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Release - June 25 2004
QBE Commercial Private Motor Changes
Following on from our email of 25 June regarding the pricing enhancements and new Loyalty Discount, we are happy to announce that they will come into effect for all new business (and renewals) from 31st July 2004.
What does this mean to you?
More competitive Premiums:
- across a number of postcode districts,
- reduced the price difference between Private, Business and Executive Use
- reduced price differential between financed and fully owned vehicles
This means you now have more choice when quoting your clients for Private Motor Insurance - and QBE Commercial are showing that we are ready to take on business, even in areas where we previously may have been considered "out of the market".
New Loyalty Discount
We have introduced a Loyalty Discount to thank clients for their loyalty to QBE Commercial. This increases irrespective of whether or not there has been a claim (replacing the "good client" discount which was linked to claims).
| Policy Years |
Average % Discount |
1
2
3
4
5
6
7+
|
0
4
8
10
14
18
20
|
Under the new Loyalty Discount Scheme, even if a customer loses a portion of their NCB they remain entitled to a Loyalty Discount.
Valued customers will automatically receive an annual Loyalty Discount on renewal - increasing each year until the maximum value of 20% off the standard rate over 7 years is achieved.
How do you take advantage of these changes?
Do Nothing! The new rates and Loyalty Discount are automatically calculated in the Sunrise Web system, c.change, EVOLVE, and Actionquote*.
The Loyalty Discount can be seen on the risk screen of Sunrise, and will automatically reflect the number of years the customer has been insured with us. The Policy Schedule will read: "A loyalty discount applies to this policy" for all eligible policies.
We look forward to working more closely with you in the future to ensure our Private Motor product suits your needs.
Should you require more detailed information, please contact your local QBE Commercial representative.
* Actionquote available in August update.
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