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Changes to Household Commissions

We're closing a number of commission variants in order to remain compliant with the FCA's Fair Pricing Principles

Posted on 17th February 2022 Tagged in Regulation & Change Personal Lines
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You'll need to rebroke some customers as we’re removing several commission variants from our household range - across all software houses. 

In order to remain compliant with the FCA’s new rules for new business and renewal premiums, we let you know in December that we were closing a number of the commission variants of our Household range. We’re in the process of switching off the last remaining schemes and soon they won’t be available for new business and renewals.

ACTION REQUIRED: Due to these scheme closures, there may be several customers’ household policies you’ll need to rebroke at renewal, as they won’t renew automatically.

Please note that you'll be able to administer mid-term adjustments on existing policies of closing schemes until lapse.

Here's what’s changing at Ageas across our household products, to ensure we meet the expectations of the FCA’s new pricing practices.

The software houses you’ll need to check (and rebroke before policies lapse) are as follows:

Changes to CDL software house

We’re switching off the following Household schemes on CDL. Please rebroke any affected policies into the continuing Ageas Household policy before the closing scheme polices lapse. 

CLOSING: Household products

Ageas code Product  CDL
HGEX01 House Guard BEDS 15 FH
HGEX05 House Guard BEDS 25 B0
HGEX03 House Guard SI 15 FF
HGEX06 House Guard SI 25 BF
MNEX02 Prestige MNW Home 25 BH
MNEX03 Prestige MNW Home 30 FM
HGEX02 House Guard BEDS 20 FI
HGEX04 House Guard SI 20 FK
MNEX01 Prestige MNW Home 20 FL
AILG01 House Guard 15 JG
AILG03 House Guard 25 J7

 

Re-broking

Please rebroke any of your impacted Household polices to these continuing Ageas policies:

House Guard 

Ageas code Product  CDL
AILG02 House Guard 20 HC

 

Changes to Acturis software house

We’re switching off the following Household schemes on Acturis. Please rebroke any affected policies into the continuing Ageas Household policy before the closing scheme polices lapse. 

CLOSING: Household products

Ageas code Product  Acturis
HGEX02 House Guard BEDS 20 n/a
HGEX04 House Guard SI 20 n/a
MNEX01 Prestige MNW Home 20 n/a
AILG01 House Guard 15 n/a
AILG03 House Guard 25 n/a

Re-broking

Please rebroke any of your impacted Household polices to these continuing Ageas policies:

Ageas code Product  Acturis
AILG02 House Guard 20 n/a
Changes to SSP software house

We’re switching off the following Household schemes on SSP for policies effective 1 March 2022.

Please rebroke any affected policies into the continuing Ageas Household policy before the closing scheme polices lapse.

CLOSING: Household products

Ageas code

Product

SSP Code

HGEX01

Ageas HGX Beds 15 EDI

FTS5

HGEX03

Ageas HGX SI15 EDI

FTS6

HGEX05

Ageas HGX Beds 25 EDI

FRT1

HGEX06

Ageas HGX SI 25 EDI

FRT0

MNEX02

Ageas Guard Prestige SI25

FRT3

KCBD01

Ageas KC BEDS15 EDI     

KCBD01

KCBD03

Ageas KC BEDS25 EDI    

KCBD03

Re-broking

Please rebroke any of your impacted Household polices to these continuing Ageas policies:

Ageas code

Product

SSP Code

HGEX02

Ageas HGX Beds 20 EDI

FTS4

HGEX04

Ageas HGX SI20 EDI

FTS7

MNEX01

Ageas Guard Prestige SI20

FRT2

KCBD02

Ageas KC BEDS20 EDI     

FTK6
Changes to Open GI software house

We’re switching off the following Household schemes on Open GI. Please rebroke any affected policies into the continuing Ageas Household policy before the closing scheme polices lapse. 

CLOSING: Household products

Ageas code Product  Open GI
HGEX01 House Guard BEDS 15 FB5F
HGEX05 House Guard BEDS 25 FB25
HGEX03 House Guard SI 15  F5F
HGEX06 House Guard SI 25 F25F 
HGCX02 Countrywide Avenues BEDS 17 CB6F
HGCX03 Countrywide Avenues BEDS 27  CB26
MNEX02 Prestige MNW Home 25  GP25

Re-broking

Please rebroke any of your impacted Household polices to these continuing Ageas policies:

House Guard

Ageas code Product  Open GI
HGEX02 House Guard BEDS 20 FB2F
HGEX04 House Guard SI 20 F2F
MNEX01 Prestige MNW Home 20  GP20
HGCX02 Countrywide Avenues BEDS 22 CB2F
Changes to Applied software house

 We’re switching off the following Household schemes on Applied for policies effective 1 April 2022. Please rebroke any affected policies into the continuing Ageas Household policy before the closing scheme polices lapse.

CLOSING: Household products

Ageas code

Product

Applied code

HGEX01

Ageas HGX Beds 15 EDI

 n/a

HGEX03

Ageas HGX SI15 EDI

 n/a

HGEX05

Ageas HGX Beds 25 EDI

 n/a

HGEX06

Ageas HGX SI 25 EDI

 n/a

MNEX02

Ageas Guard Prestige SI25

 n/a

Re-broking

Please rebroke any of your impacted Household polices to these continuing Ageas policies:

Ageas code

Product

Applied code

HGEX02

Ageas HGX Beds 20 EDI

 n/a

HGEX04

Ageas HGX SI20 EDI

 n/a

MNEX01

Ageas Guard Prestige SI20

 n/a

 

FAQ: What's the impact to the Ageas Private Motor range?

We’re switching off auto-renewals for a couple of products in our Private Motor range on Applied. 

ACTION REQUIRED: All renewals after 18 February 2020 will migrate to Ageas Private Car (APC). You'll need to rebroke any affected policies manually before they lapse ahead of this date.

Closing Motor Scheme on Applied

FO002427

Ageas_Excell_Guard1

FO002428

Ageas_Excell_Guard2

Re-broking

All renewals after 18 February 2020 will migrate to Ageas Private Car (APC). You'll need to rebroke any affected policies manually before they lapse ahead of this date.

Ageas Private Car (Applied only)

FO002592

Ageas Private Car

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