For people looking to buy insurance, there are two ways in which you can go about purchasing cover. The first is to go direct to the insurer, and the second is to use the services of an intermediary. An intermediary is a person or company that facilitates a deal between the insurer and the consumer. These can include financial advisers, agents, or licensed insurance brokers. In the following article we look at some ways in which using an insurance intermediary can benefit you.
Market Knowledge. Unless you work in insurance, the chances are you will have a limited understanding of the insurance market. This can mean little understanding of the providers and also the numerous products available. Intermediaries understand the market, and good ones will be able to match your needs and requirements with the correct products. Whilst you may have heard of major providers through media campaigns and general brand awareness, the products they have may not match your requirements. Sometimes it’s more prudent to go with a smaller provider who have products more suited to your needs. Another point to note is that the insurance industry is a fluid one. Products are constantly changing and evolving. Good intermediaries keep up to date with these changes and inform their clients accordingly.
Save money. Many people out there spend too much on their premiums, and are unaware that there are more cost effective solutions available on the market. Your intermediary should understand not only the products available, but ways to make sure your premium spend gets the best benefits available. It’s also worth remembering that using an intermediary does not entail any extra cost. Insurers build a commission into their premium which you pay regardless of if you go direct or through an intermediary.
Claims assistance. Processing and dealing with claims can be an arduous task. Whilst many insurers try and make it as simple as possible for customers to claim, knowing the processes and the people within claims teams means that intermediaries can make things happen more quickly and more smoothly. Should any negotiation be required, the chances are that your intermediary will be in a much stronger position to handle this than you will be.
Single point of contact. A good intermediary will be able to help you sort out all of your insurance needs. You can have one point of contact for your insurances which makes life easier and most importantly saves you time and the headache of having to deal with multiple companies. By building up a relationship with one intermediary who you can trust, you can relax knowing your best interests are taken care of, leaving you to focus on your work or business.
Deal in your native language. In Thailand, many of the local providers of insurance only have Thai nationals working for them. Whilst the level of English is largely acceptable, many expats in Thailand like to deal in their native language when dealing with personal and important issues such as medical insurance and property insurance.
Handling your renewal. It’s easy to forget or oversee the fact that you need to renew your insurances typically on an annual basis. Your intermediary can keep track of when your renewal is due, and even help to negotiate with the insurer if needed.