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‘AVERAGE’ IS NEVER GOOD ENOUGH BUT A ‘FAIR PRESENTATION’ IS!

Press Release   •   Jan 25, 2016 13:37 GMT

At the same time as announcing improvements to its QuoteSME platform, Allianz Commercial SME is delivering solutions to overcome key challenges within the commercial insurance industry – the application of Average and what constitutes fair presentation.

For SME customers who are under insured, the solution is simple; Allianz is not going to apply Average anymore!In a move which underlines its customer centric approach, SME customers who find themselves under insured will have their claim met to the full sum insured level and not reduced by applying the traditional market solution of Average.

David Martin, director of SME markets said:

“Following the FCA’s Thematic Review which revealed 40% of SMEs could be underinsured, we have implemented a new way of dealing with underinsured SME claims which is designed to help both the customer and protect the relationship with their broker.”

Allianz has already pro-actively responded to the Insurance Act and is further enhancing its stance in respect of the need for a ‘fair presentation of risk’ when disclosing information at inception, renewal or variation of the policy. Allianz’s solution provides peace of mind for brokers and their customers.

David Martin said:

“Our relationship with brokers is built upon trust, integrity and professionalism. We have reviewed our question set and so long as the broker provides full answers and the information has been given in ‘good faith’, we will regard the proposal as a fair presentation of risk”.

Martin also announced the QuoteSME platform has undergone some important broker focussed technical changes designed to reinforce the platform’s prominent status in the market.Significant digital and technical changes have been made. In addition to providing brokers with full-cycle access to Defaqto five star SME products, the enhancements include:

  • Reduction of underwriting questions
  • Changes to policy wordings
  • Greater breadth of accessibility to key Allianz contacts

Jason Potter, e-trading manager explains, “Allianz SME is all about providing brokers with options. Brokers can access our SME solutions via all the leading software houses as well as going straight to the QuoteSME platform if they wish.An attractive benefit for brokers placing quotes directly through QuoteSME is that they can talk instantaneously with members of our experienced underwriting team through our new live chat facility”.

Brokers have also praised the call back system which allows members of Allianz’s expert underwriting team to contact them when they have started a quote but not completed it.

David Martin added,

“Brokers provided us with feedback and no longer applying Average as well as the improvements to the QuoteSME platform, reflect those conversations. In the next few weeks we will also announce new SME products to our broker partners".

ENDS

Allianz Insurance is one of the largest general insurers in the UK and part of the Allianz SE Group, the largest property and casualty insurer worldwide.

Around 85 million private and corporate customers rely on Allianz's knowledge, global reach, capital strength and solidity to help them make the most of financial opportunities and to avoid and safeguard themselves against risks. In 2014, over 147,000 employees in more than 70 countries achieved total revenues of approximately 122.3bn euros.

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