Renewing a liability insurance policy can be a complicated process mainly because brokers generally need to get their client to complete an application form before the terms for the forthcoming period will be released. Most people dread completing such cumbersome forms and feel like it is a waste of their time, especially if the client’s basic information hasn’t changed from one year to the next. As a result, SHA has developed an efficient way to make renewals a less complex procedure by streamlining the process with use of technology.
This is according to Simon Colman, Head: Commercial Solutions at SHA Specialist Underwriters, who states that the company is constantly looking for ways to simplify the process of renewals for both the broker and the client, which resulted in the launch its new function called Express Renewal.
“Brokers now have the ability to go to EXPRESS RENEWAL and choose between renewing a professional indemnity or a commercial liability policy. They can simply enter a few details about their client and answer some questions in order to apply for the express renewals online,” explains Colman.
He says that it will take brokers about five minutes to apply for one renewal and there are no application forms to complete. “We are allowing brokers to download the online questions as a soft copy, should they prefer to have the client complete this form, but it not essential in the process. These questions are all true/ false type of queries so it is a really easy and quick questionnaire to work through. The broker will also have the ability to add other covers to the client’s policy.”
All the policies are pre-rated and only a few additional qualifying questions need to be answered to finalise the renewal. If the client meets the qualification criteria they also have the option to add cyber liability, gradual pollution, directors & officers’ liability and personal accident covers to their policy. “We have managed to eliminate about 150 qualifying questions through this new system.”
There is however a different set of qualifying criteria for Professional Indemnity and General Liability policies in place. This includes;
- Professional Indemnity:
- Fee income under R10m
- No change in professional services in past year
- There are some restricted activities.
- No change of more than 35% in fees
- No claims or incidents in the past 12 months
- General Liability:
- Turnover under R50m
- No change in business activities over past year
- No claims or incidents in past 12 months
“The Express Renewal is primarily aimed at SHA brokers who service small to medium sized clients and its main purpose is to provide a more efficient service to our brokers who deal with high volumes of simpler risks. By automating the process, our team of professionals can spend more time and effort providing excellent service to their brokers. We are also aiming to make these specialised covers available to smaller businesses without scaring them with a complex application and risk assessment process,” concludes Colman.