Quality Scan

IS THE PRICE WELL THE RIGHT FACTOR FOR ADVICE?
Misconception : Clients often think that the difference between similar insurance products is mainly the price.
In other words : for price comparison, you do not need advice from an adviser!

A jungle of products
Although the number of insurance product providers has decreased significantly over the past few decades, there is still a great diversity of insurance products from a wide range of insurers. Some insurers further offer insurance products under multiple labels.

Advising on the choice of an insurance product has actually become impractical for advisers.
Clients are becoming increasingly empowered and it is only a matter of time before clients hold the adviser liable for providing substandard advice.
Professional liability insurers will then think three times before offering cover for such cases.

Quality Scan?
A Quality Scan not only helps an expert adviser choose the most appropriate insurance product: it also provides the claims handler with a specific and clear understanding of the relevant provisions contained in the policy conditions in the event of a claim. What should customers expect from their insurer?

Quality Scan
With the help of a good Quality Scan, professionals can find the light in the darkness.

Example :
Every professional knows the term "All Risks".
This therefore includes all events and perils that can cause damage to an insured object.
So NONE excluded!
Most insurers may limit the cover subsequently, but at least then it is clear which perils are not covered.
Of course, an insurer can then include restrictive provisions in the terms and conditions. If there are acts of war in certain areas, the insurer may include an exclusion.
At some point, an insurer launched policies offering cover for "all perils". The insurer then listed elsewhere in its terms and conditions a limited number of perils that were covered. The limited scope of the insurancecover was not discovered until a claim was repudiated. A member of the crew had forgotten to check the height of a bridge, the damage due to the collission was not covered as this was not described as one of “all perils” covered.

Sharpening the mind
Compiling a Quality Scan is instructive and highly expedient work. Perhaps even a job that involves several experts.

Maintenance
The result is just the start of a dynamic project, because only as we go along can a Quality Scan be optimised. Advisers who discover that information is missing can have it modified or expanded. Insurers who cannot get their act together within the framework of a Quality Scan can equally suggest improvements: a matter of typing!"

Available for every product
So for advisers, basing their advice on their memory, is nog an easy matter. That is why RealXS offers producers of insurance products the possibility to create a Quality Scan with each insurance product.
In order to prevent any negative surprise popping up.
So that the adising intermediary can properly assess what securities the product offers before it is issued.
So that claims-handlers can consult the scan, as soon as the customer calls on the insurance product effected.
In practise we see so many claims disputed for the wrong reasons!

More information on the Quality Scan, its compilation and examples, can be found on this PAGINA.