Friday, April 14, 2017

How Insurance Should Not Be

I changed my jobs and I was surprised to find out that during the probation period I would not have any benefits. They didn't tell me and I didn't know I should ask as I had not been in this situation before.
I called the company that provided the group insurance with the intention to ask whether I could buy the same insurance coverage I would have after the probation period. Also, I wanted to ask whether I could be given the same rates my company was paying. It was a long shot but why not try it. I did not get the chance to ask any question as I was told to call a different number for individual insurance. I would have expected them to transfer me, but they are a large company, one lost possible customer it is not a big deal :).

How Insurance Should Be

A few years ago I was shopping around for house insurance. I was surprised to find out you can not choose the amounts you want to insure for certain house "components". For example the minimum for the house content was too high for me, I didn't own content so valuable.

This seemed standard so I had no choice, I had to buy insurance for something I didn't want. And a few years ago I found 'Square One Insurance'. I was amazed, finally my kind of company.

Only pay for what you need
Most 'pre-packaged' policies automatically charge you to insure items like fur coats, gold bullion and rare collectibles. Don't own these items? Then you don't pay to insure them with us.

Pay monthly with no contract
We're confident you'll love our service and stay with us. That's why we don't lock you into a contract. With us, you can pay monthly or annually and there's no fixed-term contract.

I like this no-lock contract, if anything else better comes up I can move my "business". I never did, mainly because I didn't look, and I suppose the company counts on this :).




Square One Insurance will disrupt the insurance business I had thought. But when I told a few people about it, no-one was convinced. They were happy with their insurances so why change even if they could save money. After all house insurance is not mandatory and who buys it means they are risk adverse, and changing the insurance company would just increase the perceived risk.

What is a dirty little (or big) secret about an industry you've worked in, that people outside the field ought to know? (AskReddit)

https://www.reddit.com/r/AskReddit/comments/5hizuy/what_is_a_dirty_little_or_big_secret_about_an/

"Customer support doesn't give a shit about your feedback on the product/service and no one with power will ever see or care about it."