What Should Your Insurer Be Doing For You?

If you want the best value from your insurance premiums, you should be asking some hard questions of your insurer. It’s not good enough that many insurers simply aren’t customer focused yet. The industry has relied on customers not to ask the questions that matter to avoid the trauma of change.

Questions You Should be Asking:

  1. How are you personalizing my insurance offering? It’s a tough question for many insurers because many insurers aren’t doing this. They offer a standard off-the-shelf solution to every single customer. It doesn’t mean that their coverage is inadequate but it does mean that it’s not likely to be the best value for your premium. Part of the reason for this is they aren’t able to access all your data in a single software system; instead they’re relying on several systems that they’ve accumulated over the years.
  2. How is my data stored? This matters because if they are using several systems they are going to be paying a lot more than they need to in order to support those systems. Where do those extra costs go? That’s right, they end up in your premiums. There’s no excuse for insurance companies not to invest in the right tools for the job – they’re just avoiding the pain of change. In the long run using a single insurance software system is much cheaper and it’s easier to administer.  It also allows the insurer to focus on you as a customer rather than you as a number in many different systems.
  3. What steps are you taking to improve customer service? When you want to talk to your insurer wouldn’t it be good if they had all the relevant information on hand? We often deal with insurers at times of great stress so it would be good if the person on the other end of the phone didn’t add to that stress.
  4. Why aren’t you taking a holistic approach to my insurance needs? An insurer should be looking to see how your insurance needs overlap and to ensure that you’re not duplicating cover or paying more than you need to for the whole package. If they haven’t got the right systems in place, they simply can’t do this for you.

The Single Most Important Question

  • What kind of software do you use – are you relying on legacy systems or do you have a single modern system? This is important because it answers all the questions above. There are some fantastic tools for insurance companies available on the market today. One we’ve been particularly impressed with is SchemeServe Insurance Software. It’s not expensive for an insurer to use and it allows them to tailor their offering to their customers. They save money because they don’t need to maintain or service the hardware it runs on and that can be passed on in lower premiums. It also means higher levels of customer service and it cuts administrative costs.

It’s time for consumers to take a little action and ensure that their insurer is providing the highest standards of services, value in pricing and product offering in exchange for their premiums.

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