Frequently asked questions. 

Frequently asked questions. 

Age rate adjustments.

  • Why did this happen?

    Due to a timing error related to daylight savings, some of your customer policy anniversaries were renewed on the incorrect date. This impacted some policies with an anniversary falling between 25-September and 4-October 2023. 

    We have fixed the issue in our systems so this error will not occur again.

  • How does this impact my customers?

    Due to this system error, some of your customer’s premiums did not undergo age-rate adjustments to reflect their insured person’s change in age for that renewal period. In other words, the system thought the insured person’s age stayed the same 2-years in a row.

    This could mean their premiums are higher than they were anticipating in their upcoming renewal letter as they underwent a 2-year age increase.

  • What are age-rates?

    Age-rates are one of many factors used to calculate the premium a customer is charged for the year. Premiums generally increase with age, as the older the insured person gets the higher the risk that something unexpected might happen which leads to a claim.

  • Was my customer overcharged or undercharged for the last year?

    Unfortunately, we are still working this detail out. Our first priority is to let your impacted customers know of the error as it impacts their upcoming renewal, which is why we are reaching out now.

    We are continuing to further investigate to understand the individual impacts to each policy, including whether any other impacts have affected your customer’s premiums, and we will let you know the outcomes.

  • If my customer was on the wrong age-rates last year, will they be asked to pay the premiums they should have been charged?

    No. Because this is our error, your customer won’t have to worry about paying the difference in premium for the last year where the premium did not reflect their age. 

  • How does this impact my commission?

    There will be no impact on commission previously paid. However, if this error results in a customer refund and sum assured adjustment your renewal commission will be adjusted going forward to reflect any amendments. These amendments will not impact your persistency score and new business commission calculations.   

  • Were there any other impacts from this error?

    We are currently investigating the scope and scale of the error. Once we understand more, if there are any further impacts to your customers’ policy, we will be in touch.