Helping customers better understand stepped and level premium changes
While a lot of our customers understand the details of their policy and changes in their annual premiums, it can be a source of confusion and frustration for many others.
To prepare customers for the yearly changes to their premium, and help them better understand the reasons for these changes, we are now sending customers a short brochure explaining how either stepped or level premiums work. This will be included in their anniversary pack.
What information do these brochures include?
The brochures, entitled 'Understanding Stepped Premiums' and 'Understanding Level Premiums' include information that explains why a customer's premiums may change. These reasons can include:
- Age (included in the Stepped brochure only)
- Automatic indexation
- A rate change made by CommInsure to all policies
- Stamp Duty
- Discounts that end or are reduced.
What do we hope customers will gain from these?
By continuing to educate customers on the details of their policies they are more likely to understand any changes we communicate and what options they have to change their cover to meet their current needs and budget. Any questions about cover, cost and flexibility are more likely to be addressed quickly and with a higher level of understanding.
If you would like to see the brochures themselves please click below: