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Nice 1 Product Pack June 2010 Pdf

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Innovative insurance solutions for the UK broker market from the team at Nice 1.

Innovative insurance solutions for the UK broker market from the team at Nice 1.


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  • 1. Products Page • Lifestyle Protect - Income and Payment Protection Insurance 3 • Cash Protect 4 • Excess Protect 5 • Multi Appliance Protect 6 • Gadget Protect 7 • Home Emergency Protect 8 • Garden Protect 9 • Briefcase & Handbag Protect 10 - 11 • Concierge Protect 12 • Vet Protect 13 • Premium Waiver Protect 14 • Car Protect 15 • Licence Protect 16 • Mis-Fuel Protect 17 • Scratch, Dent & Alloy Protect 18 • Total Loss Protect 19 • Theft Protect 20 2
  • 2. Products Lifestyle Protect—Income & Payment Protection Insurance • Monthly cover for monthly premium, with commission paid monthly. A flexible stand alone income replacement product with the following features: • It is flexible enough to be suitable for all types of customers, as long as they meet the straightforward criteria for the product. • Benefit periods from 3 months through to 24 months • Excess periods from 0 to 180 days • Customers who have elected to protect their monthly insurance • Combinations of accident and sickness, unemployment and life premiums with a premium waiver product will have a high cover are available. propensity to extend their cover further and purchase Lifestyle Protect This is an existing product, with existing technology supporting it and could be deployed. The product meets the following criteria: • It is inherently simple to both buy and sell • Customers can up-sell to protect other liabilities during the cover period • The product includes counselling to all policy holders. It can also be cancelled and re-opened at any time during the policy with no penalty to the customer. 3
  • 3. Products Cash Protect - single premium and monthly premium We also include a cash sum on death. Cash Protect is a programme that can be sold as a single one off or The product is designed to be sold as cover for other specific Monthly monthly policy to cover a consumer for a fixed sum up to 12 months financial commitments for example, bills, mobile phones, car should they be made redundant or if they are unable to work due to insurance, gym membership and starts at only £29.95 RRP per annum. accident or sickness. The key element to this policy is that it has no exclusions. We have various options for this product, with variable monthly benefit amounts. 4
  • 4. Products A range of products designed to ensure that customers are not left Home XS Protect financially disadvantaged should they be unfortunate enough to have to pay an excess on one of a range of policies. • Refunds the customers excess in the event of a claim under their buildings and contents policy. Motor XS Protect • Cover levels can be selected from £50 to £2500 per year. • Refunds the customers excess in the event of any fault or non Tradesman Liability XS Protect fault claim. Windscreen excesses are excluded. • Non fault claims are paid should the policy holder not be able to • Refunds the customers insurance excess in the event of a claim recoup their excess from the fault party within 6 months. under the Tradesman Liability insurance policy. • The policy covers private cars, motorbikes, owner/user taxis, • Cover levels can be selected from £50 to £2500 per year. driving instructors and motor homes. • Cover levels can be selected from £100 to £2000 per year. Lifestyle XS Protect Commercial Vehicle XS Protect • Provides cover for the excesses incurred in a range of insurance policies; motor, home, pet, travel and medical. • As motor excess product but for commercial vehicles. This policy • Cover levels can be selected from £250 to £2000 per year. can cover vehicles up to 3.5tonne and fleets of up to 30 vehicles. • Cover levels can be selected from £100 to £2000 per year. 5
  • 5. Products Multi Appliance Protect • The product is supported by extranets allowing for quick registration of the items to be covered, however we can also Our product provides cover for electrical items in the home for a support data dumps should the preference be to support the monthly premium paid by direct debit. product on a third party system. • The customer selects 5 items, 2 of which must be a fridge or • Cover is also available for multi gadgets and multi phones. freezer and a cooker. Those items are then covered for repair or replacement with no depreciation. • Both white and brown goods can be covered, including Sky boxes, flat screen televisions, washing machines and dishwashers. • Monthly premiums start at £10 per month for 5 items and goods can be added or removed as the customer requires. 6
  • 6. Products Gadget Protect Excluding Theft Including Theft Gadget protect covers the accidental damage, extended warranty and 3 Items 5 Items 3 Items 5 Items theft of your gadgets. Monthly Rate £7.99 £9.99 £8.99 £10.99 We offer worldwide cover for 60 days per annum. Annual Rate £78.99 £99.99 £89.99 £109.99 The items we include in our cover are: • Mobile phones Rates shown are inclusive of IPT and commission. All claims are subject • Laptops to a £40.00 excess and we provide online webform to simplify • MP3 players enrolment. The maximum individual gadget value allowed is £1,000. • Ipods The 12 month aggregate claim limit is £1,000 for 3 items or £2,000 for • MP4 players 5 items. All items replaced are on a new for old basis. • Portable satellite navigation systems • Cameras • Games consoles Items up to 5 years old covered (3 years for Laptops). It is the policy holders responsibility to nominate substitute products. There is an initial 30 day claim exclusion period. 7
  • 7. Products Home Emergency Protect • The advantage to the home owner includes the peace of mind in knowing that there is a 24 hour helpline available via which a A range of Home Emergency covers providing the broker and qualified and suitable tradesman can be sourced in the event of ultimately the customer with wider choice. We also offer mandatory an emergency within the home. In addition a claim under this cover. Please ask for details. policy will not affect their buildings and contents premium. • Home Emergency provides the customer with cover for the cost of a tradesman to attend their home in the event of an emergency. The level of cover offered can vary and this cover includes labour costs and the cost of any materials. • The options available include increasing levels of cover , from £150 per call out to £750 per call out and cover can be taken with or without an extension for central heating systems. • Monthly, one, two and three year policies are available along with mandatory cover for inclusion with home owner’s policies insurance. 8
  • 8. Products Garden Protect Garden Protect is a stand alone policy that provides £1500 or £2500 cover per year against theft or damage to the customers garden. This includes: • Plants, garden equipment, sheds, fences and hedges. • Where possible, repairs will be made but the policy allows for replacement where necessary. • Most buildings and contents policies are limited in the scope of cover that they provide outside of the home itself. Garden Protect provides that additional cover required to provide a comprehensive package to your customer • The customer can pay monthly or annually. The monthly retail premium starts at only £2.95 per month with annual premium starting at only £24.95. 9
  • 9. Products Briefcase & Handbag Protect • Find me a locksmith service - We will arrange for a qualified locksmith to attend your home or car to gain entry should your Briefcase & Handbag Protect provides the protection consumers need keys be lost or stolen. against the everyday issues of having a briefcase or handbag stolen or damaged. From only £24.95 per annum. • Get message home service - We will contact nominated friends or family to give information agreed with you in the event you We all carry items of value around with us daily. Contained within our need assistance following a named event. briefcases or handbags are valuable items wanted by thieves i.e Money, Purses/wallets, electronic items such as ipods, mobile phones, • Emergency interpretation service - We will arrange an blackberrys, the briefcase or handbag, credit or bank cards and sensi- interpretation company or person for you in the event you need tive information personal to you. help. Cover provided includes: • Emergency legal service - We will locate a qualified lawyer should you require one to assist you in your loss. • Accidental damage and theft cover—The policy only covers briefcases and handbags up to a value of £500 and £500 in total • Medical emergency service - We will arrange for Medical per calendar year. Counselling or Referral where required following a named event. • Lost mobile phone service - we will assist you in cancelling your mobile phone if lost or stolen. • Lost or stolen card service - We will provide assistance where cards are lost od stolen such as reporting to card issuer, provide • Get home fast service - we will arrange for a safe taxi to collect details of the legalities surrounding the loss, obtain crime refer- and deliver you to an address following a named event. ence number where applicable. 10
  • 10. Products • Emergency funds service - We will arrange for emergency cash With Briefcase & Handbag Protect you can rest assured that we will to be sent to you from a nominated source, in the event you provide not only an excellent range of services to help you in your day need cash following a named event. to day life such as Concierge Protect, but we will help you get your items replaced or identity back. We will also help you check your • Emergency travellers cheque replacement service - We will personal details and information has not already been stolen. provide assistance where international traveller’s cheques have been lost or stolen. • Lost or stolen passport assistance service - We will provide the required advice on how to replace a lost or stolen passport worldwide following a named event. • Concierge Protect - Our concierge service can provide you with details on how to spend your leisure time while in an unknown city or even trying to arrange your tickets at the best theatre in town. • Fraud alert service - A free check for you to review if your personal information has been illegally traded or stolen. You will be alerted by e mail and advice provided if your personal information is detected. 11
  • 11. Products Concierge Protect Concierge is a great service for your customers. It enhances your brand, builds trust and loyalty amongst your customers and Our concierge service can be provided to your customers at a very low differentiates your product from the competition. Of course it is also a annual cost. The service provides the individual and their family with great sales tool to enhance the conversion rates of your core products. access to their own personal assistant. Its uses are countless, but some of the more common requests are listed below: • Booking tickets for concerts, sports events etc - even those that are sold out. Assistance with travel, train and ferry times, bookings and advice. • Sourcing restaurants according to type, cost and location as well as booking tables. • Find an out of hours, approved tradesman for emergency repairs. • Message forwarding. • Birthday or anniversary reminders as well as gift suggestions and gift sourcing. • The service will provide any service it can as long as it is legal and ethical. 12
  • 12. Products Vet Protect Vet Protect is a new, simplified approach to pet insurance, minimising the effort and time required to obtain a quotation for cats and dogs. Our pet product provides the following benefits: • Lifetime cover from 8 weeks old. • Up to £10,000 medical treatment cover per annum. • Simplified cover to provide cover for vets fees only. • No postcode rating. • No loading for breed of animal. • Simplified age rating - under 5 years and over 5 years. Nice 1 can provide an online quotation system for the submission of policies and delivery of policy documents. This product is available for sale via veterinary practices, brokers, re- tailers and online. Costs start at only £14.15 per month or £154.35 per annum RRP. 13
  • 13. Products Premium Waiver Protect Premium Waiver can either be sold as an option or included on a man- datory basis. It protects the customer’s monthly motor or buildings and contents insurance premiums. • The product provides up to 12 benefit payments of up to £250 per month ensuring that the customer’s cover is maintained should they be unable to work due to accident, sickness or unemployment. • Our product’s unique selling point is that it has no exclusions thus ensuring that the sales process is much quicker but also less exposed to any compliance risks. • Selling premium waiver to your customers is, in our view a great mechanism to allow an up-sell campaign for Lifestyle Protect, through which you can generate a meaningful level of additional income. 14
  • 14. Products Car Protect Car Protect comprises a wide range of automotive related insurance products as well as access to an outbound facility to allow the moneti- sation of your live motor policies using these products. The following products are currently available: • Car Warranty • Gap and multi Gap • Key Cover • Tyre Insurance • MOT Cover • Roadside Assistance 15
  • 15. Products Licence Protect • Drivers who have held their licence for less than 2 years. This policy provides benefits covering alternative travel costs incurred • Alcohol or drug abuse. by you for a period not exceeding twelve months if, during the period of insurance, you are prevented from driving as a result of:-. • Disqualification following the accumulation of twelve ort more penalty points. • Disqualification for a single speeding offence. • Disqualification under any similar legislation in force in Scotland, Wales or Northern Ireland. The level of monthly benefit can be selected from £500 to £2000. The premium charged will vary according to the benefit required, the age of the driver and the existing number of points on the licence. There are some exclusions: • Drivers under the age of 25. • Drivers with more than 8 penalty points on their licence. 16
  • 16. Products Mis-Fuel Protect • Our service is supported by the only dedicated national network of mis-fuel providers. The majority of cases, the problem will be Mis-Fuel Protect provides the following cover in the event that the rectified on site. policy holder places the incorrect fuel in their vehicle: • The policy holder is provided with a sticker with the claims line • The contaminated fuel is removed from the tank. which can be placed on the fuel filler cap. • The tank is cleansed. • The indicative retail rate for this product is £29.99 per annum. • £10 of the correct type of fuel is put into the tank. • We can provide multi-year rates as well as net rates if required. • A maximum of 2 claims can be made per annum. • Nil excess. • Following this the fuel is disposed of in an environmentally friendly manner. • If necessary the vehicle will be taken to a repairer for additional work to be carried out. 17
  • 17. Products Scratch Dent & Alloy Protect Scratch Dent & Alloy Protect provides the vehicle owner with protec- tion against the day to day damage to the body work of their vehicle and to the alloy wheels. The policy is fully underwritten and supported by a national network of mobile repairers who can make good the damage at an address of the policy holders’ choosing. • We offer various levels of cover per claim, from £250 to £1000; and various levels of annual aggregate limits, between £500 and £3000. • The policy carries a standard excess of £25 per claim, this again is variable. • The recommended retail rates for this product start at only £120 per annum. 18
  • 18. Products Total Loss Protect In the event that the policyholder’s private car is declared a total loss, Total Loss Protection will pay the policyholder 25% of the motor insurer’s settlement. Product Features: • No restrictions on mileage or age of vehicle • No restrictions on the make and model of vehicle (private cars only) • Net rated providing you the flexibility to determine income levels • Reporting is managed via bordereau, minimum data required • The product can be sold mid term or as a 12 month policy • Net rate charged is based on the motor insurance premium 19
  • 19. Products In the event that the policyholder’s private car, motorcycle or van is stolen or declared a total loss, Theft Protect will provide a like-for- like replacement vehicle for up to 28 days. Product Features: • 10 passenger car, 3 lcv, 3 motorcycle, 7 private hire groups • 14, 21 & 28 day options - 1—5 year cover available • Broker sets own commission - net rated • Simple online fulfilment via http://www.theftprotect.co.uk • Private & commercial vehicle cover • Simple telephone & staff training provided • Flexible data capture and submission - broker friendly • Exceptional rates for mandatory sales process • Ask about our “Guaranteed Courtesy Car” enhancement 20
  • 20. Next Steps 1. Agree to proceed 2. Create product and launch strategy 3. Implement strategy 4. Train and install 5. Launch 6. Enjoy services 7. Maintain close liaison to optimise sales 21
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