GUARANTEED RETURN OF PREMIUM IF……?

So this is the context……

A customer rings. It’s urgent.

I always respond quickly…look at all the details…etc…It’s what I’m here for…

It was a Broker’s customer…OK…a rareish event.

A Fleet customer…a large Fleet customer…in fact very large…premium well over…well it was alot…alot of money by anybody’s terms.

Wanted to speak to the top guy…(he wasn’t available so it was me!).

He’d also rung customer complaints/switchboard you name it…so it was obviously very important and by all accounts he was getting a bit impatient.

We swapped messages and eventually spoke.

He was the owner/the chairman and a very successful businessman.

Business was tough/is tough and he explained the context of the business/the fleet/taking cars off the road/staff challenges/finance challenges/the order book…

He talked about the history of the business and how it was a family business.

He talked about his Broker…a large successful well known impressive Broker.

He then talked about the premium…cutting to the chase…”couldn’t it be cut…it was on the high side”.

I talked about the Broker’s role…he pursued his ‘high side’ point.  I talked about the Broker’s role…he pursued his ‘high side’ point.

The Broker had put the risk to market and was still recommending NU.  It sounded as though the Broker had absolutely done his job…looked at the Risk Management/the coverage/the market/the claims history/the vehicle usage etc and still said NU…despite the premium size and the client’s challenges.

I reiterated our position…the Broker was responsible…if the client said no it was his prerogative to turn down NU and try to get a better price…but I reiterated the Brokers expertise and said that in the circumstances the NU price was the NU price.

Our underwriter had also done a very good, thorough job (and had worn a flexible hat…as they can!!) but this was the final price…both Broker and insurer were joined up.

And then I finally said……

“I trust the underwriter and the Broker…that is the final price from Norwich Union – soon to be Aviva”.

That caught him!

“Ah Yes… you’ve changed your name – Aviva… why oh why?”

I explained…

“Bet you’ll change it back like the Post Office did with their Consignia name…give you a few years and you’ll change it back?”

“We won’t”

“You will”

“We won’t” (that bit went on a bit so I’ve shorthanded it).

“Look” I said “I will make you a promise…a guarantee”

His ears perked up.

“If in the next five years we change our name back to Norwich Union we will refund all your annual premium between now and then…a total of well over £300k”

“You can go back to your family and the Broker and say “you’ve been listened to; you got a fair price and an Aviva premium refund guarantee as a result of our conversation

How does that sound?”

He liked it…Enough to renew?

I’m waiting……