Hi and welcome back. This video is in regards
to the property insurance policy life cycle and wanted to make a quick brief illustration about
what are the sequence of events that have to take place in order for a pop policy to be written and
an issue with the company and this is keep in mind this is with regards to property insurance policy
not health insurance or life insurance this is this video is mainly focused on property insurance
so keep that in mind. In simplistic terms, just think about your engine and your car and all the
different mechanisms that have to take place in order for that engine to work and run effectively
and kind of putting that in the same connotation with regards to how the property insurance policy
is first quoted and bound and issued by a company this is video pretty much ss it up so it really
all starts with marketing and advertising many of you in your own personal lives even in my
own personal life as well we get tv commercials or YouTube advertisements Facebook advertisement
any sort of marketing or advertisement whether that's through email or whatever we're on we may
see a commercial or some sort of advertisement of an insurance company trying to market an
insurance policy and typically most folks find out about their insurance company through
marketing or advertising word of mouth or just brand recognition or name brand so although many
companies may not have to put as much effort into marketing advertising other companies may
have to depending on their distribution systems if they're looking to go into new markets where
their name may be unfamiliar so essentially before a policy can even be issued or quoted
the customer has to first find out about that that company and that really all starts with
marketing and advertising and here basically the marketing and advertising it really helps
prospects find the insurance company that's essentially what it boils down to.
There's more
things that might take place once the customer goes forward with that company they may continue
to see some sort of marketing and advertising once you have that policy with that company
like email communications about other products different sort of discounts or service offerings
that that company might have you'll continuously see some sort of marketing advertising at some
point throughout that term with that company next so let's say the customer finds the commercial the
advertisement they say what i want to go for it with xyz company and then that's when it takes
us into the new business and quoting in sales and this particular segment of the life cycle is
really with regards to the customer now actually getting a quote and figuring out they want to
pay the premi that's being offered and sometimes customers may undergo various types of avenues
to find policies they may work through an agent they may have a licensed insurance agency that
they work with to help them find coverage some customers may work directly or prefer to work
directly with their insurance company and they may shop and get their own quotes and go forward with
the policy as they feel that best meet their needs but this whole cycle right here or process of
the cycle is really with regards to new business and quoting and typically this could be anywhere
from a day from when a customer binds the policy or it can be typically is six months or up to
a year depending on how fast or how quick the customer is looking to move on getting a new
policy and then sales is with regards to maybe if they're working with an agency the
agency is really working with them to sell them an insurance policy or if they're
working directly with the company they may have internal sales individuals or internal
sales agents that help them write that policy next here is the policy issuance and underwriting
after the policy is quoted in the new business quoting and sales phase it then goes into the
issuance or underwriting phase sometimes or most of the time the policy can be issued right
away, dependent on certain underwriting criteria and underwriting guidelines sometimes the policy
may not be issued right away and it has to undergo a period of underwriting before the policy can be
issued depending on the circstance of the property insurance policy or that company's guidelines but
essentially once the policy is complete with the underwriting phase that's really the go ahead for
the customer know that they have a new insurance policy next here i just put the premi charge for
the risk again this is really making sure that underwriting and the issuance phase is making sure
that the appropriate premi is being charged based on all the information the customer put into
the application or the quote and then likewise the customer has to agree to that premi to
make sure that premi is something that fits their budget fix what they've seen with other
companies that they may have gotten quotes from next here is customer experience and technology
really after the policies issued you're kind of just like smooth selling i got you got the
policy issue you just kind of throw your policy docents in the drawer somewhere and you move
on about your life thank god I’ve got done with purchasing that insurance policy but then you may
have situations throughout a period of time where you may have to call customer service or you may
have to log online to the online portal to check your policy or to make changes maybe you bought a
new car or you bought a new house you may have to make some changes to your policy and this is where
the whole customer experience and technology phase of the property insurance policy life cycle is and
really companies are putting a lot of effort into making sure technology is up to date whether
it be through mobile phone where you have an application that you can quickly log into to check
your insurance policy or to file a claim or to make changes and making sure that the customer
experience is where it needs to be in terms of when you call in you're getting you're getting
someone on the line pretty quickly or as quickly as possible and that your interactions with
those individuals are satisfactory and then this is satisfaction and retention it's really
what it all boils down to when it relates to customer experience and technology given the
level of various competitors and a robust market there could be a lot of competitors and so the way
typically customers would prefer at least myself would prefer to stay with the companies I know
they have really good customer service and I like their technology so this is a really important
part of the property insurance policy life cycle and then I will move my screen here the last
phase of the property insurance policy life cycle hopefully the phase that you don't have to go
into but in the event that you have an accident or unforeseen circstance the last phase of the
life cycle here's claims handling so you may have to file a claim with your insurance company
typically they'll have someone contact you as soon as they possibly can and then I put here payment
issued for covert losses and this is essentially you'll work with usually the professional and the
insurance companies call it a claims adjuster and that adjuster is really your point of contact
working with you to basically come up within nber one figuring out if the loss is covered by
your insurance policy based on the policy contract if you don't leave here with anything else
the policy contract is important so make sure you understand and you are aware of the
details of your policy contract but I digress and your adjuster will work with you to get more
information if needed and then ultimately come up with an estimate on how much it's going to cost
to replace your property or repair your property and then they issue your claims payment and you
can get your damage repaired or fixed or replaced and that's payment issued for cover losses so in a
nutshell, by and large in most insurance companies property insurance policy this is essentially
your engine if you will on really what it takes in terms of getting a policy quoted basically
issued serviced if you have any servicing related matters and then hopefully you never have
to enter into that phase but also claims handling and if you have any questions put them in
the comments thanks again for watching!
