New research confirms my intuition which in turn prompted the creation of websites
I have always felt that the emphasis on price when it comes to general insurance was just plain wrong!
As many readers would have heard me say, no one remembers the price when a claim occurs. The Insured is looking for a top of the range policy that provides genuine protection for the loss they have just sustained and a claims service that provides fast, honest service.
It was therefore pleasing to see the results from research conducted by Macquarie released at a conference put on by Lloyd’s where they put up this slide setting out the major factors influencing buyers.
This clearly shows that the product features and benefits and claims service are right up there with price.
Hence, it reinforces the value of LMI PolicyComparison.com and LMI Claims Comparison.com to insurance advisers. Neither of these sites examines price.
Equally important is the need to have someone fair looking after the client’s interests at claims time to provide genuine assistance to them so that they appreciate the value of their insurance program and that is where claims preparers provide an important role in client retention and reestablishing brand insurance.
The ongoing focus on price is just plain stupid and in the long term no one will win, insurer, broker, or insured.
Our latest initiatives of the Mansfield Awards, being undertaken in conjunction with InsuranceNEWS, which focuses on recognising the best of the best in claims and LMI BASIC which as its full name, the Business Assets Sum Insured Calculator, assists in getting the sum insured on business assets right are clearly aligned with the research.
LMI BASIC of course compliments LMI BIcalculator.com and our Under Insurance Calculator in ensuring the sums insured are adequate when ‘it” happens.
I congratulate Lloyd’s for sharing this important research.