Home policy conversions to TAP Sales FAQs
We are excited to share that we now have the capability to automatically convert our agent’s existing home policies to TAP Sales upon their renewal date. Now making home policies easy to find within our new TAP Sales system and providing a new way to experience increased ease of doing business with The Hanover. Plus, you’ll get access to all the great coverages and benefits of TAP Sales home policies such as Prestige, home business solutions, cyber coverage and more.
Here are a few questions that may come up during the process.
- When will the conversion take place and when will the customer be notified?
The conversion will take place during the renewal cycle. Policies will be issued on the same timeline as a normal renewal and customers will be notified when they receive the conversion policy output.
- How will you ensure no customer loses coverage with conversion?
We reviewed all legacy and POS policy coverages and identified the best fit for a corresponding coverage in TAP Sales. For some niche legacy coverages, if no comparable coverage exists, we will remove the coverage and premium prior to conversion. The discontinued endorsements will be listed in the policyholder notice to customers for their awareness. For other legacy coverages, we will be matching with the Select Trim package which often will result in broader coverage compared to the prior policy offering.
- How will you communicate the conversion of policies with customers?
Customers will receive a policyholder notice with their renewal policy output that outlines any potential coverage changes. If the customer has an umbrella, they will also receive a notification that a new umbrella policy has been created for them, separate from their home policy.
- What data will you provide to agents to help monitor which customers are going through this process of conversion?
We will provide policy lists upon request as appropriate.
- Once finished, what will this mean for your various programs such as “Legacy” and “Connections” coverages?
After we have finished converting the home policies into TAP Sales, we will retire the “Legacy” and “Connections” coverage programs.
- How will billing work for mortgage billed, direct bill and EFT?
When a policy converts, billing will not change for the home policy. If the customer has an umbrella, the umbrella will keep the same billing plan and payment schedule as the home except for those customers with mortgagee bill. If a customer has mortgagee bill and an umbrella, the umbrella will be placed on the account bill with the auto and any other ancillary lines of business when possible.
- How are you handling policies with an umbrella policy currently endorsed on the home policy, including communication to customers?
Endorsed umbrellas will be converted into a new standalone umbrella policy with a new policy number. The umbrella will be price matched to the renewal umbrella endorsement premium and the information listed on the umbrella endorsement will be carried forward to the new policy. The policy output for the home and the umbrella will be sent together to the customer, and each will contain a notice explaining the new policy.
- Are there types of policies that won’t be offered a renewal with conversion?
Policies which do not meet our POS underwriting guidelines will not be converted.
- Will these policies be classified as new or renewal business?
All converted home policies will be classified as renewal business and keep their policy number and tenure.
- How will these policies appear in agency download?
These policies will appear in the agency download file like any other renewal, under the renewal policy symbol and number.
- Will the policy numbers change?
Home policy numbers will remain the same. Dwelling fire policies will get a new policy number under the TAP Sales dwelling fire program. Umbrella endorsements will get a new policy number under the standalone umbrella program.
- What will things like age of roof, year of construction, or number of bathrooms be defaulted to?
We will use a combination of third party data and dynamic defaults to populate this information.
- Is there anything that will trigger an evaluation or referral in the conversion process?
If the policy was going to be evaluated at renewal, the same thing will happen at renewal into TAP Sales with the conversion. Subsequent renewals will follow the TAP Sales criteria for home evaluations.
- Will the home policies be on the same forms after conversion?
These policies are being converted into the TAP Sales system which includes new rating, forms and coverage.
- Can we add endorsements to the policy once they are in TAP Sales like service line, Prestige, equipment breakdown or will that be included in the new policy form?
Once a policy has renewed into TAP Sales, all TAP Sales endorsements and coverages will be available to that policy. Upgrades to Platinum will be handled as required by TAP Sales today.
- Are you converting policies into Platinum? If so, how do we guarantee that the customer keeps their longevity credits?
No, policies will not automatically be converted to Platinum. Upgrades to Platinum will be handled as required by TAP Sales today. Policies that go through the conversion program will keep their tenure once converted to TAP Sales.
- If policy information is missed in conversion who is ultimately responsible during a claim or E&O situation?
We’ve taken all precautions to avoid this, but if this happens, claims will be handled on a case-by-case basis.