Renewing your policy
We have a system which is part of our standard process for insurance policy renewals.
- Generally, insurance companies provide renewal terms 3-4 weeks prior to the renewal date. If they don’t, they get chased.
- We check the renewal terms offered against those offered by our panel of insurers. This happens for every policy regardless of the amount of premium or who the client is.
- Our aim is to dispatch renewal terms at least 3 weeks prior to the renewal date by post or email, depending on client preferences. Our renewal letter will include the insurer renewal documents plus full details of any alternative offered. We are now required by the Financial Conduct Authority to make it clear that clients are free to shop around. It is quite easy to obtain quotations online for just about any type of insurance but, since 25% of all internet policies fail at point of claim, we have concerns for our clients who follow that route.
- Shortly after sending the renewal letter, we follow up with a courtesy call to ensure that it has arrived and to ask if there are any queries or any changes required.
- A week prior to the renewal date we send a written reminder by post or email.
- On the last working day prior to the renewal date we phone to see if renewal is required. Insurance companies do not allow for any “days of grace” so, once the renewal date has passed, that policy has to lapse.
- Once the payment has been made or instalment payments agreed, confirmation of renewal is sent to the client with any relevant receipts.
Some clients really welcome this process as it ensures that they do not forget to renew their policies. Some clients think that we are “stalking” them but generally accept that we are acting in their best interests.
Having insurance placed via Diamond Insurance Consultants really does mean that you’re in safe hands.