Underwriting
True or False:
As a Motor Claims Consultant you are expected to do Underwriting.
FALSE
What does GICOP stand for?
General Insurance Code Of Practice
Can you as a Frontline Motor Claims Consultant process a missed payment for a customer?
A 'missed payment cycle'.
What mode should you be in to update a policy?
Amendments
Which factors of a vehicle would impact pricing?
(Name 2)
* Car details (make, model, year)
* Engine and performance
* Accessories, modifications, and factory options
Can we lodge a claim if the caller is not an authorised person on the policy but has all relevant details?
Yes, but we cannot authorise the claim without first speaking to the policy holder.
What should we refer to the cancellation cycle as when speaking to a customer?
Customers will be advised of the cycle via non payment letter/s and SMS messages.
What should you do once you've made an amendment to a policy?
Record an F5 comment in the policy.
Which factors of the risk address location would impact pricing?
(Name 2)
* Risk of living in that location
* Postcode statistic
* Where the vehicle is parked overnight
* Other listed drivers – household members
What are 3 points of ID we aim to confirm when a customer calls in?
1. Full Name
2. Residential Address
3. Date of Birth
How will the customer be notified if their policy is in a cancellation cycle?
Customers will be advised of the cycle via non payment letter/s and SMS messages.
When amending policy information, what are the 3 potential outcomes?
1. Cover acceptable - no change to premium.
2. Cover acceptable - change to premium.
3. Cover referred for a manual decision from the underwriters.
Which factors of the driver would impact pricing?
(Name 3)
- Age and gender
- Occupation and Use of Vehicle
- Registered/joint/company owner
- Licence type, offences, and suspensions
- Criminal history
- Previous claims/accidents/losses
- Insurance history
What 3 things do we check when a customer calls in to lodge a claim?
* Cover type
* F5 Comments
* Additional Benefits
(* Basic Excess)
When does a cancellation cycle occur?
This can be a common occurance on a policy that is on a fortnightly or monthly payments when a credit card expiry has passed.
Name 4 policy amendments you would perform as a Frontline Motor Claims Consultant.
* Add a Loss
* Update email address
* Update postal address
* Change a phone number
* Add an Authorised Person
* Add/Update vehicle registration
What is Underwriting?
Underwriting is whether to accept the risk or not and what premium should be applied to that risk.
Name 5 incident types.
- Accident Damage
- Window Glass
- Hail
- Malicious Damage
- Flood
- Storm
- Theft
- Fire
What does the PDS advise in terms of overdue payments and claims?
- If an instalment is overdue by 14 days or more, we can refuse to pay a claim.
- If an instalment is overdue by at least one month, the policy is cancelled automatically without notice to you.
Can you amend a customer's policy without them on the phone? Explain why.
No. Any appropriate amendments to the customer's insurance policy should be performed whilst the customer is still on the phone as the premium may be affected without the customer being aware of any financial changes to their policy.