GT Market Update
Hi everyone,
Well the 1st quarter business rush has already been run…..can you believe it seemed like Christmas was just a few weeks ago!
A run down on quote activity reveals that plenty of Heavy Transport and Motor Fleet business was on offer during March. Our own results were quite pleasing with renewal retentions remaining high by count and premium so a big thank to all our brokers and intermediaries for the support you have given to GT.
It’s great to see that, in an environment where competition is so fierce that a well-planned renewal review, risk assessment and business partnering commitment between the insured, broker and insurer can deliver a “win win” result for all parties.
Our Claims promise
On the claims front, Its’ been an “annus horribilis” start to 2011 for many brokers and insured customers so we thought it a good time to recall what it is we promise to deliver at GT. Insurance is really all about a promise and it’s the reason why people insure and the value of that promise is very quickly realised once a claim arises.
Global pledges that promise and when times are tough like they have been we want you to know that you can rely on us to deliver.
• All new claims acknowledged and assessors appointed within 24 hours of notification
• Settlement cheques processed within 48 hours of receipt of final documentation
• Assessment will be attended to within 24 hours of notification
• Vehicle assessment will be made within 48 hours of availability
• We will keep customers informed on claims progress
Some questions that come to mind……Are these tangible or measurable promises?
• Do we meet them?
• Can we meet them?
• What are we really trying to say?
• What if we don’t meet them?
• Who cares?
We do care. From the first time we come into contact with your client when a claim is lodged, we’re showcasing that promise. But its more than that ,we’re fulfilling a contractual obligation and meeting our end of the bargain .
At GT, we’ve been building great relationships with brokers because we care about the relationship you have with your customers. If we keep our promise, we earn your trust.
Down but Not Out!
Brokers report the good news!
Many heavy transport owner drivers and small fleet operators are down having suffered losses in the Queensland floods. A number may not be able to survive the flood disaster with their only source of income rendered unusable.
Banks have offered a sympathetic ear, however, the reality is simply that the transport operator still has to find money to cover such expenses as finance repayments, wages, insurance premiums, workers comp instalments, family living expenses, school fees utility bills etc, etc. the list goes on.
The good news is that many of these operators are not out!
GT has, for some years, offered protection in the form of a business interruption policy following a fire, accident or theft. The Down Time/ Business interruption cover is especially designed for the transport operator and many GT clients were protected from the unforseen financial loss arising out of the QLD floods.
Briefly, the Down Time cover provides for:
• From 1 to 4 months cover. Nominated monthly period & limit required per vehicle.
• No hassle claims payment – we simply pay the amount agreed for the time the vehicle if off the road
• A deferment (excess) period applies – 7 days from the date the vehicle arrives at the chosen repairers for completion of repairs.
Visit the GT website for more information or go onto our “on line” quote facility to confirm how this cost effective, value add risk tool can benefit your clients &/or contact your GT underwriter in your state for more information.
