global insurance management

Does it affect me?

These changes affect you, and your bottom line.

The guidelines issued by the ABI affect every Warranty and GAP based insurance product sold on the market, regardless of the provider.

Both insurers and retailers are expected to comply, with the recommendation that all products meet the criteria outlined within the code including refunds, cancellation clauses and transferability.

The code is also applicable to Dealer Guarantees and Self Funded Schemes, not just insured risks. It doesn't just apply to the product design, terms and conditions - but also your approach to selling the products, and it will potentially also affect your profits and bottom line.

Check Your Products

- Your products should be compliant with the new code

- Your products should be CLEAR and CONCISE with no jargon

- Your customer can transfer an unused policy

- Your customer can cancel an unused policy at ANY time and receive a REFUND

- You must be able to calculate and explain this refund to the customer

Ask Yourself

- Is your product portfolio compliant?

- Who will pay your refund bill?

- How big is your liability?

- Will this be met by your provider?

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