by ws8766 // February 15, 2016 //

How to choose the right insurance company

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If you are choosing between insurance companies there are some things you need to know.

Primary selection criteria are as  easy as 1,2,3. One is Covers. Two is services levels. Three is price.

 

1) Covers (product)

The covers, also referred to as benefits, are simply the insurance product features. Make sure that the insurance company you are selecting has the covers that you need.

Example 1: Car Insurance

Cover 1: Repair in authorized dealer (Tawkeel) / repair in any service center

Cover 2: 100% covered in case of accident/ 80% covered in case of accident

………………………………………………………………………………………………………….

Example 2: Medical Insurance

Cover  1: Annual ceiling 250,000 EGP / Annual ceiling 25,000

Cover 2: Dental covered/ Dental not covered

The covers you choose will have a direct impact on your product price. So before you request quotations make sure that you standardize the covers. If you send completely different covers to different insurance companies you will not be able to compare.

If you need help in selecting the covers you want – [Ask Wisely]

 

2) Service levels

Although all insurance companies will pay at the end according to the covers you have purchased, service levels are also an important factor. By services levels we are referring to standards such as;

*Time insurance company takes to pay out claims

*How long it takes to send an inspector

*Quality of the insurance companies network

*Customer services center responsiveness

*And so on…

The criteria will differ depending on the product you want to purchase, however to avoid confusion and keep the selection simple, here is quick guidance on this parameter:

Private and multinational insurance companies tend to have a higher service level than governmental insurance companies. Why? Well, you probably already know.

New insurance companies tend to have higher services levels than old and established insurance companies. Why? Because new private insurance companies work very hard to establish their brand and acquire market share and exert extra effort to make their customers happy.

“Although the above 2 points can be taken as a general observation, there are always exceptions.”

 

3) Price

Here are the keys to the final parameter.

*Higher covers/ and or high services levels = Higher price

*Lower covers/ and or services levels = Lower costs

We know insurance can be complicated, contact us and will make it simple!

 

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