Page 3 - Personal Underwriting Mandates & Guidelines - Binder - Version 3

UNDERWRITING PHILOSOPHY
INTRODUCTION
The purpose of the Underwriting Guidelines is to be consistent in our approach to underwriting risk across all Personal Lines business within Hollard. We want to align our underwriting philosophy with our claims philosophy to create consistency in our decision making and service delivery.
A key factor in achieving this objective is to obtain accurate and relevant information about the risk at inception of the policy. This will allow us to underwrite the risk and give a fair and appropriate premium. We must focus on risk selection and not on total premium alone and apply terms and conditions relevant to the individual risk. This will result in less intervention at the time of a claim and ensure that we have a sustainable business into the future.
Risk management is an ongoing process and spans the entire life of the policy/period of insurance. A uniform approach in terms of standards, policies, procedures and entrenching the principles of Treating Customers Fairly (TCF) will ensure that the customer experience is consistent across the value chain, irrespective of the channel through which the customer engages with Hollard.
CLAIMS PHILOSOPHY
Hollard is committed to paying all valid claims in the shortest time possible, without compromising professional and industry-accepted assessment and evaluation principles. In so doing, we will:
○ be empathic and sympathetic towards the claimant
○ treat the claimant with dignity and respect
○ simplify the claims process
○ communicate regularly and professionally with the claimant
○ encourage our staff to use initiative – they may challenge established rules if they believe the circumstances of a particular claim warrant it
○ in any situation (except fraud) where the claimant has breached a policy condition, always evaluate its materiality and consider whether the breach has prejudiced our rights (risk acceptance/excesses/premium/ recovery position)
○ be firm with any fraud, deliberate misrepresentation or withholding of information. Above all, we will recognise that the claimant has endured a traumatic experience.
Introduction
2 Personal Underwriting Mandates & Guidelines – Binder – Version 3