There are many add-ons to insurance policies meant to expand the benefits that a customer receives when taking out a deal – however, the importance of one particular feature appears to be growing rapidly.
That feature is key cover. According to David Robertson, chief executive of Keycare, numerous insurers and brokers have reached out to his company in recent times in an effort to put key cover in place. Speaking to Insurance Business UK
he outlined the growing need among customers for this added reassurance.
“If people are separated from their keys in any circumstances it’s uncomfortable and people want to get a solution quickly,” he said.
“There is a growing awareness of the cost of lost keys – of trying to get yourself back into the place you where before you lost them. There’s an increasing complexity involved with the different types of cars, for example – there are smarter keys and they are more expensive and difficult to replace and harder to find solutions for.”
In the latest example of an insurer looking to add key cover to its portfolio, Keycare has now won a contract with Fish Insurance, one of the UK’s biggest disability and independent living insurance providers.
Keycare offers policyholders and their carers the ability to extend their cover to protect their keys across all product lines including mobility scooters and home. Customers who opt to purchase key insurance will get cover across the EU for lost or stolen keys, replacement locks and any call out charges up to the value of £1,500. They will also get a specially-branded key fob, with a 24hr helpline and access to a nationwide network of locksmiths. Finders of keys attached to the fob are able to claim a £10 reward from Keycare or give the money to charity.
According to John Garrard, managing director of Fish Insurance, the cover is of particular importance to disabled policyholders.
“Losing your keys can be very distressing, particularly if they are your sole means of getting around, so we are pleased to be offering this as an additional benefit to our customers,” he said.
“We know from our research that key insurance is viewed by consumers as adding significant value to a product proposition,” Robertson continued. “We have seen a big increase in the number of providers ranging from leading insurers and brokers to affinity groups and retailers who are working with us to provide key insurance as part of their customer loyalty and retention strategies.”
What do you think is the most important additional service a broker or insurer can offer to a customer in addition to a standard insurance policy? Is it key cover or is it something else? Leave a comment below with your thoughts.
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