WE NEED YOU!

[ChrisKnottIns]

That’s right - we want your feedback.
Why?
Because we’re planning to create some helpful information and articles and want to make sure we’re addressing your needs.
So, we want to know:

 

• What leaves you baffled when arranging insurance?
• What aren’t you sure about when you arrange cover?
• Do you have questions about modifications?
• Are you unsure about what an insurance broker does?

 

Whatever your query, pop it in the comments below and we’ll start putting together some answers!

Thanks

 

Simon

[niceyellow vrs]

Something that leaves me baffled is why when it comes to renewal time, insurers don't just give you their best price to begin with. You're always quoted something rediculous which is nowhere near to what can be achieved by going on a comparison site. Then, if you can be bothered, you have to go through the hassle of phoning up your current insuerer and see if the better price can be matched which it then normally can so why not just give that in the first place?

 

Personal example of this is the policy on my standard Volvo V50 is due to expire next week. My current insurer sent me a renwal quote of £368 (£71 more than last year). Had a look on compare the market and the best like for like quote was £248. Needless to say, with that substantial price difference I won't be renewing with the current insurer.

 

Are insurers just not bothered about keeping customers?

[ChrisKnottIns]

On 01/05/2022 at 17:48, niceyellow vrs said:

Something that leaves me baffled is why when it comes to renewal time, insurers don't just give you their best price to begin with. You're always quoted something rediculous which is nowhere near to what can be achieved by going on a comparison site. Then, if you can be bothered, you have to go through the hassle of phoning up your current insuerer and see if the better price can be matched which it then normally can so why not just give that in the first place?

 

Personal example of this is the policy on my standard Volvo V50 is due to expire next week. My current insurer sent me a renwal quote of £368 (£71 more than last year). Had a look on compare the market and the best like for like quote was £248. Needless to say, with that substantial price difference I won't be renewing with the current insurer.

 

Are insurers just not bothered about keeping customers?

 

Hi,

 

Thanks for your question. I'm sure this is a common question amongst the members here, in fact all consumers.

 

We are going to include this in a feature we are writing on how premiums are calculated as there are number of other points of a similar nature that need to be addressed.

 

Regarding you own insurance, please consider us when you look at alternatives, we'd love to help, if we can.

 

Regards,

 

Simon

[EnterName]

On 26/04/2022 at 10:11, ChrisKnottIns said:

That’s right - we want your feedback.

What leaves you baffled when arranging insurance?

What aren’t you sure about when you arrange cover?

Do you have questions about modifications?

Are you unsure about what an insurance broker does?

Hi Chris!

My big gripe about arranging insurance is the whole "smoke and mirrors" aspect of it.

I'd like to see how insurance premiums are calculated, and the breakdown of costs associated with a policy.

I'm not talking about "£15 extra for legal cover", I'm talking about how the actual premium is calculated. (I'm not happy with 50 different insurance groups too, plus qualifiers. That looks to me like a system that was devised to make things simple but has been stretched and distorted beyond reason, and is now unfit for purpose. I dare say you can do little to change that system, but you can simplify it within your company.)

Beyond this, there's too much small-print, exceptions and exemptions. Most of it seems to be deliberately opaque with the intention of giving the insurer wriggle-room to get out of fulfilling a claim the insured party thinks should be paid. Again, to me this comes down to a lack of transparency about how the business is run. It's very easy to make things clear, if the will is there.

 

If you address the above issues, clarity of how the premium is calculated and dramatic simplification of the small-print, customers won't be baffled when arranging cover. There will be no reason to be unsure about the process, and there will be clarity about how modifications affect insurance premiums. With transparency, the cost/benefit of the role of the insurance broker would also be made clear, particularly when it comes to what brokers are supposed to do, will do, and what they cannot or won't do.

 

TL:DR More transparency over the whole process of insurance, please.

 

[ChrisKnottIns]

On 25/05/2022 at 08:55, EnterName said:

Hi Chris!

My big gripe about arranging insurance is the whole "smoke and mirrors" aspect of it.

I'd like to see how insurance premiums are calculated, and the breakdown of costs associated with a policy.

I'm not talking about "£15 extra for legal cover", I'm talking about how the actual premium is calculated. (I'm not happy with 50 different insurance groups too, plus qualifiers. That looks to me like a system that was devised to make things simple but has been stretched and distorted beyond reason, and is now unfit for purpose. I dare say you can do little to change that system, but you can simplify it within your company.)

Beyond this, there's too much small-print, exceptions and exemptions. Most of it seems to be deliberately opaque with the intention of giving the insurer wriggle-room to get out of fulfilling a claim the insured party thinks should be paid. Again, to me this comes down to a lack of transparency about how the business is run. It's very easy to make things clear, if the will is there.

 

If you address the above issues, clarity of how the premium is calculated and dramatic simplification of the small-print, customers won't be baffled when arranging cover. There will be no reason to be unsure about the process, and there will be clarity about how modifications affect insurance premiums. With transparency, the cost/benefit of the role of the insurance broker would also be made clear, particularly when it comes to what brokers are supposed to do, will do, and what they cannot or won't do.

 

TL:DR More transparency over the whole process of insurance, please.

 

Hi,

 

Thanks for your comments. 

 

As a broker, we certainly want to be transparent and simplifying the process is something we're keen to do. 

 

Whilst we won't be able to deal with everything you mention, we are looking at a number of specific topics including some of what you have mentioned. Our aim being to publish some articles that cover topics raised by forum members here and elsewhere. 

 

Thanks again for taking the time to respond to this request.

 

Simon