Audit – Module C – Fair Treatment of Customers

Welcome to the Audit Module C – FAIR TREATMENT OF CUSTOMERS. This audit is designed to assist in ensuring appropriate supervision and compliance with RIBO Regulations within brokerages and their branch offices.

As part of this audit, you are required to diligently respond to all questions below.

SpotID

Auditor

Date Assigned

Auditor Email

New Business

Brokerage Name

License Number

How do you ensure your brokers are competent to sell a particular line of business?

Mentoring

Requisite Experience

Training

Business Processes & Procedures

Please indicate how you transact your business by completing the appropriate boxes below

Online Only

Please enter a number less than or equal to 100.

Phone Only

Please enter a number less than or equal to 100.

Emails & Phone

Please enter a number less than or equal to 100.

In Person, Emails & Phone

Please enter a number less than or equal to 100.

Your total is greater than 100 %. Please revise the details above

Your total is less than 100 %. Please revise the details above

Total

Must come to a total of 100%

Does your firm use a new business checklist when selling insurance to consumers?(Required)

Does all your staff use this checklist at all times when placing new business?(Required)

How does your firm ensure that your staff has asked the relevant questions to know your client's needs?(Required)

Please attach checklist template(Required)

Max. file size: 256 MB.

Does your firm quote all available markets for all new business consumers?(Required)

Do you provide a copy of the quotation summary page of all available markets to prospects?

Are all quotes documented and shared with your consumers?(Required)

Is commission disclosure provided to the consumer when quoting?(Required)

Do you maintain written records of your conversations on your BMS with your consumers?(Required)

Do you maintain a record of your conversations with consumers about the coverages?(Required)

Renewals

Prior to the renewal date, does your firm contact clients to discuss their needs, and any new recommendations and new coverages?(Required)

Does your firm maintain written records of these contacts in your BMS?(Required)

Does your firm review all renewals prior to the issuance of the policy documents by the insurance companies?(Required)

Does your firm send custom renewal letters to all clients (including those clients that have their renewals sent directly to them by the insurers)?(Required)

Please attach example letter(Required)

Max. file size: 256 MB.

During Term

Do you contact all your clients regularly to ensure your firm has the latest information on file and coverages remain relevant and satisfactory?(Required)

How often is contact made with your personal lines clients?(Required)

Does your firm proactively contact clients when new changes to coverages are communicated by the insurance company?(Required)

What method of communication is used?(Required)

Incentive Programs

Does your firm participate in any internal incentive programs, such as contests and/or giveaways?(Required)

Please provide a copy(Required)

Max. file size: 256 MB.

If yes, does your firm inform your customers about your brokers' participation in internal incentive programs?(Required)

If yes, when does your firm inform customers about the participation in incentive programs?(Required)

Does your firm participate in any external incentive programs, such as contests and/or giveaways?(Required)

If yes, is the participation in the external incentive programs dependent on the binding of insurance policies with particular insurers?(Required)

Does your firm have a written process to monitor the supervision of brokers who participate in incentive programs, including contests and/or giveaways?(Required)

Does your firm inform your customers about your brokers' participation in external incentive programs?(Required)

What method of communication is used?(Required)

Audit – Module C – Fair Treatment of Customers

New Business

Renewals

During Term

Incentive Programs

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