It is important to keep the insurance policy documents up-to-date with your current whereabouts. Walking our customers through the steps to change of address in lic policy is actually a significant element in delivering excellent insurance service.
How do we assist our client to update address in lic policy :
1. Request for the client's lic insurance policy number, their old address, along with the new one that is to be updated.
2. Maintain their most recent contact information, such as their phone number and email address.
3. Verify the preferred means of updating addresses (e.g., online or via phone call).
i.
For online: If they have opted for an address change in lic policy online, take them through logging in and steering them to the personal details or profile section so that they can update address in lic policy.
ii.
For phone: Offer the customer service number and recommend optimal calling hours. If granted permission, suggest making the call on behalf of the client.
iii.
For Email/Mail: In the case of email or mail correspondence, assist the client in composing a message that includes all relevant information and documents required for change of address in lic policy.
4. Assist the customer in submitting proof for the new address that is to be updated. This can include a lease agreement or a utility bill.
5. Prove a follow-up for the address update process. Inform the client once the new address is updated.
Why It’s Necessary for lic address update on the Policy?
1. For appropriate coverage: The address indicated on the lic policy should be where the insured property is physically situated or where the client resides. In terms of car insurance, the primary location of the vehicle can affect the premiums and coverage amount.
2. Receive important documents: Sending bill notices and other policy information to a wrong address can mean your bills will be overdue or that you might lapse in coverage.
3. Legal compliance: In many insurance policies, the insured has an obligation to keep their personal information complete and current. Not doing so would mean a breach of policy terms and, in the worst case scenario, invalidation of cover.
4. Risk assessment: The insurance premium also depends on where you reside. One change from the person regarding an address on the lic policy can swiftly alter risk assessments, and subsequently the price of your policy. Example- particularly moving to an area that is lower or higher risk can influence auto insurance and/or homeowners rates.
5. Claim Process: A correct address on lic policy allows an insurance claim to be processed in a timely and straightforward manner if required, adjusters can report or send emergency services to the right location quickly.
