pricing
What we believe
Submitted by Guest on Fri, 2011-03-04 01:10Department:
What we believe
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Everyone at MUA is clear on how we will achieve our goal of offering you bespoke tailored risk management solutions for the Individual.
We believe this will be achieved by:
Introducing enabling technology that enhances our ability to share accurate information and promotes the relationship with one another and with our network of brokers who represent our interests.
Improving our pricing ability through actuarial analysis to make better use of the wealth of data we have available. In doing so, we can transform from manual underwriting to a sophisticated and scientific approach to determining the best rate for the risk we cover – a solution that matches our promise to the market.
Leveraging our strong brand to increase our broker network, which will enable us to significantly grow our income base. We are confident that we can remain relevant to the healthy South African broker community and will follow a tactical approach to ensure an emotional bond with them.
Increasing our competitive edge by having access to the best available reinsurance program through our parent company Hanover Re.
Ensuring that the best people in the industry, who share our desire to manage risks while servicing our brokers and clients, work for us and advance our efforts
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- 1463 reads
MUA’s new motor rating structure
Submitted by byrnie on Mon, 2011-02-28 00:00Image/Video:
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MUA is in the process of reviewing our approach to motor pricing. Part of this process is ensuring that we have the right information so that policyholders are charged premiums which are fair and in line with the rest of the market.
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MUA is in the process of reviewing our approach to motor pricing. Part of this process is ensuring that we have the right information so that policyholders are charged premiums which are fair and in line with the rest of the market. For this reason, we request that all quote forms are correctly and fully completed whenever a new quotation is requested or a new item is added to an existing policy.
This information will also be required when a policy is renewed. In those cases where the quote forms are not completed and an existing policy schedule is supplied, we ask that you include any outstanding information in writing on the quote request.
Most of our brokers are familiar with the information we require, but to recap:
- A valid Identity Number for the driver of the vehicle
- Vehicle Year of Manufacture, Make and model
- Usage of the vehicle i.e. private or professional
- Day area: both postal code and suburb required
- Risk address where the driver of the vehicle lives – both postal code and suburb required
- Occupation of the driver
- Type of Cover required
- Driver marital status, date of birth and gender
- The date when the driver’s year of license was obtained (if less than 5 years ago) and whether the license has been endorsed
- Claims history: i.e. claims in the last 3 years and details of the claim. The claim free group (CFG) should reflect the claims history
- Whether a voluntary excess is required
From the 15/03/2011, new policies, items added to policies and amendments to policies won’t be accepted unless the above information is provided to MUA. Please note where the requirement is for the driver of the vehicle and not the policyholder.
Policyholders need to ensure that they advise you accurately when they take out a policy and when any of these details change after the inception of their policy i.e. if the regular driver of the vehicle changes.
Decisions on the acceptance of a policy, the underwriting conditions and the premium charged are based on the validity and accuracy of information provide at inception of a policy , on renewal or when circumstances have changed. It is the responsibility of the broker to ensure that this information is passed on to MUA as soon as it is provided.
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- 103 reads
