Project Overview
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Project Description:
Safeco has recently made some changes to the way business is done and customers that we serve. To better suit our customers, an all new personal auto policy will make it easier for customers to have it their way, with customizable coverages and new options would be a way to gain a competitive advantage amongst our competitors. This would be a major modernization of the Safeco auto contract. In addition, todays cars have high-tech options like GPS navigation systems and DVD players that werent around when Safecos auto policy was last revised. Along with specifying additional coverage for the latest factory- or dealer-installed electronics, the new policy clarifies the language in areas as varied as racing, pizza delivery, radar detectors, mold and certain liability limits. It also updates definitions, adding domestic partners and civil-union partners to the definition of “named insured,” for example.
What is the project going to solve or achieve?
The big change would have one base contract for all markets, with lots of optional coverages available at an extra cost. “Customers will be able to build the coverage that fits their personal needs, instead of being handed a one-size-fits-all policy. This new policy will be similar to various ways to purchase a vehicle. You start out with the basic model and then add the options you like. We will be giving customers what they want and are willing to pay extra for.
Some of the available options would include:
Purchase-price replacement for totaled new cars (no depreciation taken on cars destroyed during the first year)
Additional coverage for audio, visual and other customized equipment not installed by the car manufacturer or dealer.
The Safeco Optimum Package endorsement, which bundles several value-added coverage options in one price.
How does the project relate to the mission and goals of your organization?
The vision of our organization is to be the insurance company of the decade. Every decade, one insurance company stands apart from the rest in terms of growth, innovation and financial performance. Top reach our vision, we are using a customer focused strategy which states:
We will be distinctly good at motivating independent distributors by manufacturing and servicing insurance products in ways that meet the needs of our shared customers, lower our distributors operating costs, increase their margins, and increase our profitability.
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