Have you seen the ‘Don’t pay a premium’ campaign being run by Which?
It was launched in 2014 with an aim to get insurers to show the previous year’s premium on renewal documents, which 85% of consumers think would be useful.
As a result, the ABI announced recently that they are in talks with the FCA. They're calling for renewal documents to include the premium that the customer started the year paying, shown alongside the renewal quote for easy comparison.
The aim here is to make it abundantly clear to clients whether their renewal premium has increased and, if so, by how much. We see this as a very welcome initiative, because it makes our premiums transparent. Sadly for the insurance industry 68% of consumers believe it will prompt them to look around for a better deal, so there is a clear assumption that they expect renewal premiums to rise.
Although this initiative applies only to motor and home insurance, we think it should apply to locum insurance too. We have nothing to hide.
For the 6th year running, 100% of our renewing customers have paid the same or less for their insurance than they did the previous year. That’s why we already show last year’s premium on our renewal documents. Customer retention should be a priority for insurers because loyalty is a key part of delivering outstanding customer service.
We challenge you to find another locum insurance provider that does the same!
Please call me personally if you want to discuss your situation on 023 8051 3286.
The opinions presented in this blog are solely those of the author on behalf of Practice Cover Limited and they do not constitute individual advice. Practice Cover is a trading name of Practice Cover Limited and is authorised and regulated by the Financial Conduct Authority.