Why you need to offer your clients Excess protection from the XS Cover Company
Testimonials The XS Cover Company is a great company to work with, their products are well received by our clients and the service, training and marketing support is exceptional. I highly recommend them.
Ray Geary Marshall Wooldridge
I am delighted that JCB Insurance services are working with the XS Cover Company. Throughout my dealings with Julie and her team I have been genuinely impressed not only with the infectious energy and enthusiasm but also with their innovation, professionalism, quality and sense of urgency. It is a pleasure to work with such a flexible and ambitious team who are bursting with products and concepts that reinforce JCBâ€™s reputation for innovation. I am confident that our partnership with the XS Cover Company will bring a new dimension to our customer proposition and will support the continued growth of our business.
Jonathan Lyth Dip CII
We have dealt with the principal and staff of The XS Cover Company for many years. We find them very helpful and proactive in our business dealings. The product provides unique cover and is well received by our clients. Administration is smooth with a swift claims service.
Roy Abel ACII. Cert PFS. Chartered Insurer. WTJ Insurance Brokers Ltd
The XS Cover Company have provided us with a low cost innovative solution which has enabled us to differentiate ourselves from our competitors when quoting for new business. Their products have also assisted us in protecting valuable existing accounts without losing precious income. Their systems are simplicity itself with intuitive menus resulting in quotes being available quickly and cover placed easily. I look forward to developing our account with Julie and her team in the future.
Philip Pagin Managing Director H&H Insurance Brokers Ltd
JCB Insurance Services Ltd
We use the XS Cover Company not only because the product itself is far and away the best in the market but because we have found their flexible and innovative approach to doing business like a breath of fresh air in an insurance market that can so often be uninspiring and rigid in its approach. I Canâ€™t recommend the company or the product highly enough.
Sam white CEO action365
If you’re not telling your clients about Excess Protection – you’re not doing your job Excess Protection policies are available for motor, household, lifestyle, commercial and fleet policies. If one of your clients has just paid out a large excess, and then they hear about Excess Protection from someone else - they are not going to be happy, you could even lose a client.
A powerful risk management tool Your clients look to you to help them manage risk. Excess Protection does exactly that. By accepting a higher excess it is often possible to negotiate a lower premium. But of course, with Excess Protection, there’s no real risk involved. Your clients save money on their premiums, but still know their excess is safe. You’ve added value by cutting their costs – while keeping them fully protected.
Strengthen your client relationships Excess Protection is a product that people and companies want. It’s already selling like wildfire and a recent survey found that over 60% of consumers said they would buy it if offered. If your clients don’t hear about it from you, they soon will from someone else. So get in first, and add another dimension to your client relationship - before some other adviser uses it as a lever to prise away your clients.
Differentiate your services by offering something extra It’s a tough competitive market out there. If you can’t offer your clients real added value, they could well think of shopping around. Introducing your clients to a product like Excess Protection is a great way to show your clients that you’re actively seeking solutions to the issues they face today. It’s the perfect way to show you're always one step ahead by offering them something new and different.
A valuable new revenue stream Excess Protection is a major new market in the making. If you’ve ever wanted to be in on the ground floor of something big, here’s your chance. Excess Protection may be a new product today, but it won’t be long before it’s a must-have for all insurance buyers. Selling Excess Protection to all your clients could put 20% on your business volumes, we’re also offering very healthy commissions. So you stand to benefit along with your clients which is the perfect win win.
Access to a broader range of policies If your clients are put off by the idea of paying an excess - particularly if it’s a large one - Excess Protection can overcome this obstacle. This allows you to recommend the most appropriate policy, and get around clients’ excess payment worries.
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It really couldn’t be simpler Excess Protection is a beautifully simple product that does exactly what it says on the tin. And selling it couldn’t be simpler either. Through our XS Cover Company online portal it’s a matter of a couple of clicks to add Excess Protection when your clients renew or take out a new policy.
What’s the catch? There isn’t one. The only thing you need to spell out is that Excess Protection only pays out if the main policy pays out. So your clients can’t claim for amounts that are less than the excess. But provided there’s any kind of payout on the main policy, Excess Protection will refund the excess in full - up to the agreed annual limit, your clients can claim as many times as they need to – up to the point where that limit is exhausted.
How it works in practice If you want to illustrate to your clients how they can benefit from Excess Protection, the following real-life claims examples should help:
Example: Vehicle The policyholder’s car was damaged when it collided with a kerb in January 2013. The insurer was happy to settle a significant claim for the necessary repairs – subject to a £1,000 excess. The policyholder had thankfully taken their broker’s advice to purchase excess protection insurance from The XS Cover Company alongside their main policy, at a cost of £50.88. The net result – the client was refunded their £1,000 excess, all thanks to obtaining the right advice from their insurance broker. 2
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Example: Commercial In January 2013, the policyholder suffered a loss when an item of plant at his saw mill caught fire. The machine was of significant value and subject to a £2,500 excess under his plant insurance policy. Thankfully, the policyholder had a commercial excess protection policy with The XS Cover Company which they had taken out on their broker’s recommendation. The policy had cost the insured £265.00. Their £2,500 excess was refunded in full following settlement, leaving the client very happy and grateful for their broker’s advice.
Example: Fleet After analysing their client’s fleet experience form at renewal, a broker advised his client that over the past three years they had made, on average, three fault claims per year, at a cost of £250 for each claim made i.e. £750 per year in excess payments. The insured ran a fleet of four vehicles and the broker advised his client to purchase £250 of excess protection insurance from The XS Cover Company for each vehicle, at a total cost of £207.76. Based on the previous three years claims history, the broker would be saving his client £542.24 per year in excess payments. The client was delighted to receive his brokers advice and proceeded with the cover, safe in the knowledge that his excesses would be refunded for the forthcoming year.
Your clients will thank you again and again Don’t risk keeping silent about Excess Protection Now consider how those same clients would have felt if they hadn’t been told about Excess Protection... Excess Protection may look like a nice-to-have add-on today, but we strongly believe it will soon be seen as a must-have. So don’t take the risk. At least give your client the option. You may both be very glad you did. Think how often paying an excess takes the gloss of what should be the upside of buying and selling insurance. Yes, the claim is covered - but a hefty excess leaves a sour taste. Excess Protection prevents this happening. Or consider the many times when minor things like vandalism or minor accidental damage don’t seem worth claiming – because the excess eats up most of the pay-out. Excess Protection means your clients can claim and get paid in full. Think of it as like the collision damage waver most people purchase when they hire a car. It’s really a no-brainer, when you think it through. Who wouldn’t want to save themselves paying an excess?! Especially when the cost is so low. The cost of an Excess Protection policy can be as little as 5% of the excess it protects.
The policy that pays for itself Not only can Excess Protection save your clients money when they accept a higher excess on their main policy, but they need only claim once in twenty years (for a policy protecting £1000 of excess per annum) to break even. Who wouldn’t want a policy like that? “Suggesting my client accepts an increased excess can help me compete at renewal or new business stage by bringing down the premium they pay - but could this leave my client exposed?” It is very important to understand that Excess Protection is there to help your clients when they need it - not to encourage claims. They need to be aware that claiming frequently will still lead to higher premiums and/or loss of NCDs. Excess Protection should be seen as a risk management tool. By suggesting they accept a higher excess, we are encouraging clients to make claims only for high-end incidents – but protecting the excess when they do. Excess Protection will only pay out if the main policy responds. So your clients will not be able to claim for amounts smaller than the policy excess. The idea is not to encourage highfrequency claims but to protect clients’ excess when they need to make a claim that exceeds the excess limit. For example, if your client has a fleet policy with a £250 excess, it would make sense for them to take out Excess Protection with a £500 annual limit. So if they claimed for £400 accidental damage, they would receive £150 from the main policy provider and the £250 excess from Excess Protection, leaving another £250 of excess protection in the pot in case of a second incident in the same year. Excess Protection is an excellent way of encouraging new sales new business and renewals. But the best time to sell it is when one of your clients has just paid an excess. With the memory of paying the excess fresh in your client’s mind, you have a golden opportunity to offer a welcome solution. If they had Excess Protection, you can point out, you could be refunding them their excess.
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Our primary goal at RaR Records is to get exposure to the artists we believe in. Being a musician and songwriter, as well has co founder of RaR Records, I am fortunate to be involved with amazing talent on a weekly basis. Thatâ€™s how we were able to put together such incredible acts on this album. Our collaboration with The XS Cover Company is a great chance for us to introduce the music we believe in to their customers, in the hope that they enjoy the amazing album we've put together for them, and that they decide to check out our artists on social media. In the age of Spotify and the iPhone, we've taken much time and consideration to include music from very different genres, again hoping to maximise the enjoyment of all XS customers. Lastly, the fact that together with The XS Cover Company we can help so many worthwhile charitable causes, is truly a beautiful thing. I have always believed that music can make a difference, and here we truly are. I would like thank the XS Cover Company for thinking of combining new art with charity.
Jack Rubinacci Co Founder of RaR Records and Artist.
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Over the last 35 years in the insurance business, I have always strived to innovate in the market and bring new cutting edge products.
Through B1G1, The XS Cover Company will be supporting worthwhile charitable projects throughout the developing world. Every policy we sell will give water to a child for a week.
I pride myself on always providing the best service at competitive rates, and promise to offer new add-ons that will not only increase your bottom line but, more importantly, give value to your clients thereby giving you the advantage over your competitors.
UK customers who believe charity should begin at home, will have the option of supporting homeless people in the UK.
I’m really excited about this new suite of insurance products! As we know, insurance is a commodity that noone relishes buying, and this goes a long way in helping your clients in this economic climate.
We have also teamed up with RaR Records whose aim is to give exposure to new, up and coming artists. For every policy sold, your clients will be entitled to a free album download and we will give money to RaR Records for each one downloaded, thereby helping to promote these new artists. I want to stress that it is us – The XS Cover Company – making the donation, not our customers.
In short, two good causes will be supported every time you sell one of our policies. It doesn’t get better than that.
The XS Cover Company is in collaboration with ‘Buy1Give1’, which is a giving programme providing aid to where it’s needed most in the world.
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The XS Cover Company - About us
About us The key benefits that the XS Cover Company brings to its customers are:
• Powerful e–commerce trading platform • Strong marketing programme to build brand • Broker / Affiliate white labelled e–commerce transaction engine • Best of breed broker sales force training • Technology able to support multiple distribution channels to maximise market penetration • Highly competitive and feature rich insurer products • Strong Insurer support We provide brokers and affiliates access to a range of innovative add–on insurance products that are distributed through the company’s web based e–commerce trading platform. This allows its customers to rapidly integrate their own web sites into The XS Cover Company trading platform, allowing customers to offer their clients the ability to buy the add–on insurance products through their own sites seamlessly. The trading platform allows customers of the XS Cover Company to automatically manage their transaction data with full policy administration. Additionally, brokers can choose to sell the company’s products from within their own systems and operate on a monthly bordereau basis.
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How it works Recording Sales We have three ways of recording sales as follows:
Online Trading Platform: Sales are input onto the system; the system then produces certificates and policy wordings instantly and emails them to the broker.
Bordereau: Submission of a regular bordereau in an agreed format. The Bordereau is then uploaded onto our trading platform to view at any point.
Claims: Claims can be handled by the customers themselves or the broker on their behalf; all claims are made via email, phone or post.
We can create a dedicated white labelled website that is capable of taking credit/debit card payments. URL: www.thexscovercompany.com/jcb/
Screen shot of white labelled trading platform.
The XS Cover Company - How it works
Personal Motor Excess Reimbursement (Cars, bikes and vans under 3.5 tonnes)
Home Excess Reimbursement
Multi Excess Reimbursement (Car, travel, home and pet as one policy)
Fleet Excess Reimbursement (Covers Fleets, Taxis, Minibuses & Coaches)
Commercial Excess Protection (Covers all commercial policies excluding Professional indemnity and Directors & Officers)
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The XS Cover Company - Motor
Motor Excess Reimbursement Many of your customers are likely to be feeling the pinch from rising motor insurance premiums. Young people in particular have seen prices rocket in the past few years. One way they can keep their premiums down is by agreeing to pay more towards the cost of repairs or a replacement following any claim. A higher excess means a lower premium. But that can really hurt when there’s damage to repair. For a fraction of the cost of their main motor policies, Motor Excess protects your clients against the cost of any excess payment. It’s a highly affordable bolt-on product that gives your clients a way to fight back against ever-rising premiums without hurting their pockets when the time comes to make a claim. We’ve made applying online easy and hassle-free. Claiming is just as simple. Your clients can claim as often as they need each year - up to an annual cover limit of £250, £500 and £1000 - whichever best suits their needs. For example, if your client had an accident costing £1,500, and the excess was £250, they would have to pay that £250 before the vehicle was repaired. If it was stolen, they would get back £250 less than the value of the car.
With Motor Excess they get that money back. Opting for a higher excess and protecting it with Motor Excess allows your clients to save on their motor premiums. It’s important to remember, however, that if the total value of the claim is less than the excess, they will not be able to claim on their main policy. Our policy can only pay out if the main policy pays something even if it’s just a few pounds. So be sure to advise your clients not to set their excess limits unrealistically high.
Motor Excess offers your clients a host of benefits: • Refunds the excess paid following a claim • Chance to reduce premium by selecting a higher excess • Wider choice of policies and insurers • Provides complete joined-up protection • Refunds non-fault excess if not recovered within six months • Collision damage waiver for your clients’ excess
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The XS Cover Company - Home
Home Excess Reimbursement The XS Cover Company’s Home Excess policy offers your household clients true peace of mind. As an add-on to their main home insurance policy, it refunds the excess they pay each time they make a claim. That means - for just a few pence per day they have the reassurance of knowing they’ll get back the cost of any repair or replacement – in full. Let’s face it, they are not going to be very happy if they spill red wine on a new white carpet and find they can only recover £300 of the £600 pounds it cost to buy! Home Excess solves this problem by refunding the excess they have to pay before the insurer pays out.
Home Excess covers excesses for all of these types of claims: • • • • • • •
Water damage Theft Accidental damage Fire Malicious damage (vandalism) Subsidence Loss of personal belongings away from the home
Everyone wants to feel fully protected in their own home. Now, thanks to Home Excess, they can.
All your clients need to do is decide annual level of protection they need - and then they can claim as many times as they need to in any given year, right up to that limit. Opting for a higher excess may help your clients bring down the premium on their home and contents policy, but it is important to be aware that our policy can only pay out when the main policy pays out.
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The XS Cover Company - Multi
Multi Excess Reimbursement If your personal lines clients want the reassurance of knowing they are covered for the full value of any insurance claim they need to make, Multi Excess is the product for them. It’s a beautifully simple add-on policy that covers the excess payments on motor, household, pet or travel insurance claims. Premiums are highly affordable, and a single policy provides total peace of mind. For example, if their dog was run over and needed expensive vet’s treatment, your client could end up badly out of pocket. For a claim of £400, they might have to stump up the first £250 themselves. Or if their family holiday was cancelled at the last minute, they could have a £300 excess to cope with - along with disappointed partners and children. But not with Multi Excess.
Opting for higher excesses on their main insurance policies - and then protecting these with Multi Excess could help your clients bring their premiums down. It’s important to be aware, though, that our policy can only pay out when the main policy does. So setting excesses unrealistically high could backfire. Sensibly used - with your professional advice, Multi Excess gives your clients not just total excess protection but a great way to fight back against today’s ever increasing premium costs.
Multi Excess protects your clients’ excesses on: • • • •
Home Motor Pet Travel
Multi Excess is an all-in-one bolt-on solution for a host of excess payment woes. For just a few pounds a month, it gives your clients the comfort of knowing they’ll get their excess back - whatever policy they are claiming on.
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The XS Cover Company - Fleet
Fleet Excess Reimbursement If one of your clients’ drivers had an accident costing £2,687, they would have to pay a £500 excess before the insurer repaired their vehicle. If the vehicle was stolen, they would get back £500 less than its value. Fleet Excess puts that money back in your client’s pocket. Your clients can claim as often as they need to each year - up to their selected annual cover limit for each insured vehicle. For example: if they took out £500 cover, they might be able to claim once per year twice if they took out £1000. Fleet Excess allows your clients to access lower premiums by selecting a policy with a higher excess. It is important to note, however, that our policy can only pay out if the main insurance policy responds - so claims worth less than the main policy excess would not be covered. But so long as the main policy pays something - even just £1 - Fleet Excess will refund the excess in full – up to the annual cover limit.
Fleet Excess covers all the excess on all claims in which the entire excess cannot be reclaimed from an at-fault third party. Even then, your clients can still claim if the excess cannot be recovered within six months.
Cover includes: • • • • • • •
At fault or partially at fault accidents Fire damage Vandalism Flood damage Theft Refunds all motor fleet policy excesses other than glass - to annual limit Offers aggregate per vehicle limits of £250, £500 and £1,000 • Covers vehicles up to 44 tonnes or fleets of up to 50 vehicles
As soon as the main insurer has settled, claiming on Fleet Excess is simplicity itself - online or over the phone.
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The XS Cover Company - Commercial
Commercial Excess Reimbursement With Commercial Excess you can help your clients significantly reduce their business insurance premiums by accepting a higher excess - then protecting it with this innovative add-on policy. Commercial Excess gives your clients a tool to keep down premiums - not to mention total peace of mind. If and when they need to claim, they know they will get back the full cost of whatever damage they sustain. For example, if vandals damaged their premises and the claim cost £4,000, no repairs would take place unless they first paid out an excess of say £500. But if they’ve taken your advice to take out a Commercial Excess policy they can reclaim that £500 in full. Whether they are claiming for material damage, business interruption, public liability, product liability, management protection or contract works, your clients are assured of total protection for their excess.
Cover is available for up to three premises on any one Commercial Excess policy. If your client has more premises, they can take more than one Commercial Excess policy. They simply decide which level of excess cover they require - and then they can claim as often as they need to in any given year – up to the annual limit they’ve agreed.
Your clients can claim back the excesses on any of the following types of cover whether included in a single commercial combined policy or purchased separately: • • • • • • •
Material damage Business interruption Employers liability Public liability Product liability Management protector Contract works
Commercial Excess is a great way to save your business customers money and give them peace of mind on excess payments.
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The XS Cover Company - Gadget
Gadget Insurance Gadgets are a big part of everyone’s lives today: mobiles, smart phones, laptops, tablets, digital cameras, to name but a few. When they get lost, stolen or damaged - or simply stop working - their owners can really miss them. Now the XS Cover Company offers your clients a simple, low-cost all-in-one solution to protecting their gadgets. For just a few pounds a month, we offer them the reassurance of knowing we’ll act fast to repair or replace the affected gadgets should anything go wrong. Provided your client has valid proof of purchase for any gadget that is less that 36 months old when they took out the policy (or less than six months if it’s a laptop or a tablet), we’ll simply get it sorted.*
The XS Cover Company Gadget Insurance covers all of the following: • • • • • • • • • • • • • • • •
Mobile Phones Smart Phones and PDAs MP3 Players iPods iPads and Tablets Games Consoles Digital Cameras Video Cameras Laptops Bluetooth Headsets Sat Nav Devices e-Readers Flat Screen TVs DVD Players Headphones Home Cinema Systems Camera Lenses
Our Gadget Insurance policy even offers up to 90 days outside the UK. For just a few pounds a month, your clients get complete peace of mind - safe in the knowledge that they’ll never be without any of their gadgets for long. * An excess charge of between £40 and £75 will apply for each claim, depending the value of the gadget concerned.
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Contact us today, and provide your clients with the ultimate sweetener firstname.lastname@example.org Telephone Office: 01489 891 847 Julie Rodilosso Mobile: 07766 888086 Registered office 69/95 Tabernacle St. London EC2A 4RR. England. The XS Cover Company Ltd. Company Number 08294689. Regulated by the Financial Services Authority as an appointed representative of Oddie Dalton Ltd.