Collector Vehicle Quoting Process Simplified
Jim Stack, CIC, AAI
VP, Broker Relationship Leader at Munich Re Specialty Insurance
As American Modern’s Collector Vehicle program grows, we are finding that our processes could be more efficient and customer-friendly. We are simplifying the underwriting process by asking you to include photos of the car and the dec page of the daily use auto with your quote. The goal is to improve the customer experience by reducing the touch points needed to complete the required documentation.
A year ago we implemented a pilot project in California to test this new process. It has been a success. There has been a dramatic reduction in follow up calls to collect missing information, and a sharp reduction in policy cancellations due to incomplete documentation.
We are rolling out these process changes to the rest of the country beginning May 8.
For additional details download the entire bulletin here and share this helpful infographic with your customers so they know what to expect when requesting a policy.
Insurance Broker at Castle Rock Insurance Brokers & Consultants
8yNo! It's taken me 5 weeks and 6 hours to get a collector car policy issued. The complete lack of communication I have received from AMIG is an abomination. When all is said and done I'll net out less then the minimum wage from 1982, for my efforts. Not one single email, phone call or notification that there was a request for additional information before the quote expired and needed to be reentered. The likelihood of my ever embarking on using this system again is about 1/1,000th of giving applicants the phone number of another broker or carrier to let them handle having a policy issued.
VP, Broker Relationship Leader at Munich Re Specialty Insurance
8yAdam, thanks for sharing! That's exactly what we set out to accomplish with the new quoting process - reduce "follow up" and eliminate policies from being canceled on the "back end."
Executive Director at NCM Insurance Agency
8yWe started collecting the Dec pages based off of understanding the reasons behind this. It has really helped with reducing the amount of follow-up that we did before.
VP, Broker Relationship Leader at Munich Re Specialty Insurance
8yGreat questions Heidi. American Modern offers an AGREED VALUE collector vehicle policy, which means the value of the vehicle is "agreed upon" before the policy is bound. In the event of a theft or total loss we pay the agreed value - period. In the event of a theft or total loss a STATED VALUE policy will pay the stated value or actual cash value, whichever is less. Agreed Value and Stated Value are VERY different, but they sound a lot alike, so it's very important to explain the difference between these loss settlements to your customers. Regarding your garaging question... we do require that the vehicle is stored in a locked garage when not in use.
Customer Service Rep at Kingston Insurance Agency
8yIf we have an appraisal on file, do you offer a true stated value policy ort the lesser of ACV and stated value? Also, does the vehicle need to be garaged year round to qualify?