A little longer but a slightly updated version of http://theinsurancebill.com/?p=194
Was getting “ranty” so paused.
When paying attention to #insurtech things I have a basic thought process. Essentially looking at how I can apply it to our customers and then scale. Second is can it hit the three silos of sales/marketing, underwriting, claims. It is a “buying process at that point. I’ve already made up much of my mind on what I am looking for…at least currently.
Inevitably, all of these come back to the underlying philosophy or attitude the company(ies) will/can have towards that particular service/idea/technology. Combine that with asking ” Is a behavior change of the consumer necessary?” and that is the buying process for me. We do not look at cost before we decide if it makes sense.
BUT, we do factor in consumer cost see any of these are up against a massive monolith that has dumbed down, duped, poorly trained, the American consumer into believing you MUST shop for auto insurance. Then, just like any retail setting, the various rungs of the economic ladder are treated differently. That treatment, combined with underwriting can often lead to bad short and long-term decisions.
The two young mails who vehicles totaled my Scion and my Subaru certainly didn’t need to do it. Both absolutely expressed regret and concern at the scene. But, I know now that the second one was sold a bad policy. Why was he sold and didn’t buy? It’s in how you phrase it.
Sure, technically he agreed, signed and gave money. But I would be happy to wager that the call center he bought it from, *sort of thankful for this so I do not need to sue another agent, could have done better. They still could have sold him but CHOSE to offer him the absolute minimum available in New York. This now harms me and the other person he hit. Sadly, he will also end up getting sued by at least one if not two massive insurance companies.
My personal beliefs are absolutely in conflict with this since I believe in accountability and ownership. But, I also know that if you have the knowledge and do not share it or you only share the knowledge you want to share you have now artificially sabotaged the buying process.
THIS NEEDS TO STOP
On the other hand, it is ignorant call centers and agents that certainly aid our sales process. But, still, it is better for the consumer if it ends today.
This is just one of many reasons why I HELP PEOPLE BUY INSURANCE