Migration of policies - FAQs
In January we launched our Clubs, Groups and Societies product specifically designed for these groups.
Across our existing portfolio of products, we have also identified some customers who we believe would be better suited to this new product.
- Last year, we implemented a programme to migrate our existing Charity customers to our new Charity and Community product.
- From 1st July 2023 we will begin the migration of relevant customer policies:
- currently on Charity and Community to Clubs, Groups and Societies.
- on Small Charity Connect to either Charity and Community or Clubs, Groups and Societies.
Any policies currently written on a scheme basis, will remain on their existing product.
Will the policy number change following the migration to the new product?
The policy number will remain the same but the product prefix will change from the previous product (CCP or CCW) to ACY or ACG. For example, CCP 1234567 will change to ACY 1234567.
Will the premium remain the same?
In addition to the usual impact of index linking, together with any sum insured or wage-roll changes, there will be some small movement in premiums due to the revised rating structure of the new product.
Where we anticipate any more significant premium changes we will discuss these with you on a case by case basis.
What about policies currently under a Long-Term Undertaking (LTU)?
We will transfer these cases across to the new product, keep the rate the same in accordance with the terms of LTU and continue with the remaining number of years left on the agreement.
We are confident the new product will provide similar or in most cases, better cover than the existing products so it is appropriate to offer to continue with the agreements. However, if you or your client wishes to break the LTU at this point, we will allow this without penalty.
Will cover remain the same?
We will transfer to the new product, in most cases matching or bettering cover currently enjoyed on the existing product. A full list of all changes will be issued with the renewal documentation, on a ‘Notice To Policyholder’ document and we would encourage your clients to read this carefully. We have also created a handy product comparison document which can be viewed and downloaded here.
Will package offerings remain the same?
We have changed our package offerings on the new product, based on our experience with previous products, market research and feedback. However, where we transfer cases currently on a package basis, we will select an appropriate package on the new product with matched or better cover/limits.
Will all policies be available via the Ansvar’s online platform after the migration?
To keep things as simple and seamless as possible, we will initially migrate policies on the same distribution channel they were traded via previously. So, cases currently traded online will be available online once migrated. Cases currently traded via our underwriting teams will initially remain on this basis, but there will be opportunity to move these online in the future.
Will existing Direct Debits continue on migrated policies?
Yes - as set out above, there is a change to the product prefix but not the unique policy number as it appears on the Direct Debit Mandate, so we plan to migrate policies without any need for intervention to the Direct Debit process.
It is possible that the product prefix change could trigger a referral by the bank in a few cases. However, we believe the vast majority of cases currently on Direct Debit will continue on this basis without any issue. If any additional support is required, our experienced Accounts team are prepared and ready to assist.
Will the Trade/Activity information currently noted on current policies be migrated to the new product?
Our new product uses a predefined list of Trades and Activities, in order to make the product much simpler to use. During the migration, our underwriters will review the current policy details and ensure the appropriate Trade and/or Activities are selected on the migrated policy.
These may be slightly more generalised than the very specific details that may have been noted before. This is not a cause for concern and will not influence our view of the risk, should the client need to make a claim.
Will this mean that I get less commission following migration?
No, the migration process has been built to ensure there will be no reduction in commission.
It should be noted that the new product will provide cover for Equipment Breakdown as standard on most cases. We have now standardised this and the Cyber sections of cover and they will attract the same level of commission as the rest of the policy.