As you may be aware, UK General Insurance Limited are on the process of moving all their policies from Ageas Insurance Limited to Great Lakes Reinsurance (UK) SE. Some of our schemes such as “Simple Income Insurance” have already been moved over and we are now in the process of implementing the change for Best Insurance.
The changes for all policies incepted from 10/08/2016 for “Best Insurance” will be as follows:
- All new business will be on policies provided by UK General Insurance Limited on behalf of Great Lakes Reinsurance (UK) SE.
- All the existing policies will continue as is until they are due for renewal. Upon renewal, the policies will be transferred to the new insurer.
- There is no change in claims handling and all claims will be continued to be handled by Ryan Direct Group.
- There will be no change in any direct debit collections process.
- There is no change in any of the referral process.
As part of change of insurers, Best Insurance and UK General have taken the opportunity to also implement the following changes:
- The cooling off period has been increased to 30 days instead of 14 days.
- Some of the policy terms have now been explained more clearly to ensure the customers understand them clearly.
- The terms on continuation of policy when customers are between jobs and choosing not to make a claim and other areas such as probation are defined more clearly.
- As per the requirement of Great Lakes Reinsurance (SE) – all regulatory changes, policy review terms, addition of new clauses such as Loss or damage caused by direct or indirect consequences of war, invasion, acts of foreign enemies, terrorism, radioactive or nuclear or explosive material have been added.
- We continue to provide the 60 days initial exclusion on Unemployment covers and the maximum monthly benefit amount of £2,500 per month. However keeping in mind the increased uncertainty in the market over the next few years, claims experience and our continued aspiration to provide market leading covers, some of the pricing has been rationalised.
- A full sector analysis was also carried out and we have decided to exclude any business from customers who are in Oil & Gas, Metals and Mining. The standard referral process will continue for other sectors. This is only a temporary measure and we will update you as soon as the sector referrals can be relaxed.
One of the main benefits of moving to Great Lakes Reinsurance (UK) SE is access for us to be more innovative and develop policies that give several added benefits and pleased to share that we will be launching new policies with varying levels of benefit and clear differentiators shortly. This will ensure that you have the complete range of both mortgage insurance and income insurance products from us.
We have a well defined process to implement the change. The customer communication will be effective, backed up with an efficient process to ensure that we continue to support you with the high levels of retention.
Also attached for your ready reference is the updated policy wording and key facts document. We are in the process of upgrading and enhancing the Quote & Buy platforms and they shall be ready in time for the above.
If you have any questions, please feel free to call us any time.
Thank you again for your continued support and look forward to working with you on our new range in the coming months.
