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Monday, 19 January 2009

Questions For The Insurance Supplier - In The Virtual Or Real World?

Can We Make Sure Big Brother Is Taking Care Us
Not All Insurance Suppliers Have Crystal Balls!

It Pays To Know They Are Doing Their Best, By Investigation & Confirmation. To Make 100% Sure They Are Taking Care Of Our Interests! Our Homes & Hard Earned Possessions!

Imagine Being Able To Contact An Insurance Supplier & Gain Answers, To Those Often Unasked Or Unanswerable Questions!

Maybe it's only in a virtual world, with both parties sitting down at the imaginary table, we are able to ask questions such as these and obtain suitable answers. Able to leave that virtual meeting, knowing that action is in force, to better the present situation. Virtual or Realworld? You decide! Investigation and time will hopefully supply the required answers! 

And the questions we wish to hear answers to in that meeting:
  • What are you doing to reduce the under-insurance problem, on both property & contents?
  • How many clients would you say could be under-insured?
  • How many of these clients are aware of the under-insurance?
  • Is there anything you could offer the client, to make them act on under-insurance?
  • Are you actively marketing to your clients about under-insurance, if so how?
  • Do you increase the awareness methods at the time of renewal?
  • What % of clients have become aware of under-insurance and corrected it?
  • What are the reasons for clients not correcting the under-insurance, when they are aware?
  • What is the average under-insurance correction per household, for property and contents?
  • Have you offered the clients whom corrected the policy, a discount and if so what %?
  • What % of your clients, have an inventory of property & contents?
  • What % of disputes would not occur if a home inventory was available?
  • What reasons do you know of, for your clients not having taken an inventory?
  • How are you addressing these reasons, in your marketing & awareness campaign?
  • Do you follow up this campaign with a person to person call?
  • If all of your clients had inventories, how would this affect your profit? Where you ask the client to take a DIY Home Inventory, how do you know the inventory is valid, or not fraudulent in some way?
  • What are the methods of taking inventory are you forwarding to the client, if any?
  • What % of premium discount could you afford to pass back to the client?
  • What is your negative client retention figure, due to under-insured claims?

Are You Failing To Take Inventory?

  • What % of your client base could you hold on to by having inventories and no under-insurance?
  • Does a client suffering from a under-insured claim, seek insurance elsewhere or become one of the non-insured?
  • If you did not offer a discount to a client with an inventory, would you raise it for those clients with no inventory?
  • As the PDS [Product Disclosure Statement] often states, "for the client to have necessary documentation when making a claim", how do you enfore they have that documentation?
  • Do you offer the client ways of getting the inventory taken?
  • Is there any incentive for the inventory to be taken by the client?
  • Are you aware of any Home Inventory Service that could take your client's inventory for them?
  • If you were going to recommend a Home Inventory Service, what would you wish to see detailed in the inventory?
  • If there was a Home Inventory Service in your area, would you recommend it to your clients and for what reason?
  • If so how would you integrate this recommendation into your marketing, to create action by the client, producing the inventory?
  • When a client relocates, they run an added risk of being burgled during the move or during the settling time. Are you aware your client is on the move before they relocate?
  • If an inventory was in place before the relocation and you were aware of the moving process, would this not cut down on the risk?
  • How are you enforcing a policy is in place, as and when the client arrives at the new location?
  • Do you lose clients when they relocate and why is this?
  • A client relocating with no inventory, runs the increased risk of no-insurance, under-insurance and theft. What policies could you put in place to improve this situation?
  • Could you ever see a time when a policy is only offered after the inventory is submitted?
After a meeting such as this whether in the virtual or real world, we would like to think that all questions had been taken onboard, with future possibilities for big changes in efficiency to occur. 

To all of our readers of this post, please forward all constructive feedback to our office via email or post a comment. 

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