QBE Personal Lines. Agency Training

Transcription

1 QBE Personal Lines Agency Training

2 Agenda 1. Introductions 2. Product Overview 3. Underwriting Hot Topics 4. System Highlights 2

3 QBE Key Contacts Bellevue states: Arizona California Idaho Montana Oregon Utah Washington Bellevue Agency/XM Support Sun Prairie Ext Underwriting GC- m Associate Underwriters Ext Ext Billing: Ext Ext Policy Changes Fax: Fax: Sun Prairie states: Connecticut Georgia Iowa Illinois Indiana Massachusetts Nebraska Minnesota New York Ohio Pennsylvania South Carolina Virginia Wisconsin us-gc-pl-quickchange@us.qbe.com Non-XM Quoting 3 us-gc-pl-quote@us.qbe.com

4 Company Overview Operating in 52 countries around the world, QBE is one of the top 20 insurers and reinsurers worldwide, with a presence in every key insurance market. Offering a complete line of property and casualty insurance products for homes, autos and businesses. QBE is rated "A" (Excellent) by insurance industry analyst A.M. Best, and known for financial strength, strong agency partnerships, quality products and superior claims service. A+ by Standard and Poor s. Tenured, responsive staff assigned to each agency. Local decision making and access to management. Get to know us at: 4

5 Personal Lines Products Product FlexAuto FlexHome Other Programs Details Placement available for a broad range of customers Rate sophistication that is personalized for every driver Recreational Vehicles including: Motorhomes, snowmobiles, golf carts and ATV s FlexHome Ultra (Homes $250,000 and higher in PC s 1-8) FlexHome Plus FlexHome Value (Maximum Coverage A value $350,000) FlexHome Condominium FlexHome Renters FlexHome Condominium Ultra (Min. Coverage C $75,000) Personal Umbrella ($1-5 Million) Boatowners Dwelling Fire *This document is an overview of our programs. The prevailing manuals and forms override any content in this document. 5

6 FlexAuto FlexAuto is a multivariate auto product, designed to cover a wide variety of driving and claim activity scenarios. In some situations, your submission may be unbound and you will be referred to an Underwriter for approval. There is a 3 year experience period for any violation or claim (this includes major violations and suspensions/revocations). Ineligible Policies The primary named insured does not have a financial interest in the vehicle; Insured has no verifiable in-state address (PO Box as a garage location is not acceptable); and Policies where the primary named insured is under the age of 18. 6

7 FlexAuto Discounts Discount Proactive Customer Discount (new business only) Accident/Violation Free Discount Paid in Full Discount Details Applies if quoted 8 or more days in advance of the desired effective date and there has not been a lapse in coverage; Primary Named Insured must be 19 or older. Applies when there has been no driving activity in the prior 12 months and there has been prior insurance without a lapse of coverage of 30 days or more in the preceding 12 months. For paying premium in full at the beginning of the policy term. Professional Group Discount (varies by occupation) System will automatically determine if a discount applies based upon occupation Homeowner Discount Multi-Policy Discount Good Student Discount Away at School Discount Applies if primary residence is an owned home or condo. Qualifying homeowner policy with QBE (homeowners, renters, or condos). Requires a 3.0 GPA. Retain a copy of the last semester grade report. Applies if student is 100 or more miles away from home without a vehicle. 7

8 FlexHome Overview FlexHome is a multivariate, by-peril rating program that is designed to properly rate the risk based on its characteristics. The specific perils used in the rating methodology are fire, theft, water, weather, catastrophe, liability and miscellaneous. Some other factors used in rate calculations include age of home, protection class, construction type, age of updates, IBS, discounts and/or surcharges, as they may apply. 8

9 FlexHome Programs FlexHome Value this policy is based on ISO s HO-3, and would be suitable for households with fewer personal belongings. They can find value in a product that provides less coverage for a reduced premium. FlexHome Plus this policy is also based on ISO s HO-3 and provides broad coverage that appeals to established households and families seeking a balance of price and coverage. FlexHome Ultra this policy is based on ISO s HO-5 and offers superior coverage and is suited for households and families needing more extensive property protection. FlexHome Condominium and FlexHome Condominium Ultra we offer two condominium products, both based on ISO s HO-6. Our FlexHome Condominium policy may appeal to more price-conscious consumers. Similar to our FlexHome Ultra policy, our FlexHome Condominium Ultra policy offers high-end comprehensive coverage. FlexHome Renters this policy is based on ISO s HO-4. Our FlexHome Renters policy provides personal property and liability coverage to meet the needs of this consumer segment. 9

10 New Home Inspections Because we are no longer inspecting all new business submissions, please be sure to use the MSB tool in our system to develop the appropriate replacement cost for every residential property you write with QBE. This is imperative to ensure your customers have sufficient coverage. 10

11 FlexHome Residential Forms Key Coverages FlexHome Value FlexHome Plus FlexHome Ultra Coverage A Coverage B Coverage C MIN $30,000 MAX: $350,000 2% of Cov A (can endorse up to 50%) 30% of Cov A (can endorse up to 100%) MIN $30,000 MAX: $1,500,000 10% of Cov A (can endorse to 2% up to 100%) 75% of Cov A (can endorse to 50% up to 100%) MIN $250,000 MAX: $1,500,000 20% of Cov A (can endorse to 2% up to 100%) 75% of Cov A (can endorse to 50% up to 100%) Coverage D 30% of Cov A 50% of Cov A 75% of Cov A Coverage E $100,000 $100,000 $300,000 Coverage F $1,000 $1,000 $3,000 Replacement Cost - Dwelling Coverage A Limit 25% above Cov A 50% above Cov A Replacement Cost - Contents Offered Included Included Open Peril - Contents Not Offered Offered Included Personal Injury Offered Included Included Agent Binding Authority for Coverage A is $800,000. Contact Your Underwriter to discuss exposures greater than $800,

12 FlexHome Residential Forms Loss Settlement FlexHome Value FlexHome Plus FlexHome Ultra Default for Dwelling Replacement Cost Coverage A Limit 25% Above Coverage A Limit 50% Above Coverage A Limit Extended Replacement Cost - Dwelling Not Included; 25% above Cov A available Included at 25% above Cov A; 50% option available Included at 50% above cov A; 100% option available Functional Replacement Cost Dwelling* Available default for homes built prior to 1940; not available if ERC is selected Available default for homes built 1940 or prior; not available if ERC is selected (25% still applies) Available default for homes built 1940 or prior; not available if ERC is selected (50% still applies) Actual Cash Value - Dwelling Not Offered Not Offered Not Offered *Functional Replacement Cost is not available in all states. 12

13 FlexHome Condominium and Renters Forms Key Coverages FlexHome Renters FlexHome Condominium FlexHome Condominium Ultra Coverage A Not Offered $5,000 included; MAX: Cov A $500,000 $10,000 included; MAX: Cov A $500,000 Coverage B Not Offered Not Offered Not Offered Coverage C MIN: $20,000 MAX: $500,000 MIN: $35,000 MAX: $500,000 MIN: $75,000 MAX: $500,000 Coverage D 20% of Cov C 50% of Cov C 75% of Cov C Coverage E $100,000 $100,000 $300,000 Coverage F $1,000 $1,000 $3,000 Extended Replacement Cost - Dwelling Not Offered Not Offered 25% Above Cov A Replacement Cost - Contents Offered Offered Included Open Peril - Contents Not Offered Offered Included Personal Injury Offered Offered Included 13

14 FlexHome Deductibles Policy Level (perils other than Wind/Hail) FlexHome Value, Plus and Ultra FlexHome Condo and Condo Ultra FlexHome Renters Defaults $1,000 $500 $250 Lowest Available $500 $500 $250 Wind/Hail* (Fixed Dollar or Percentage) (Must be equal to or higher than Sec I Deductible) Dollar Options 7 options available; $1,500 - $10,000 Percentage Options 1%, 2%, 3%, 5%, or 10% of Coverage A Vacancy Deductible If home has been vacant (empty of furnishings and contents) for more than 90 consecutive days prior to loss and we haven t been notified of this, a deductible of 25% of the Coverage A limit applies. 14 *Some variances in minimum deductible requirements and optional deductible offerings apply based on state and location of risk.

15 FlexHome Endorsements Endorsement Home and Personal Security Endorsement Details $10,000 - Credit Card, Fund Transfer Card, Forgery and Counterfeit Money $15,000 - Identity Fraud Expense Coverage with ID 911 Case Management. ($250 ded.) $500 - Key and Lock Replacement $7,500 - Mortgage Additional Expense - $500 per month $3,000 - Mortgage Acquisition Costs Assisted Living Care Endorsement Provides contents and limited liability coverage for the relative of an insured who resides in an assisted living care facility, most commonly parents or grandparents. Coverage C: Min $5,000, Max $50,000 Coverage C Special Limits of Liability include - $1,500 for hearing aid, $300 for eyeglasses, $500 for false teeth or dentures, $250 for walking aids such as canes. Additional Living Expense: limits and duration of coverage vary by cause of loss. $100 deductible for first loss in annual policy period; $250 for subsequent in same period Student Away at School Endorsement Provides contents and liability coverage for an insured as a full-time student living away from the residence premises, residing on or off campus or in school sponsored housing. Personal Property Coverage - $5,000 Min and $20,000 Max. The Coverage C Limit for property at another insured location does not apply. The Coverage E - Liability Limit is the same as a primary policy. Deductibles No deductible applies except for the peril of theft. Deductibles vary for the theft peril for specific items such as bicycles and electronic equipment ($100) ; cell phones and electronic game equipment (policy deductible); and all other covered personal property ($50). 15

16 FlexHome Discounts Discount Claims Free Discount Longevity Discount Newly Purchased Home Professional Group Discount Residential Protection Systems Roof Type Credit Updated Home Discounts QBE Umbrella Details Eligible if policy is free of chargeable claims for 3 or more years. This discount applies to new and renewal business if the insured has been with their immediate prior carrier and/or QBE for 3 or more years. Qualifies if the home was purchased in the last 3 years (regardless of YOC). Same as offered on FlexAuto. Premium credits may be allowed for the installation of a burglar alarm, fire alarm or automatic sprinkler system in the dwelling. Additional credits may be available for a premises protected by security guards, locked gates or a perimeter security system using closed circuit TV or motion detection systems. Slate and tile roofs are eligible for credits. *Note that certain roof types may be subject to a surcharge and others are not eligible. Available for electrical and plumbing systems updated in the last 20 years. Available for heating systems updated in the last 8 years. Available for water heaters replaced in the last 10 years. Discount applies to the homeowners policy. 16

17 FlexHome Rating Rating Component Basement Claims Farm Animals Mortgages Roofs Swimming Pools * Trampolines Woodstoves/Solid Fuel Burning Devices * Details The presence of a basement and percentage of basement that is finished affect only the perils of water and catastrophe. Any losses occurring within the last 36 months are surcharged. Up to 25 farm animals are eligible (maximum of 2 horses). The number of mortgages can impact the premium. No mortgage is a credit, one is neutral and two is a surcharge. Wood shake or wood shingles and T-lock shingles are surcharged. On renewal business, asbestos diamond shingles, built-up tar gravel and rolled roof/single ply shingles are subject to a surcharge and only written on an exception basis. It is important to note that pools are a rating component for liability. It is important to note that trampolines are a rating component for liability. Only netted and fenced trampolines are eligible. A surcharge will be applied when a home or outbuilding has an eligible woodstove or other type of solid fuel burning appliance on premises. This includes, but is not limited to, indoor and outdoor stoves, fireplace inserts and pellet or corn burning devices. *Does not apply to Tenant and Condo forms. 17

18 Dwelling Fire Program Feature Locations Type of Structure Prior Losses Construction Year Details One per policy. 1-4 family dwellings are eligible. with a maximum of 10 units owned by the insured. Mobile or manufactured homes are not eligible. No more than one weather (wind, rain or lightning) related loss in the past 3 years. No water or non-weather related losses in the last 3 years or newer. Historic district or historical marker homes are ineligible. Fire Protection Protection Classes 1-10 Other Items Require supporting homeowner business (in most states) Dwelling must be titled to the insured (limited partnerships, business owners are not eligible) Not designed for resorts or frequently changing tenants Not designed for rehabilitation projects and/or for re-sales (flipping) Liability available on same policy 100% Insurance to Value required Homes with a wide variance from market/actual cash value to replacement cost are not eligible ACORD (paper) application process 18

19 Personal Umbrella Feature Limits Available Required Underlying Limits Self-Insured Retention Details $1,000,000 to $5,000,000 Underwriting approval required over one million. Auto/Recreational Vehicle varies by state Home - varies by state Watercraft varies by state Varies by state Minimum Premium UM/UIM Coverage Type of Policy $1,000,000 limit: $150 Other limits: varies by state Not available Separate policy, not part of home or auto. 19

20 Personal Umbrella Eligibility The following rules of eligibility and coverage apply to all requests: The named insured is an individual or husband or wife resident of the same household. At New Business, we are not a market for drivers under 25 or over 70 who do not have a clean driving record. For New Business: Each household may have no more than one at-fault accident or more than two total incidents (tickets or accidents) within the last three years. We are not a market when the insured has had no prior automobile insurance, or if any driver has a major violation on their driving record. All underlying exposures in addition to auto and homeowners are asked to be placed with a QBE affiliate. If the underlying exposure is written with another carrier, a copy of the underlying declarations page is required when first written. For any variances to these guidelines, please contact your underwriter for further discussion. Please refer to the manual for a complete listing of eligibility guidelines. Guidelines may vary by state. 20

21 21 Underwriting Hot Topics

22 Report Validation *The Report Validation screen displays all incidents entered by the user, noted as Insured under Source; and those returned by CLUE/MVR, noted as Report under Source. *Review the data shown on the Report Validation screen and make any necessary modifications. *Dispute incidents which show their source as System or Report using the Yes/No drop-down. Disputed incidents will be referred to Underwriting for evaluation. (Utilize the Notes section to capture the dispute reason which may expedite the acceptance or declination of the dispute) 22 Select Add for additional incidents, Continue to proceed to next screen. *Delete incidents which were self-reported (entered on the Violations screen) if confirmed as duplicates by the Report.

23 Report Validation (cont.) If At-Fault on XM, and accident was pulled from MVR, and there is not corresponding AF on CLUE and insured says NAF, then dispute here on XM, underwriter will not follow up If CLUE says NAF, but BI, PD was paid out, XM will change to AF For BI or PD, company will need prior company documentation to change to NAF For Collision only the system will remain as NAF For CA only, if CLUE states NAF, will remain NAF regardless of what is paid If CLUE says AF, but $0 paid and closed, XM surcharges 1 point under threshold agent should dispute, and underwriter will accept. Accident should be re-entered as other non-chargeable. If still open, surcharge is okay, dispute will require proof of closed without pay System does not recognize vehicle operator on CLUE, therefore if the loss is for driver other than policyholder, dispute and confirm activity is assigned to appropriate driver If disputing AF accident that should be NAF, re-enter NAF accident 23

24 Prior Carrier *If insured info used as above, agent has two choices: If desire to submit at lower premium, will need to obtain and submit prior carrier Dec page If able to sell at higher premium, go back to Prior Carrier screen, match what the Report states, and do not have to submit prior carrier Dec page If report used in rating as above, nothing more is required Prior Carrier refers to verifiable insurance companies operating in the United States. 24

25 Viewing Attachments Click View Policy Attachment to view attached documents Click Diary/Notes to send documentation or notes to your underwriter Click Add Policy Attachment to send requested or required information to your underwriter Click View Attachment to display all documents and attachments that apply to the policy. 25 Policy Attachments contains all system generated documents plus all documents uploaded to the policy by an agent or scanned in by U/W

26 Viewing Documents (continued) XM displays all documents stored in Mobius Select the link for the desired document and Mobius will display a PDF version that can be printed, saved or e- mailed. 26

27 Coverage Exclusions or Restrictions As an alternative to policy termination, several endorsements are available to either restrict or exclude the coverage we provide (endorsements available vary by state). Coverage Restriction Offered Trampoline Exclusion Outbuilding Exclusion ACV Roofing Loss Settlement (may be required in some states and locations) Description Excludes liability for all trampolines whether netted or not. Excludes property coverage for a damaged outbuilding and the contents contained therein. Allows roof damage losses to be settled on an ACV basis. Other Structures ACV Settlement Allows outbuilding losses to be settled on an ACV basis. Roofing Limitation Excludes coverage for the roof, as well as coverage for the interior of the building and personal property, resulting from damage caused by water, rain, sleet or snow leaking or entering the dwelling from the excluded roofing. 27

28 Completing the Valuation section of Dwelling Screen Complete the Dwelling screen up through the Valuation section. Click the Link to Estimate button to open the RCT cost estimator and then validate the home s characteristics and features used to calculate the estimated Coverage A value. 28 Once you complete the RCT estimator, click on Calculate Estimate to reflect the updated Coverage A Amount.

29 RCT Sample Review each of the RCT Express screens to confirm the characteristics and features used to calculate the home s estimated value and make any changes needed. When finished reviewing the RCT, navigate to the Reports/Calculate screen to finalize and close the valuation. 29

30 RCT Sample (continued) The Reports/Calculate screen will provide the final cost calculations, as well as provide options to print or download a copy of the results. When finished, click Finish/Close to close the RCT Express window as Save & Complete. 30

31 RCT Sample (continued) Clicking on Finish/Close will open a separate pop-up box with options for closing the RCT. It is important to make sure Complete is checked before closing. 31

32 Umbrella Underlying 32

33 Payment Purchase Popup A Pop Up Window will always display in front of the Payment/Purchase screen to confirm: - The ability to bind the submission - Whether the submission may be bound but will be referred to an U/W for review (also called a soft referral ) - If the submission cannot be bound at all but may be submitted to an underwriter for evaluation and possible exception (also called a hard referral or hard stop ) Click Continue to access and complete the Payment Purchase screen 33

34 Soft Referrals Soft referrals(10 points): Will refer to underwriting as a bound application Underwriter will verify/validate needed information and follow up with agency if necessary If multiple soft referrals, and points total 100 or more, application is treated as hard referral and cannot be bound 34

35 Hard Referrals Hard referrals (100 points): Will refer to underwriting as unbound application Underwriter will verify/validate needed info and approve the application for the agent to finish the process if the policy is accepted Agent will need to finalize the application by finishing the payment/purchase screen and hit submit 35

36 Billing Timeline 36

37 Left Navigation Billing Information available on left navigation tool: Billing Account History View payment and invoice history Make a Payment Billing Documents PDF printable versions available of the account s Invoices, Notice of Intent to Cancels, Rescission Notices Agent View Payments View 90 days of agency sweep payments for all your customers. Agent Past Due List View report of all unpaid policies one day past due. 37

38 Training Materials 38

39 Training Materials 39

40 40 System Highlights

41 Questions? 41