Insurance Agency - How To Find The Right One For You

 Risk management is at the heart of personal and business financial planning, and what better way to manage your risks than with insurance products? Buying the best health insurance in Kenya is not as simple as we would want. Take into account that any policy you have with an insurer is a contract. You ought to leaf through every detail to make sure you are familiar with what you are getting yourself into. Even a single detail that you might have missed could cost the claim after months or years of shelling out the premiums consistently.

Which makes opting for the right insurance company for your policies all so critical. The final thing you would like is to spend days or months following a claim or dealing with dodgy insurance staff when you are in desperate need. The following are some quick tips to mull over at the time in selecting the right insurance company:

• Insurer versus an independent agent

You can purchase health insurance in Kenya directly from the company. It is the most promising option if you understand the world of insurance, prefer dealing with your insurance matters, and be familiar with what coverage you need.

On the other hand, you can make use of independent agents. They are a perfect choice if you understand little about insurance or would like to compare products from different insurers and have an independent insurance advisor.

At the same time as the agent helps you choose the right insurer, only the insurance company will do the following:

1. Determine the premiums

2. Sends a copy of the policy

3. Deals with the payments

4. Makes any obligatory payments to the policy

5. Pays the claims

The problem is, you need to take extra caution even when you are making use of an independent agent to learn and understand what you are getting yourself into. A lot of people in Kenya have had the insurer not honor their claims for the reason that the agents were not forthcoming with information regarding the employers’ liability insurance in Kenya or any other product they are buying. So, understand the product and, most importantly, the policy.

• History and status of the service provider

No matter if you are making use of an independent agent or not, you owe yourself to do due diligence on the insurance company you would like to use. Thanks to the internet, you can do online research and get details regarding:

1. How long has the company been in existence

2. The values, mission, and vision of the company

3. The leadership of the company

4. Types of insurance products

5. Regulation - insurance companies in Kenya are regulated by IRA (Insurance Regulatory Authority)

On reputation, what are previous stakeholders, particularly customers, saying regarding the company? Mull over the reputation of the company as a reflection of its sales force quality, dealing with claims, management, customer management, and transparency regarding its products.

• Financial stability

You do not want to buy domestic package insurance with a company whose finances are questionable. There is a high possibility that the insurer does not have the monetary ability to meet its claims. You will be losing money for the reason that after paying the premiums consistently, you won’t get the coverage when you need it.

Go through the financial reports of the company. Check the ratings from independent rating agencies. Undoubtedly, there are times when insurers make losses. However, if the company has been posting consistent losses where competitors haven’t, and the industry or the market aren’t expecting a downturn, then there’s a problem for the insurer.

• Type of Insurance

Even if the insurer has a wide array of products, does it have one that goes with your industry and company or personal needs? The majority of insurers offer necessary covers, such as motor vehicle private insurance, general liability, workers' compensation, and home insurance, just to name a few. However, there are instances when you might need a specialized cover, such as an errors & omissions policy. For these, mull over making use of an insurance company that has experience dealing with such specialized policies.

• Cost

These differ between companies, but just for the reason that an insurer A offers you cheaper options does not mean it is the best choice for you. Premium varies on a lot of factors, the scope of the cover, limits, company rates or any discounts offered. As you compare quotes, make sure your comparison is of “oranges to oranges”. One quote may be more expensive for the reason that it is broader, but does the additional coverage offered benefit you?

If not, possibly the cheaper option is better for you. If yes, then you are better off with the costly cover.

• Dealing with claims

Speaking of claims, how does an insurer deals with its claims? A few companies are more effective and efficient as compared to others. You are definitely better off with an insurance company who is very efficient with the process. If you are using an agent, try asking them about the process of different service providers. Again, social media is a wonderful reference point for experiences from previous customers.

• Payment plans

A few insurance companies offer payment plans where do not have to shell out the entire premium in a lump sum. That is a wonderful choice where you need a cover but are pressed for cash. Of course, the final payment will be a little higher as compared to what it would cost if you paid upfront. But if that cost is negligible and you do not mind, this will be a superb choice for you or your business.

So, if you are also in search of the best and a trustworthy Kenya motor vehicle private insurance company, look no further than Shimin Insurance Agency!