insurance broker Archives - Insurance Agency Singapore | Commercial Insurance and Personal Insurance

Benefits of using an Insurance broker

10 September 2019 By admin Leave a Comment

Brokers are commission-based. They can act as the consumer’s partner and ensure that the consumer has the right coverage, the right policy terms, and the right price.

Here’s some benefits of using an Insurance broker:

They help clients choose the plans that fit their needs.
They are aware of more products than consumers are.
Insurance brokers shop several companies and strive to get the best prices.
They can assess and assist with consumer risk management.
Insurance brokers can look at unique situations and come up with the appropriate coverage options.
They help with customer service and claims.
They are able to identify trends and upcoming policy rate increases.
They offer a range of products so that when consumer needs change, their insurance can also change with them.

Insurance brokers can educate consumers on the need for insurance and help address some of the consumer irrationalities when shopping for insurance policies. All these leads to the fact that consulting a good insurance broker is always worth the effort and you stand to get the best coverage for your unique needs.

See Full Story at www.covermatch.com

Confide In Your Insurance Broker! Tips for Expat Insurance In Singapore

4 October 2016 By admin Leave a Comment

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The biopsy did not show the blisters to be infectious. After some improvement, Andrew was allowed to return home, but was told to rest for a further three weeks, or at least until the swelling subsided before allowing him to return to work.

The surgery and hospital charges amounted to SG$25,000. Andrew had no out-of-pocket expense as he was covered in full from his medical insurance, and furthermore, the hospital was paid direct.

Discovering a family member has a serious medical condition is traumatic enough. Finding out that treatment, cost of surgery, and hospitalisation is expensive will bring on an additional worry. One which could be avoided!

If you currently have medical insurance in place, revisit your policy annually to ensure you fully understand your coverage, or confide in a broker for a policy assessment. The service is free-of-charge and will provide you with peace of mind.

Navigating through an insurance policy product summary, exclusions and definitions associated with a medical policy is not only time consuming but confusing as well. Choosing the wrong plan, or worse, having no plan at all, can leave a family open to unnecessary financial risk and more disturbing, without prioritised access to medical care or emergency services as an expat living and working away from home.

When you confide in the guidance of an insurance broker, you alleviate your fear of the unknown. A licensed broker will guide you through available products best suited to your lifestyle, budget, and individual needs.

Your insurance broker will be well-equipped to educate you and advise in the field of expat medical insurance and understand the idiosyncrasies associated with complementary types of insurance such as travel, medical evacuation and repatriation, home, personal liability, maternity, dental, employee benefits (also known as group medical insurance), and be capable of guiding you through research, selection, and application to your preferred insurer and the claims process.

By Danielle Warner

See full story at www.executivelifestyle.co

Top 5 Reasons Why Consumers Should Use an Insurance Broker

22 April 2015 By Digital Curator 1 Comment

Image via Flickr user Hernan Seoane

Consumers generally think they benefit when they buy insurance direct but is it true?

To find out, we’ve asked people what matters to them when buying insurance, and in turn our panel used those criteria to evaluate the differences between buying insurance via a broker and buying direct online.

What is important to consumers?

In order of importance, these are the things people said matter to them:

Cost.
Ease.
Speed.
Peace of mind that everything is covered.
Security of personal data.

So let’s now analyze these items and let our panel judge how each performs when insurance is bought directly or when via a broker.

1. Cost

Contrary to popular consumer belief we found that broker pricing was actually better than direct insurance pricing.

2. Ease

Many of the consumers in our test case were surprised here. At least half began our test with the impression that buying policies directly would be the easiest option for them. After trying both, almost all had changed their mind.

3. Speed

The results here were quite evenly balanced. In the case of the time taken to generate initial quotation figures, direct services (online) were consistently very quick, while some brokers answered quote requests by personal follow up.

4. Peace of mind that everything is covered

We saw few surprises here. Brokers were largely far more efficient at cross checking policies than consumers, and also very good at educating their customers, explaining what types of cover were available and answering queries.

5. Security of personal data

This was a difficult one to test, and fell largely to our technical team. We did however take into account how consumers felt about their data security after using the various services.

by Adam Bishop

See Full Story on riskheads.org

Insurance Agency Singapore | Commercial Insurance and Personal Insurance