthly update. Further iterations of this communication will follow for future month’s impacted policies.
Will a viable alternative be offered for impacted policies?
In some instances, yes. The list of products where we have an alternative available are shown above. When this is the case, we will provide you with an overview of the differences in covers between each product. This will allow you to fully review any changes and be prepared to inform your customer and answer any questions they may have.
Claims and Complaints
An impacted policyholder has an open claim, will this be affected?
No, any open claims or claims that occur between now and the end of the policy term will be treated in the usual manner.
An impacted policyholder wishes to complain about not being offered a renewal on their existing policy, what should I do?
We hope this situation does not occur; however, any instances should be managed through the usual complaints handling process.
An impacted policyholder has an open complaint, will this be affected?
No, any open complaints or complaints that occur between now and the end of the policy term will be treated in the usual manner.