INTRODUCING YOUR NEW INSURANCE POLICIES

INTRODUCING YOUR NEW INSURANCE POLICIES

Premia Solutions Limited are authorised and regulated by the Financial Conduct Authority. (FRN 310089)

Holdcroft

CONTENTS

1

2

3

4

5

6

7

8

INTRODUCTION TO PREMIA SOLUTIONS

INSURER OVERVIEW

YOUR NEW INSURANCE POLICIES

HOW TO MAKE A CLAIM

TRUSTPILOT

BENEFITS TO THE CUSTOMER

6 TCF OUTCOMES

PRESENTING INSURANCE PRODUCTS TO A CUSTOMER

“Our vision is to be the most trusted & “Our vision is to be the most trusted & respected insurance product & respected insurance product & service provider to the UKservice provider to the UKautomotive industry”

About Premia SolutionsKey Facts

4.71,500+ Google Reviews

4.635,000+ ReviewsExcellent

1,000,000+Live Policies

LARGEST Tyre & Alloy and SMART Insurance product supplier in UK

£22MCLAIMS PAID IN 2019

CUSTOMER CLAIMS LINE

20 YEARS EXPERIENCE

24/7 1,600 claims assessed each

week

Partnered with 6 of the top 20 AM100

Provide GAP to 2 of

the top 5

Who do we currently partner with?Our Partners

Facts on Premia Solutions:

• 20 years experience

• Over 1 million live policies

• £22 million paid out during 2019

• 1,600 claims assessed each week

• 4.6 / 5 on Trustpilot

• Partnered with 6 of the top 20 AM100

• Provide GAP for 2 of the top 5 AM100

FEIC is a subsidiary of Fortegra Financial Corporation (FFC), a Tiptree Inc. company based inthe US and trading on the NASAQ under the initials TIPT.

FFC has been established for over 40 years specialising in insurance and warranty solutions,expanding its reach into Europe in 2017 with the formation of FEIC and the opening of itsLondon offices.

Key Facts:• NASDAQ listed business founded in 1978• Recognised as an ‘A rated’ insurer• UK office registered in London• 10 million live policies worldwide• $1 Billion in Gross Written Premium• $1.37 Billion in total assets

Introducing the insurerFortegra Europe Insurance Company

Your new GAP policyRTI GAP Insurance

Summary of Policy Features:

• Return to invoice up to 36 months

• Finance shortfall up to 60 months

• Contribution towards a motor insurance excess of £250.00

• A maximum benefit payable of £50,000 depending upon the policy selected

• Drivers who are comprehensively insured

• Provision of a courtesy vehicle up to 30 days (this is known as mobility)

36 Months 60 Months

InvoicePrice

InsuredValue

FinanceShortfall

Excess

CourtesyVehicle

The FCA undertook diagnostic work on general insurance distribution chains during 2017and 2018. One of their findings states that:

“Many firms did not adequately consider risks of harm to customers when developingproducts and their related distribution arrangements.”

Introducing MobilityRTI GAP Insurance

As a consequence of this finding, we took a sample of closed GAP insurance claims andlooked for trends that could bring a risk of harm to consumers. Our findings showed that:

a) A large proportion of customers had their claim deemed ‘Fault’ by the motor insurerdue to no third-party insurer involvement (theft/fire/vandalism).

b) When looking at these claims more closely from an administrative point of view, wesaw that the average time taken for a shortfall payment to be made was 30 days.

This meant that customers who had lost their vehicle due to no fault of their own, werepotentially left without one for over a month or had to hire one themselves, leaving themout of pocket.

This led to the conclusion that ‘mobility’ (provision of a courtesy vehicle) would reducethe risk of harm to consumers and be a beneficial addition to a GAP policy from acustomer’s perspective.

ProportionFault 78.7%Non-fault 21.3%

RTI GAP Insurance

Introducing Mobility

If a customer is part of a fault or 50/50 claim, the provision of a temporary vehicle and theappropriate insurance will help to keep them on the road while the claim is being handled,which some motor insurers may not do due to the nature of the claim. This helps thecustomer to save money on alternative modes of transport and allows them to continuewith their day to day life during this period.

Features:Temporary vehicle provided for up to 30 days where the original vehicle is deemed beyond repairInsurer will arrange the provision of said vehicle with the rental company Comes into play as part of a fault claim or 50/50 claim whereby normally a temporary car is not part of cover

Benefits:Keeps customer on the road while their claim is handledSaves customer money on alternative modes of transport (public or short-term rental)Protects customer from unexpected consequences of a fault claim (most insurers will not provide courtesy cars in this instance)

RTI GAP Insurance

Introducing Mobility

Significant Exclusions:

• Where the policy is purchased more than 30 days after delivery

• Where the vehicle is over 3.5 tones

• Where the driver is not comprehensively insured

• Where the vehicle is being used for hire , reward, chauffeuring, racing, rallying, pace making, speed testing, any competitive event or driving school tuition

• Any negative equity carried over from a previous agreement

• The cost of any fuel, paint & fabric protection kits, insurance & warranty premiums, registration fees and road tax

36 Months 60 Months

InvoicePrice

InsuredValue

FinanceShortfall

Excess

CourtesyVehicle

Your new GAP policyRTI GAP Insurance

60 Months

Insured Value

Amount owingExcessCourtesy Vehicle

Summary of Policy Features

• Finance shortfall up to 60 months

• Contribution towards a motor insurance excess of £250.00

• Cover for initial rentals up to £2,000

• A maximum benefit payable of £15,000 depending upon the policy selected

• Drivers who are comprehensively insured

• Provision of a courtesy vehicle up to 30 days

Hire & Lease GAP

Your new GAP policy

60 Months

Insured Value

Amount owingExcessCourtesy Vehicle

Significant Exclusions

• Where the policy is purchased more than 30 days after delivery

• Where the vehicle is over 3.5 tones

• Where the driver is not comprehensively insured

• Where the vehicle is being used for hire , reward, chauffeuring, racing, rallying, pace making, speed testing, any competitive event or driving school tuition

• Any negative equity carried over from a previous agreement

• The cost of any fuel, paint & fabric protection kits, insurance & warranty premiums, registration fees and road tax

Hire & Lease GAP

Your new GAP policy

Product matrixPricing

Price Band £0 to £10,000 £10,001 to £15,000 15,001 to 25000 25,001 to £50,000 50,001 to 75,000 £75,001 to £100,000Claim Limit £5,000 £7,500 £10,000 £25,000 £50,000 £50,000Term 36 Months 36 Months 36 Months 36 Months 36 Months 36 Months

Recommended Retail Price £299.00 £349.00 £399.00 £449.00 £499.00 £549.00

Price Band £0 to £50,000 £50,000 to £100,000Claim Limit £10,000 £15,000Term 60 Months 60 Months

Recommended Retail Price £299.00 £349.00

RTI GAP

Hire & Lease GAP

Cosmetic Repair Insurance

• A policy duration up to 3 years

• Damage up to 30cm in diameter across all painted body panels withexception to the roof of the vehicle

• Light scratch• Heavy scratch• Bumper scuff• Dent to a metal body panel

• Unlimited claims up to £3,000 and £1000 per individual claim

• Where the damage falls within the scope of the policy but can not berepaired using SMART techniques, a contribution of £150 will bemade towards a full body-shop repair

Policy Features

Cosmetic Repair Insurance

• Where the damage is reported more than 30 days after the date ofincident

• Where damage extends over more than 30cm in diameter as a resultof a single incident

• Where damage extends over more than 2 adjacent body panels

• Any damage to the roof of the vehicle

• Stone chip damage of any kind

• Damage to any unpainted plastics, vehicle wraps, light lenses,window mouldings, glass or the cost of any replacement parts

• Damage caused by stickers and / or decals

• Where a body panel is ripped, torn or perforated

• Bumpers that are dented, cracked or perforated


Why don’t we cover stone chips?

Although Premia Solutions receive a very low level of complaints in relation to CRI claims andrepairs, a trend can be seen on stone chip repairs.

Why is this?

A stone chip can only ever be ‘touched-in’ meaning it will never look the way it wasbeforehand. This can disappoint customers and generate a complaint.

What else is new?

Whilst stone chip damage is now excluded, other damage within the policy scope is nowcovered on bonnets and boot lids. If the damage is not repairable using ‘SMART techniques’the customer will receive £150 towards a body shop repair.

Summary

In summary, these changes mean we will have fewer customer complaints and a greaternumber of claims paid for other damage to bonnets and boot lids.


Product matrixPricing

Total Claim Limited £3,000Limit Per Claim £1,000Term 36 Months

Recommended Retail Price £299.00

Making a CRI claimOnline Process

Making a claim on GAPFour Steps

01 When notified of a GAP claim, the policyholder is emailed aClaim Form and detailed instructions on what they are requiredto collate and submit to us before we can assess the claim.

02

A dedicated claims assessor will make an outbound call to the policyholder within24 hours of them notifying us of a GAP Claim (office hours) to explain the fullprocedure, requirements, their responsibilities and timelines.

03

The policyholder uploads the required documents into the secure online portal. The system guidesthem through each document and is intuitive. Once all documents are uploaded, PSL are notified andthe GAP administrator checks to ensure they are correct and the assessment of the claim proceeds.

PSL may liaise with the Motor Insurer or finance company on the policyholder’sbehalf, particularly for vulnerable customers or where additional checks arerequired. Finally, payment is sent via by BACS.04

Supply of courtesy vehicleFour Steps

01 Customer contacts PSL to record first notification of loss.

02 PSL validate policy and claim and notify a firm named Slater & Gordon.

03 Slater & Gordan contact the customer to arrange the provision of a courtesy vehicle.

04 Temporary rental agreement provided and vehicle delivery / collection terms agreed.

Over 95% of customers rate Over 95% of customers rate PSL as ‘excellent’ or ‘great’ PSL as ‘excellent’ or ‘great’

following a claim

Policy administrationWhere to go for Support

Administrative Support:

Should you wish to change a start date, vehicle registration, name make any other amendment, yourrequest will be welcomed by the team at [email protected]

Escalating queries:

Should you require further support, please contact [email protected]

mailto:[email protected]

mailto:[email protected]

“Our vision is to be the most trusted & “Our vision is to be the most trusted & respected insurance product & service respected insurance product & service provider to the UK automotive industry”

End of Part 1

The Benefits

What is the difference between a feature & a benefit?

Benefits to the customer

What is the difference between a feature & a benefit?

a feature is what something is, and a benefit is what users can do or accomplish with it

The Benefits


What are the benefits of your insurance products to the customer?

• Maintains the showroom appearance of the vehicle• Maintains the resale value• Protects no claims bonus• No excess to pay• Reduces any unexpected costs• Returns the customer to their original position before the date of loss

The Benefits


Treating Customers Fairly

Treating Customers Fairly is about promoting a culture in which ‘companies put the customer at the heart of their business’.

Integrating insurance products into the sales process

The Insurance Products that Holdcroft sell are regulated by the Financial Conduct Authority (FCA).

The FCA lay down the rules and regulations for the sale of financial/insurance products.

As part of their guidance to firms selling these products they, have defined principles of Treating Customers Fairly (TCF).

Lets take a look at these…



Outcome 1: Consumers can be confident that they are dealing with firms where the fair treatment of customers is central to the corporate culture. Outcome 2: Products and services marketed and sold in the retail market are designed to meet the needs of identified consumer groups and are targeted accordingly. Outcome 3: Consumers are provided with clear information and are kept appropriately informed before, during and after the point of sale.Outcome 4: Where consumers receive advice, the advice is suitable and takes account of their circumstances. Outcome 5: Consumers are provided with products that perform as firms have led them to expect, and the associated service is of an acceptable standard and as they have been led to expect.Outcome 6: Consumers do not face unreasonable post-sale barriers imposed by firms to change product, switch provider, submit a claim or make a complaint.



Some of the outcomes may be more relevant thanothers, but as salespeople, we are responsible forachieving all 6 TCF outcomes



Outcome 1: Consumers can be confident that they are dealing with firms where the fair treatment of customers is central to the corporate culture.

We use the ‘Initial Disclosure Document’ todemonstrate to the customer that the fairtreatment of customers is central to ourcorporate culture and explain that we areregulated.



What is meant by the initial disclosuredocument?

It is a document that satisfies the FCA status disclosure &makes clear to the customer the scope of service’savailable & applicable fees providing it is used correctly &is shown to the customer at the right time.



When is the correct time to introduce theIDD to the customer?

At any time during the sales transaction, providing it is prior to the presentation of products, services or fees.



What does the document point out to thecustomer?

• That we are regulated• We sell on an advised or non-advised basis• What products and services we sell• The products and services are optional• The complaints procedure



Outcome 2: Products and services marketed and sold in the retail market are designed to meet the needs of identified consumer groups and are targeted accordingly.

Where and how in the process can you help thecustomer identify their need for products?

The appraisal of the part exchange




What do we look for at the appraisal?

Damage to the vehicle



How do we let the customer know that we have seenthis?Need Discovery: I notice you have a scuff on your alloy, how did this happen?

Need Awareness: Have you ever had a quote for getting that repaired?

Need Satisfaction: Not to worry, I might have something to help you out with that later.

Move on close: Have you got your service book…?




What questions can we ask to help a customer establishthat they may benefit from GAP if their vehicle isdeclared a total loss?

If your vehicle was declared a total loss by your motor insurer todaythrough no fault of your own, how much do you think they would offeryou? … and how much did you pay for it?



Outcome 3: Consumers are provided with clear information and are kept appropriately informed before, during and after the point of sale.

What regulated processes are there in place to provide customers with clear information on GAP?



Outcome 3: Consumers are provided with clear information and are kept appropriately informed before, during and after the point of sale.



Day 1

Day 2

Day 3

Day 42

clear

day

s

GAP can not be incepted without

customers initiation or be

resolicited

Send prescribed information

Incept and resolicit

The deferral process =

Outcome 4: Where consumers receive advice, the advice is suitable and takes account of their circumstances.



Where in the sales process can we achieve thisoutcome?

The Statement of Demands & Needs

Outcome 5: Consumers are provided with products that perform as firms have led them to expect, and the associated service is of an acceptable standard and as they have been led to expect.

How do we achieve outcome 5?

We must not over sensationalise the products or lead the customerto think that it will do things that it doesn’t.



Outcome 6: Consumers do not face unreasonable post-sale barriers imposed by firms to change product, switch provider, submit a claim or make a complaint.

How do we achieve outcome 6?

Ensure the customer has their policy documents, so they know whoto contact



Need Discovery: Rediscover the conversations you had earlier on in the process

Need Awareness: remind the customer what would happen if their vehicle was declared a total loss

Need Satisfaction: Satisfy the problem by introducing the product through ‘A car vs B car’ andexplaining both the features and benefits

Trial Close: gain commitment on their understanding of the product

Professionally presenting products to the customerTreating Customers Fairly

Professionally presenting products to the customerTreating Customers Fairly

“Our vision is to be the most trusted & “Our vision is to be the most trusted & respected insurance product & service respected insurance product & service provider to the UK automotive industry”

Thank you for your time Thank you for your time & support.

INTRODUCING YOUR NEW INSURANCE POLICIES

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