When you purchase insurance, the last thing you probably want to do is read through every single detail of your coverage and scour every piece of fine print. Insurance policies are one of those things too many people are guilty of simply acquiring, and then putting away in a safe filing cabinet (or digitalized document) and then forgetting about. But when the insurance market is during a phenomenon known as a hard market, characterized by rising insurance rates, it’s more crucial than ever to know what you’re covered for – and know where you may need to make some changes to ensure you are properly insured. Insurance needs are always changing, whether you’re a household or a business. As such, your insurance coverage should change with it – but that’s not possible unless you’re doing regular reviews.
Even without the current hard market conditions, doing regular policy reviews, at least once per year, can help you better understand your coverage, identify potential gaps, maintain appropriate coverage levels, and even keep your premiums competitive. AHI is happy to schedule a complimentary policy review with you, to go over your coverage and discuss your needs with an expert eye. Read on to see more about the importance of policy reviews and why you should schedule one with us today.
The Policy Review Process, Broken Down
In steps, the policy review process may seem arduous, but it’s not all that long of a procedure and can ultimately help you to save big on your insurance. Here’s what it looks like when you schedule a complimentary policy review with AHI Group:
Step 1: Information Gathering
Upon scheduling the policy review, the policyholder provides AHI Group with relevant information, such as existing insurance policies, coverage details, and any specific concerns or changes in their circumstances. Changes may include life events like the remodelling of kitchens, a new baby, a change in the primary driver, new usage of a vehicle or new commute, mergers, acquisitions, and so on.
Step 2: Assigned Account Manager
Your assigned agent will be your point of contact throughout the entire policy review process. If you have any questions during this period, you will be directed to them.
Step 3: Policy Documentation Collection
The policyholder – you – submits all relevant policy documents to AHI Group. These may include insurance contracts, endorsements, policy schedules, and any other related materials.
Step 4: Risk Assessment and Analysis
AHI Group’s team of experts conducts a comprehensive risk assessment of the policyholder’s current coverage. They analyze the policy’s terms, limits, exclusions, and endorsements to understand the level of protection it offers.
Step 5: Consultation and Discussion
The account manager schedules a consultation with the policyholder to discuss the findings of the risk assessment. They seek further insights into the policyholder’s insurance needs, future plans, and any changes in their risk exposure.
Step 6: Identifying Coverage Gaps
Based on the risk assessment and the client consultation, AHI Group identifies any gaps or overlaps in the existing coverage. They compare the policyholder’s needs with their current policy to pinpoint areas that require adjustments.
Step 7: Customized Recommendations
AHI Group formulates a personalized set of insurance recommendations tailored to the policyholder’s unique requirements. This may include additional coverage options or changes to existing policies to better address identified risks.
Step 8: Presentation of Policy Review Report
The account manager presents a detailed policy review report to the policyholder. This report outlines the current coverage, the identified gaps and overlaps, and the recommended adjustments.
Step 9: Q&A and Clarifications
The policyholder can ask questions and seek clarifications about the policy review report and the recommended changes. AHI Group ensures that the policyholder fully understands the proposed modifications.
Step 10: Adjustments and Policy Updates
If the policyholder agrees with the recommendations, AHI Group proceeds to implement the required adjustments to their insurance policies. This may involve negotiating with insurance carriers to secure the best possible terms.
Step 11: Follow-Up and Ongoing Support
AHI Group provides ongoing support and assistance to the policyholder after the policy review process is complete. They remain available to address any further inquiries or changes in the policyholder’s insurance needs.
Why Schedule a Policy Review with AHI Group?
Policy reviews are of paramount importance in the insurance industry as they serve as a vital safeguard for policyholders’ financial well-being and risk management. Insurance needs can evolve over time due to changes in business operations, personal circumstances, or regulatory requirements. A comprehensive policy review ensures that coverage aligns with these changes and remains adequate to protect against potential risks. By conducting a thorough assessment, policy reviews help identify coverage gaps, overlaps, and potential exposures that may have arisen since the policy’s inception. This proactive approach empowers policyholders to make informed decisions about their insurance coverage, providing the opportunity to update policies, secure additional endorsements, or explore alternative risk management strategies. Ultimately, policy reviews not only optimize insurance protection but also foster long-term relationships between policyholders and their insurance providers, creating a stronger sense of trust and assurance in times of unforeseen events.
Don’t leave your insurance coverage to chance! Secure your financial future with a complimentary policy review from AHI Group today. Gain peace of mind knowing your insurance aligns with your evolving needs and risk exposure. Schedule your review now and take charge of your protection. Contact us today!
