Both are still accurate and both are somewhere between far from the truth and not enough. I’ve long thought insurance functions as much like a credit card or bank loan than what people expect from insurance. But, maybe I’m also abusing or misusing the word dynamic a bit.
Well, I have some relevant experience lately and this post from 2010, updated in 2015, is the same advice I followed and still give out. But, along the way there where several missed opportunities to add value to an insurance brand.
- So your car is on its way to the shop or in the shop and you need a rental. Now, my experience with Hertz and Enterprise was as expected; average. Nothing bad nothing worth noting. What would I like to see different?
- There are ALOT of people who cannot or it would hinder them to have to give the $50-$100 hold on their credit card for the rental. This can be an easy fix
Yup. A couple of times a month we run into something similar. Long time, likely profitable, customer not exactly being appreciated http://theinsurancebill.com/?p=199
Truth is, I’ll likely be in a similar spot about 10 months from now. But how can that happen? You had two NOT AT FAULT accidents. Exactly But, because of a lot of things, including a call center order taker and some weak regulations, one driver did not have enough coverage. That means I need to use my coverage *sigh*.
I lose some sleep and wake up thinking about yesterday’s “loss.” Not really a loss more like a time where everything seems to match up but it just doesn’t. Everything is there;
- was referred by a trusted person(is there any better way)
- has been with me a few years(yup, 98+% stay)
- had actually met in person(shocking but happens)
- helped with a non-insurance thing(helped get one a job)
So you go into the renewal time ready to follow the plan and this time it doesn’t work. Factually the overall plan always works. But, within that plan, sometimes the sub-plan doesn’t get the expected result. Take the other set of circumstances;
Here is what I thought about though. Both companies have the money ” in the bank” to pay this claim. So what do they lose? Well they plan on this anyhow and the reality is, if done correctly, it is really just a marketing activity. This is your chance to jump over price and cement a relationship but instead both the paying and the non-paying company will likely negatively impact both the person who is at fault and who isn’t.
Reality is this; insurance companies are run by other members of our human species. They are also influenced by their surroundings both human and inanimate. They are influenced by many of the same ideals, both positive and negative as the rest of us. There is a lot of talk about “disruption,” #insurtech, #fintech, and #bigdata. The industry is “ripe” for change, blah, blah, blah.
Yes I have many of my own thoughts, heck it’s my blog so of course they are my thoughts. This dawned on me the other day;
Maybe the insurance industry is just a reflection of society. But how? In what way(s)?
Sat in on a webinar a week or so ago. The title of it intrigued me since I could not figure out why it was setting such a low expectation for a certain metric. Then I gave them an hour of my life and they basically explained why.
Some people don’t think big enough
Kind of reinforced me to not pay much attention to consultants who are paid for time not necessarily results. Anyhow, Lots of goofy ideas where talked about but two stood out;
- The times you should be cross selling a current customer/client
***Working thought, from an idea via a longtime friend***
So the scenario is quite common, friend calls and says they want to have some tree work done on their property. Pretty common. You can also insert, new roof, new furnace, upgrade to electric panel, drainage dug, fire alarm installed, etc. Think of it as any proactive, likely preventive measure that can reduce the likelihood and at worse the severity of a claim.
“Bill, is there an extra discount for cutting down the trees? Will they(the insurance company) pay for it? ” No and No.
When a system fails, consumers and the people they need to run them, we all lose.
So I was playing around with on-line quoting and of course had to use Geico. Recently, now about 3 months late I received a well done email. Obviously now part of a drip campaign. This is not remarkable but what was there certainly is.
FANTASTIC. First of all it is a very cool tool. Clean screens, easy to use, etc. But why is this important?
BECAUSE THE COVERAGE THEY OFFER IS NOT AS GOOD AS WHAT YOU DO!