Company Basing Aviation Policies On Auto Insurance
Concepts
Aggressive Insurance, an Irving, TX-based program administrator,
launched its new aircraft insurance program Monday. The
company says it is acting on a strategy to bring 21st century
technology and an advanced delivery system to a market segment that
is demanding a fresh response to its producer and
policyholders.
"We believe we're bringing the standards for sales and customer
support fifteen years ahead of the present model," said President
Richard Asprey.
Asprey believes that successful aviation producers share a
desire for reduced handling costs as critical to their profit
success.
Aggressive is initially introducing the program in Florida,
Georgia, Illinois, Indiana, Ohio, Oklahoma and Texas. It
expects approvals in up to 40 states during the first 12 months
with the entire continental U.S. to be operational within two
years.
The program is competitively priced and offers the most advanced
customer options in the industry. It is geared especially toward
transitional and older pilots as well as smaller aircraft built in
and after 1955. To achieve its goals, Aggressive is extending its
personal auto systems to the aviation line. Producers and
applicants are offered true real-time access to quotes,
underwriting approval and policy issuance. "After all," said
Asprey, "there is a common concept between auto and aircraft in
that both have liability and physical damage components as well as
operators, use classes and territorial considerations."
Producers using Aggressive simply enter a bare minimum of
information to get real-time quotes. Coverage options are
priced immediately and, once selected, Aggressive accepts relevant
underwriting information and issues the policy on the spot.
The rapid process offers a wide variety of payment
options. Premiums can be billed in equal monthly amounts (or
less frequently if desired) and collected by credit card,
electronic check, recurring EFT or even cash through the company's
ISOpay cash portal affiliate. "No longer does the producer or
client have to endure the high expense of financing premiums,"
according to Asprey. "Imagine avoiding the manual
cancellations/reinstatements and other bookkeeping problems
associated with the premium finance relationship."
Renewals are fully automated and renewal offers are sent in
advance of expiration with an automatic option to reduce premiums
by reporting pilot hours online.
Automated producers may also order policy changes online with
real-time instant approval and endorsement issuance.
Evidence of Aggressive's proactive underwriting and rating
approach is its view of advanced safety equipment. An example
is the highly effective whole-aircraft parachute recovery system
developed by BRS Aerospace of St. Paul, MN. For aircraft equipped
with BRS' system, Aggressive will reduce the premium by 10 percent
on both new and renewal issues.