Add-On Marketplace

[Clare Carter 1]

Apologies, we are behind the times but hoping that those that have been using Add-on marketplace for a number of years may be able to help.

I am currently looking to introduce Add-on Marketplace into our Personal Lines team.

From my understanding add-ons created via add-on marketplace will be created on level 2 as a New Business every year and automatically marked as non-renewable, whether they are actually new business or a renewal.

This means that when a client has been with us a number of years we will have umpteen level 2's for add-ons such as Legal Expenses & Breakdown, which my MD isn't happy about. Not only that but it will distort our figures as the transaction is listed as a new business rather than a renewal (where appropriate).

Is my understanding correct and we just have to live with this or is there a way round it please?

Thanks

[karl 23]

Hi Clare

 

Even the default legal expenses solution (set in broker amendment) works similar in that it creates a new LE each year as a non-renewable NB (so basically a one-off add-on policy which in its own right is not renewable). 

 

Yes, you will have multiple LE’s but can’t see an issue with this and with regards to MI, I link the LE to the relevant main policy transaction within my reporting. Therefore I can see full income for each policy including commission, legal commission, fees & discounts. The main policy tran type identifies if NB, Rnl etc.

 

Kind regards

 

Karl