Renewals vs new customer...
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Scooby Regular
Joined: Jul 2002
Posts: 169
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Renewals vs new customer...
Would like to know if it is just me that find they never get a competitive quote for renewal? I would have thought insurance companies would get wise to the fact it is now easier than ever to shop around and so not pump up the renewal premium in the 2nd and subsequent years...
How many of you peeps have actually stayed with the same insurer for 2 (or more) years because they remained competitive?
I have only ever stayed with one insurer for 2 years and that was Frizzel (Liverpool Victoria) who were competitive for 2 years but their 3rd renewal was beyond a joke. That included paying £25 (I think!) for CSMA membership!
Would like to know what other people's take is on this so don't be shy!
How many of you peeps have actually stayed with the same insurer for 2 (or more) years because they remained competitive?
I have only ever stayed with one insurer for 2 years and that was Frizzel (Liverpool Victoria) who were competitive for 2 years but their 3rd renewal was beyond a joke. That included paying £25 (I think!) for CSMA membership!
Would like to know what other people's take is on this so don't be shy!
Former Sponsor
Joined: Jul 2005
Posts: 551
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From: Essex
The current climate within consumers of Insurance products seems to be based upon shopping around.
There are numerous new companies and heavy TV advertising campaigns, which promote consumers to shop around.
Our premiums are priced to reflect the risk and performance of each area of business/type of vehicle.
Greenlight's main panel of specialist schemes all offer a new business rate, which reflects and takes account of the heightened administration for all concerned. Then, providing there is not a non-recoverable claim within the year our scheme Underwriters premiums will at worst stay static, or in most cases reduce by at least 10% to reflect the lesser level of work.
Cutting the rate at the new business stage (ie. time when there is most admin involved) is simply false economy and is not conducive to a long term customer loyalty strategy.
At Greenlight we do not (and never have) adopted a strategy of 'buying business in' with artificially low new business rates, then hiking renewal premiums to claw back losses incurred through underpricing and heightened marketing.
Kind regards
Tony
There are numerous new companies and heavy TV advertising campaigns, which promote consumers to shop around.
Our premiums are priced to reflect the risk and performance of each area of business/type of vehicle.
Greenlight's main panel of specialist schemes all offer a new business rate, which reflects and takes account of the heightened administration for all concerned. Then, providing there is not a non-recoverable claim within the year our scheme Underwriters premiums will at worst stay static, or in most cases reduce by at least 10% to reflect the lesser level of work.
Cutting the rate at the new business stage (ie. time when there is most admin involved) is simply false economy and is not conducive to a long term customer loyalty strategy.
At Greenlight we do not (and never have) adopted a strategy of 'buying business in' with artificially low new business rates, then hiking renewal premiums to claw back losses incurred through underpricing and heightened marketing.
Kind regards
Tony
Thread Starter
Scooby Regular
Joined: Jul 2002
Posts: 169
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Tony
Many thanks for your response and viewpoint. Have to say that was not what I experienced when I was insured with you, though that was a bit of a while ago (3+ years back).
Will be in touch sometime in the next couple of weeks for a quote!!
Many thanks for your response and viewpoint. Have to say that was not what I experienced when I was insured with you, though that was a bit of a while ago (3+ years back).
Will be in touch sometime in the next couple of weeks for a quote!!
Former Sponsor
Joined: Jul 2005
Posts: 551
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From: Essex
Hi Clint,
We did have one underwriter that reacted to their claims experience upon Impreza business (unfortunately this coincided with LV's initial entry to the Impreza market), but within a year their claims performance settled down and with 9 years collective experience they will not be backing away again.
It's always good to hear from our ex-clients and we would relish the opportunity to win back your business when your policy falls due.
Kind regards
Tony
We did have one underwriter that reacted to their claims experience upon Impreza business (unfortunately this coincided with LV's initial entry to the Impreza market), but within a year their claims performance settled down and with 9 years collective experience they will not be backing away again.
It's always good to hear from our ex-clients and we would relish the opportunity to win back your business when your policy falls due.
Kind regards
Tony
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