Explore the Category
This question in itself is a tough one to deal with. Insurance fraud is not only a serious problem for the industry but is also a highly sensitive subject for many, as the few that commit fraud affect the position of the majority who do not.
In terms of current legislation the client is the client of the Insurer. The insurer has to make sure that the client is treated fairly, both in respect of the information provided and the premium charged at inception and renewal of the client’s policy, and at claims stage.
The insurance industry never exists in a static environment as many aspects of the industry change on a day-to-day basis. If your clients are not aware of these changes, they are fighting a losing battle to ensure that they are sufficiently covered against risk.
Your clients have a constitutional right to insure themselves against any financial risk, but they are often unaware of the subtle differences between health insurance products and medical schemes. There is a belief with some clients that a health insurance policy offers the same protection as a medical scheme for major medical events, when in fact the protection is only partial and conditional.
Do you think short-term insurance broking will survive the AI plus humanoid robotics age?