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Insurance: Avoiding Companies Quick To Collect Premiums But Slow In Claims Payment

Refusal/inability of companies to honor financial obligations fairly is not the only problem for insurance companies. All organizations are rightly focused on generating revenue but some become reluctant when asked to deliver on promises that involve financial outlay to their customers.

I recently did an experiment involving my mobile phone provider. As my contract was coming to an end after two years, I contacted them and as usual followed the steps directed by the automated answering machine. Surprisingly, I was disconnected after waiting for 20 minutes to speak to the staff. This happened twice so when I rang the third time, I went for the option that connected me to the staff in the sales unit and was instantly connected to an employee. Of course when it became clear to the staff that I wasn’t after a new contract I was transferred to the cancellation team and kept waiting.

All countries without exception where insurance companies operate will have some unscrupulous operators who use more dishonest methods than the common thief in the street to cheat people out of money. Although I have praised insurance companies in previous posts, the feedback I have received and some personal experiences have led me to agree that there are insurance companies operating today that need to be closely monitored by the authorities.

London, the so-called center of insurance, also has its share of insurance companies that use specially trained staff backed by fancy TV ads and publications to entice unsuspecting members of the public to participate in exchange for poorly worded insurance contracts.

How to Spot Crooked Insurance Companies

Premium

We’re all hungry for a bargain and most are quick to run to comparison sites for quotes. These sites unfortunately rank the cheapest insurance companies at the top based on their prices. As with most goods and services, cheapest is not always best. This is especially true for insurance as it requires each insured to contribute to a pool, a premium commensurate with his risk.

So please avoid when the price (premium) looks too good to be true. When an insurance company undercuts the competition by quoting ridiculously low premiums, it means that in the event of a claim, the company may not have sufficient funds to meet its obligations after provisioning for overheads.

reviews

One of the great advantages of the Internet is that people can post reviews of goods and services detailing their experiences. Reviews are also available online for companies with consumer rating services. Most of us have already read reviews of most goods and services before making a purchase, and so this practice should be extended.

I usually trawl the web for as many customer reviews of a company as possible because some of these companies try to counter negative reviews by posting fake reviews with the help of their IT staff.

context

Like the points highlighted about the reviews above. The old-fashioned way to decide whether to patronize a service company is usually to ask friends and family for their opinion. Often we extend inquiries to professionals we have dealt with and trust/value their advice.

Annual report of the company

For those comfortable with numbers, the traditional way to review a company’s status is through the annual report, which is a comprehensive report of the company’s activities over the past year.

These reports can be accessed on the web with a few clicks to access useful information such as the company’s balance sheet, its profit and loss and cash flow statements, as well as useful notes to help understand the financial statements.

Choosing Legal Cover Extras

This is especially useful when you need to pursue an uninsured loss. Insurers are more likely to honor claims that fall within the scope of the policy if filed through a lawyer because delaying such claims will cost them legal fees if they eventually lose the case.

However, if you find that you don’t match the strengths of insurance companies but you must invest in insurance, you can hire the services of an insurance broker.

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