What is it?
‘Confirm Occupation’ is the quick and easy way to test out different occupations and how they impact a policy premium. By using the ‘Get Price’ feature, you’ll be able to see an instant price difference between different occupations, allowing you to efficiently find the cheapest way to get your customer insured!
Why would occupations be incorrect?
Occupations are commonly entered incorrectly online. This could be for many reasons, such as:
- Occupations are limited to what is on a preset list, meaning on rare occasions, a customer’s occupation is not specifically listed.
- Occupations make a massive impact on a premium, for example, couriers will cost substantially more than insurance salespersons.
- Customers may be confused as to how to enter their occupation, commonly seen for unemployed customers, who will often list themselves as retired and vice versa.
How do I use it?
To use the ‘Confirm Occupation’ tool, head straight back over to the ‘Validation Tools’ section, and locate the occupation section as seen below:
Once open you will be given an ‘Occupation Overview’
Here you will see a brief summary of the currently selected occupation, along with the class of usage selected for the quote. Below this you will fields that allow you to edit the selected occupation:
Here you can simply input a new occupation, industry and employment status – Below is an example:
Once you have filled in your new details, hit ‘Get Price’
You will see in this example, the change has negatively impacted the premium, as shown by the red up arrow to the right of the ‘Price difference’ – Below in tips and tricks I will outline why this is.
Tips and tricks:
- Insurers like detail – as you can imagine, the more information we give the insurers, the more accurately they will be able to price their policy. By providing vague occupations, like engineer, consultant, company director etc. insurers won’t have a clear understanding on what the vehicle will be used for.
- Get prices currently saves the details for to the quote to calculate the new premium. Ensure you are making a note of the occupation selected by the policyholder in case you need to revert back to the original occupation.
- Occupation and usage go hand in hand. So you may find that by changing the occupation, your currently selected class of usage could still impact the price. For example, a builder usually costs more to insurer for social use compared to business use. In these cases, you should make sure you’re checking if the class of use.