How often do you think about your car or home (or renters) insurance coverage? Maybe once a month or once a year when you get a renewal notice? Would you say you like, or even love, your insurance company?
As insurance consumers, we are often in the dark when it comes to what is covered and where the loopholes are. There is a confusing, and somewhat secretive, system of broker/agents and digital quoting platforms that supposedly “help” us make the right decision.
But consider the following questions. How well do you know your insurance carrier?
- Do you know exactly what the insurance policy covers? Seldom do consumers really understand what’s covered about their property. Some personal items may only be partially covered during a loss, and there is often an unexpected impact of additional living expenses when you sustain a loss.
- Do you know how easy or difficult it is to get a claim paid by your insurance company? With more policyholders moving online to direct purchasing of property and insurance policies, purchasing decisions are often made primarily upon price considerations and NOT coverage, claim service and payout history.
- Do you understand what kind of experience others have had with your insurance company? Consumers do not have access to an online platform and community that reviews and rates the reputation of insurers when you most need them — specifically when you have a covered loss and file a claim.
- Do you know if your insurance company can comfortably pay claims after a major disaster? The purpose of insurance is that should you have a loss, the company has the financial reserves to pay you and others appropriately. What if your insurance company was impacted by a major storm or suffered financial loss due to mismanaged investment strategies? Wouldn’t you want to know their financial solvency and strength before buying that policy?
- Has your insurance company developed a relationship with you? Insurance companies have an opportunity to build relationships with their customers and understand their changing lifestyles. When was the last time you heard from them other than a TV commercial? How and when they reach out to you may tell you more about their customer interactions, service response and client satisfaction.
I think technology can help answer these questions positively — helping people find the right carrier and policy for when the unthinkable happens.
People trust reviews from other people. It’s time to take that approach to insurance and create exceptional coverage for you and your loved ones. We think you may just fall in love!