It never ceases to amaze me how many times we are contacted by potential clients requesting a quotation for their insurance portfolio at the very last minute, 2-4 days prior to renewal.
The reason they have contacted us so late in the process is that they have just received their renewals notice from their existing insurers, which in some cases have increased considerably. The holding insurers are then demanding premium payment straight away prior to renewal.
Quite frankly this practice of sending out renewals at the last minute is bad practice, perpetuated in many cases by incompetent insurers and/or brokers. There is little excuse for it.
All insurance is tightly governed by rules from the Financial Conduct Authority (FCA). The rules say that renewals should be sent out in good time for the client to make a decision. At Acres, we interpret ‘in good time’ to mean at least 14 days prior to renewal. If we do not meet this deadline, we guarantee to extend the Clients renewal date by up to 14 days to allow time to make an informed decision and get alternative quotes if required.
Even when provided with quotation information 2 to 3 days prior to renewal date, we are often able to turn quotes around in time. If this is not possible, we will urge potential clients to go back to their holding insurers and request a renewal extension of up to 14 days. There should be very few circumstances where this is turned down.
Do not be forced into renewing just because you are sent renewal information late in the day!
