Thursday, 5 March 2009

Increasing Insurance Efficiency - The Three Magic Words

Three Magic Words - Increasing Insurance Efficiency
Can Three Words Really Exist, That Would Help & Assist The Insurance Industry, To Increase Household Policy Efficiency?

At Aussie Home Inventories we use three magic words daily, to help and assist homes, property owners and small business in preparing for loss. The same words can be used by the insurance industry globally, to increase homeowner's policy efficiency!

Imagine three 'magic' words, that could create a more efficient insurance system, the benefits being:
  • Increased client retention.
  • Increased property & content cover.
  • Reduced claim processing time.
  • Reduced recovery time for the policy holder.
  • Reduced cases of under-insurance.
  • Reduced cases of fraud.
  • Reduced overheads.
Three 'magic' words helping to change, stimulate and increase the efficiency of existing / future household's insurance policies.

So What Are These Three Magic Words!

The 'three magic words' you are waiting for are:

'Home Inventory Service'.

Let's take a look at two common scenario's, and take score of the outcome, to prove the 'magic' of these words.

Scenario #1

If a policy holder suffers a loss through disaster, and was not informed by the insurer, of a 'Home Inventory Service', and the policy holder becomes aware of this, are they going to be:
  1. Unhappy.
  2. Spending a lot of time compiling an inventory from memory.
  3. Frustrated, knowing they could have done better, if informed before the loss.
  4. Dragging out the claim unintentionally, due to inaccurate documentation.
  5. Suffering an increased recovery time.
  6. Accepting a lower settlement, due to lack of documentation.
Scenario #2

If the insurer did not mention the 'Home Inventory Service' to the policy holder, what are the chances of:
  1. The policy holder blaming the insurer for their financial loss, due to under-insurance.
  2. The insurer having issues with the claim, due to lack of or incorrect documentation.
  3. The policy holder using excessive insurance resources, due to the above issues.
  4. The policy holder having to accept a reduced settlement due to lack of documentation.
  5. The policy holder after settlement making the move to a more caring insurer.

OK! So How Did You Score?

If you are the homeowner scoring a '10' "Congratulations!" You are on the path to awareness.

If you are the insurer scoring a '10', "You Could Improve!" Improving your business ethics and taking on board the above, will help you to greater policy efficiency. We know and you know your clients are the 'bread and butter' of your business? Having scored a '10', if there is a disaster or claim around the corner, life if not looking too easy, but that is your choice so far! You can make the change!

If you scored a '0' Congratulations! - You obviously care for your clients mental, financial and property well being. You will have most likely had the same happy clients for years.

If you're the insurer, a Home Inventory Service used by your business, can introduce you to looking forward to and enjoying the benefits of:
  • Increased client retention.
  • A quicker, accurate claims process.
  • More efficient policies, more policies due to word of mouth.
  • Reduced overheads.
  • Reduced cases of fraudulent policies.
  • Increases in premium when property correctly assessed.
  • The ability to reduce future premiums for accurate policies.
  • Being able to offer discounts to clients with inventories.
If you have not as yet contacted your local Home Inventory Service, you may wish to read our article: - How To Speed Up Insurance Claims & Increase Client Retention. You will gain a further understanding of how a Home Inventory Service, allows you to take advantage of these benefits.

If you are the home owner, and your insurer is one of those willing to take the above on board or has already, then you are looking forward to or are familiar with:
  • Reduced recovery times after loss.
  • Easier & quicker claims.
  • Maximised claim settlement.
  • Knowing your insurer cares.
  • Peace of mind.
  • Correct cover & premiums.
  • No under-insurance.
If you are a homeowner who is not getting the above from your insurance supplier, we would suggest you:
  1. Call them today and ask why they are not offering you the benefits you deserve.
  2. Ask them if they intend to implement any of the above.
  3. Change insurers and join with one that you know has everything in order, and cares about you and your property.
To summarise, we now have:
  • A homeowner whom knows what they want, is aware and willing to get the best.
  • An insurer whom knows what to do, to keep their policy holders on board, and easily gain more clients.
At the end of the day, those people making the first move win! Remember to spread the three 'magic' words, around your home & family, your friends & office. A Home Inventory Service saves - Everybody Time & Money!

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