Flexi Auto Insurance: The Flexible Coverage You Need

Flexi auto insurance is a type of insurance policy that offers flexibility in the amount of excess you pay towards the cost of a claim. With flexi auto insurance, you can choose a higher excess to save on your premium or a lower excess to save at the time of a claim. This allows you to customise your insurance coverage to fit your needs and budget. Flexi auto insurance is available for comprehensive car insurance, as well as other types of insurance such as home building and motorcycle insurance. It is designed to give you more control over your insurance costs and coverage.

Flexi auto insurance lets you vary your excess to save on your premium

Flexi auto insurance is a flexible insurance option that allows you to vary your excess to save on your premium. The excess is the amount you pay towards the cost of your claim for each incident covered by your policy. The premium is the monthly or yearly amount you pay for your insurance, regardless of whether you make a claim or not.

By choosing a higher excess, you can lower your premium. This means that if you need to make a claim, you will pay more at the time for your excess, but you will benefit from a lower premium. On the other hand, if you choose a lower excess, you will pay a higher premium. In this case, you will pay less excess at the time of the claim, but your premium will be higher overall.

For example, let's say your standard excess is $650, and you opt for a "Plus Flexi-Premium excess" of $150. In that case, your total excess would be $800. By choosing this higher excess, you can expect to pay a lower premium. This flexibility allows you to customise your insurance plan to fit your budget and preferences.

The ability to vary your excess provides a way to save money on your insurance premium now or later, depending on your choices. It gives you control over your insurance costs and lets you decide how much you want to pay at the time of a claim versus your regular premium payments.

Higher excess = lower premiums

Flexi-Premiums® is an insurance option offered by AAMI that allows customers to vary their excess to save on their premium. The excess is the amount paid towards the cost of a claim for each incident covered by the policy, while the premium is the monthly or yearly amount paid for the insurance.

By choosing a higher excess, customers can lower their premium. This means that if a claim is made, a higher amount will be paid towards the cost, but the benefit is a lower premium. Conversely, a lower excess results in a higher premium.

AAMI Flexi-Premiums® is available for Comprehensive Car, Home Building, Home Contents, Landlord, Strata, Comprehensive Motorcycle, Third-Party Motorcycle, and Caravan Insurance.

The excess amount can be selected during the quote process or when renewing a policy, and it will affect the premium. AAMI offers a range of Flexi-Premium® Excess options to reduce the premium. This excess is in addition to any other excess that applies.

For example, if the standard excess for comprehensive car insurance is $600, choosing a Flexi-Premium® Excess of $1500 would result in a higher total excess of $2100 but a lower premium. This option is suitable for those who want to pay less upfront for their insurance and are willing to take on more risk by paying a higher amount in the event of a claim.

In summary, by choosing a higher excess with AAMI Flexi-Premiums®, customers can reduce their insurance premiums. This option provides flexibility, allowing customers to choose how much excess they want to pay based on their financial situation and risk tolerance.

Flexi auto insurance is adaptable to changing market demands

One example of this adaptability is the ability to vary excess payments. With Flexi auto insurance, customers can choose a higher excess to save on their premium or opt for a lower excess, which results in a higher premium. This flexibility gives customers control over their costs and allows them to make choices that align with their financial situation and risk tolerance.

Flexi auto insurance also provides flexibility in terms of coverage options. Customers can select comprehensive cover or customise their policy to fit their personal circumstances. This adaptability ensures that individuals only pay for the coverage they need, making it a cost-effective solution.

The flexibility of Flexi auto insurance extends beyond just the customer experience. Flexi's insurance accounting software is designed to help insurance companies manage complex regulatory requirements and adapt to evolving market demands. This software integrates with policy, billing, and claims systems, improving efficiency and accuracy. Additionally, it offers capabilities such as statutory books, claim payments, premiums recognition, and detailed records of billings.

The adaptability of Flexi auto insurance is further enhanced by its ability to support a wide range of insurance products. Flexi auto insurance is not limited to car insurance but can also be applied to home building, home contents, landlord, strata, and motorcycle insurance. This versatility ensures that individuals can find tailored insurance solutions for various aspects of their lives.

In conclusion, Flexi auto insurance is highly adaptable to changing market demands. It offers flexibility in coverage options, excess payments, and insurance types, ensuring that customers can customise their policies to meet their unique needs. Additionally, Flexi's insurance accounting software provides the necessary tools for insurance companies to navigate the complex and ever-changing regulatory landscape effectively.

Flexi auto insurance offers better security and internal controls

Flexi auto insurance is an innovative concept that empowers individuals to adjust their insurance premium as per their preferences and circumstances. By offering flexibility in choosing between a higher excess and a lower premium, or a lower excess and a higher premium, individuals can customise their coverage. This flexibility not only provides financial savings but also enhances security and internal controls.

The additional automation features built into Flexi's insurance accounting software contribute to improved security measures. The software's ability to streamline and automate financial management functions reduces the risk of human error, ensuring that data is securely managed and accessible only to authorised individuals. This minimises the chances of unauthorised access and potential fraud, thereby bolstering the overall security of the insurance process.

Furthermore, Flexi's software excels in providing stronger reporting capabilities, including the ability to generate statutory reports. This enhanced reporting facilitates better internal controls by enabling insurance companies to closely monitor activities, identify potential issues, and make data-driven decisions. The detailed records of billings, claim payments, and premiums recognition provided by the software empower insurance providers to maintain tight control over their financial operations, reducing the likelihood of errors or misconduct.

The compliance and audit controls offered by Flexi's software further strengthen internal controls. Insurance companies can confidently navigate the complex regulatory environment, anticipating and avoiding costly mistakes. The software's ability to quickly adapt to ever-changing compliance requirements ensures that insurance providers remain compliant with the latest standards and regulations, minimising the risk of penalties or legal issues.

Additionally, Flexi's open architecture and flexibility allow insurance companies to choose stand-alone modules that best fit their unique business needs. This customisability ensures that internal controls are tailored to the specific requirements of each organisation, optimising their operational efficiency and effectiveness.

Flexi auto insurance is an open-architecture platform

Flexi's open-architecture platform is designed to integrate seamlessly with billing, policy, and claims systems, creating superior efficiency and accuracy. This integration also helps to reduce manual errors and increase security and internal controls. With over 25 years of experience in the insurance industry, Flexi has the knowledge and expertise to guide its customers and ensure they have the right insurance for their needs.

Flexi's platform is adaptable and can be tailored to the specific needs of the business or individual. Stand-alone modules can be chosen to meet the unique requirements of each customer. This flexibility extends to the billing process, with customers able to choose their own features and optional inclusions to ensure they are only paying for what they need.

Flexi also offers a comprehensive suite of products to support accounting staff, including accounts payable, general ledger, project management, and fixed-asset solutions. With cloud-based web services, data is accessible 24/7 from any device, providing even more flexibility for customers.

Overall, Flexi auto insurance is a flexible and adaptable platform that allows customers to customise their insurance and billing options to suit their unique needs. With its open-architecture design and focus on efficiency and accuracy, Flexi provides a user-friendly and reliable insurance platform.

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