Enhanced Rating Plan
Unlike the legacy system, the new rating models will establish this for the policy instead of applying flat percentage discounts.
What is a Premium Adjustment?
This automated system is what determines multi-car & multi-line premium adjustments on PLA Mod policies.
What is the Auto Portfolio View used for?
During this phase, agents will not be able to make updates to the quote.
What is the Billing & Payments checkout process?
An action item for our office that requires additional information for a policy or transaction in PLA mod.
What is a contingency?
In the modernized system, tasks related to this program will no longer require odometer readings, eliminating service tasks.
What is the Drive Safe and Save discount?
This type of data from third-party consumer reports will now be collected and used within rating models.
What is vehicle mileage information?
This process allows for combining multiple policies into one Multi-car policy.
What is Consolidation?
To create a policy change request for a Personal Lines policy, you must first find the account using this ECRM feature.
What is a Global Search?
This age is when the Steer Clear premium adjustment is removed from a youthful driver’s policy.
What is 25 years old?
The Drive Safe & Save discount will now be based solely on these factors.
What are driving behaviors?
When a Legacy policy migrates to PolicyCenter, all drivers listed will automatically be included in this type of policy.
What is a multi-car policy?
The status that indicates that a contingency is awaiting customer action within its first 30-day window.
What is Pending?
This term refers to the process of gradually adjusting premiums to avoid sudden increases or decreases.
What is rate stabilization?
Contingencies can originate from various transactions, including newly written policies and this specific type of renewal.
What are migration renewals?
The percentage of the initial participation discount that will stay the same under the enhanced rating plan?
What is 10%?
Under the Enhanced Rating Plan, this factor will no longer be considered in the rating process.
What is marital status?
Policies will consolidate onto the same Multi-car policy if these criteria match. (Name 4)
What will the following conditions create?
This tool is used to authenticate a customer’s identity before initiating a policy change request.
What is the Enterprise Customer Authentication Tool (ECAT)?
Name 3 of the vehicle level coverages in a multi-car policy.
What are Comprehensive, Collision, Emergency Roadside Service (ERS), Car Rental and Travel Expenses?
Customers who do not complete the setup within this timeframe will lose their Drive Safe & Save discount.
What is 30 days?
the maximum payment limit per animal and per loss under the Supplementary Pet Injury Benefit, which covers veterinarian expenses for pets injured in an accident.
What are $1,000 per animal and $2,000 per loss limit?
The multi-car premium adjustment (if they meet these three following criteria)
What do all auto policies with these criteria qualify for?
This tool allows agents to find all household policies for a given customer and is utilized during the migration to modernized systems.
What is the Auto Portfolio View?
Name 3 of the policy level coverages in a multi-car policy.
What are Liability, Medical Payments, Uninsured Motor Vehicle, Death, Dismemberment & Loss of Sight Coverage, and Loss of Earnings Coverages?
The percentage range representing the potential earned discount that customers can achieve through the Drive Safe & Save® program based solely on their driving behaviors.
What is 1-40%?