Choosing the right insurance company can be difficult if you are unsure of how to go about it. There are numerous companies in the field with various products to suit various needs. However, picking the right one to suite our business and personal needs requires care. This article is meant to assist you navigate the minefield that is insurance.
Remember, insurance is an asset in your corner if properly purchased. Unfortunately, many people have been hurt financially and emotionally for picking the wrong insurance partner. There have also been problems who renege on contracts to avoid making payments. Even with the regulatory bodies involved, due caution is necessary in choosing an insurance partner.
- The company’s history and reputation.
Before signing an insurance, take a minute to review their history on in terms of customer satisfaction. Find out how many of their claims go unresolved or how many other claims are rejected. Also find out how long they have been in the business and the entire history of their track record, good and bad. Failure to compensate clients and honour claims is a major red flag.
It is unlikely that you will find a company with only positive reviews. The frequency of the negative reviews should be paid attention to. If any part of the company’s history or details seem unsatisfactory, ask the sales agent to wait as you look into suitable options for you.
- Legal accreditation
In Kenya, it is necessary to ensure that the company you intend to choose has been registered by the Insurance Regulatory Authority (I.R.A.).It is also necessary to check how often the company complies with government regulation and how effectively they do comply. Any company that does not meet any of the above is a risk not worth taking.
- Financial stability
The ability of the company to compensate its clients’ claims without going under is key. Before you choose to settle on an insurance company. There have been numerous companies that have gone under forcing people and businesses to lose out on their policies. You can request the company to share details on their financial growth, financial statements and end of the previous year’s details. They are public record and should be availed at your request.
You can also look through various online rating services and various blogs to gain a clear picture of what the company looks like.
- Price
The price you pay will determine the kind of coverage you get. Lower prices usually imply less coverage. High prices might imply better coverage, however due diligence is still required to avoid getting a bad deal. Before you choose a company, ensure you have looked around to get the best price and best coverage for a policy.
Low insurance prices might also imply that the insurer is new to the field and might not have the best experience. In addition, a low price means that you will cover a lot more of the cost on your own when the claim is to be made.
- Full disclosure
A good insurance partner should tell you all the dos and don’ts at the outset. All the terms and conditions should be clearly specified before you agree to sign with them. A good insurer will be honest about all the conditions and clauses that will influence how they respond to your claim. If an insurer tries to withhold any pertinent details, this is a red flag.
As a potential policy holder, ensure you scrutinize these documents in detail. Clients have been known to fail at this and blame the insurer when they are in breach of one of the terms or conditions. If any clause seems unclear, feel free to seek legal counsel before going ahead to sign.
- Customer service
The amount of concern shown to their clients should be taken into account. If, for example, they show you the kind of interpersonal service that is offered BRITAM shows, you are in good hands. The more attention paid to you before you file acclaim will be an indicator of how you will be treated when you need to make your claim.
- Discounts
Payment of insurance premiums can take a chunk out of your income, both as personal and business expenses. As you choose an insurance company, pick one that will offer you discounts and give you breathing room.
Though there various other factors to consider, it is important to note that different products will have different pros and cons. Be careful not to rush in too fast and leave yourself exposed. In this information age, the internet is your friend. Research, get a second opinion and do your due diligence before choosing an insurance company.
Also read https://epicpulseke.com/athel-technology-limited-the-solar-cooker-company/
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