Carla Seely Column: Same Same, But Different
[Written by Carla Seely]
Many years ago, I travelled to Bali, Indonesia, which could be described as the knock-off capital of the world. I remember seeing many ‘Luis Vuittoons,’ ‘Gucci,’ and ‘Jimny Choo’ handbags hanging in different stalls in the markets. The enthusiastic vendors would try to get you to buy their “authentic, but cheaper” handbag as you walked past and, above the din of the crowd, you would hear the same phrase echoing from every corner, “Buy this Luis Vuittoons! It is same same, but different!”
Same same, but different. Such an interesting phrase, and one that can easily be applied to so many other things we regularly interact with, or even purchase; we often group things into the same category and pass the same judgments based on their similarities, but in reality they are not actually the same or even equal.
Now, let’s apply that same principle to domestic insurance companies. Most offer similar products and services, yet when you peel away the layers, each insurance company can be vastly different. The differences can be found in their underlying products, deductibles, claims process, or even the cost to purchase.
So, when they look all the same, how do you choose?
1. The first step before reviewing insurance company options is to determine your personal insurance needs, which typically fall into the following basic categories:
- Home insurance
- Contents insurance
- Car insurance
- Bike insurance
- Life insurance
- Health insurance
2. The second step is to meet with a local insurance provider to discuss what coverage they have available to protect your assets and to ask a few important questions including:
- What options are available at the insurance company?
- What does it cost to cover these assets?
- Will the insurance cover the replacement cost or actual cash value?
- What is the deductible and can it be adjusted?
- What is excluded in each coverage?
- Does the insurance company offer any discounts if you bring all your insurance there?
- What happens if you cancel your insurance halfway through the policy period?
- What is the process if you need to make a claim?
3. Once you’re comfortable with the answers from the insurance company, the final step is to do a little research about the insurance company themselves – trust me, when it comes to banks, airlines, and insurance companies, people are not short of an opinion! Just ask your family, friends, and colleagues and you’re bound to hear the good, the bad, and the ugly! Granted, some of what you hear can be taken with a grain of salt and is simply a bit of a whinge, but, the more people you ask, the more likely you’ll begin to notice a theme emerging. Perhaps, you’ll notice a trend that a company is not known for their claims service, or that people have had difficulty getting their calls returned. All of this information will help you decide which insurance company to select and engage with.
In all reality, when choosing an insurance company, it’s comes down to the principle foundation of trust and understanding. Simply put, does the insurance company understand my needs and do I trust that they will be here for me when it counts?
If you’re comfortable and confident with your selection, then you’ve just discovered that, although all insurance companies offer the same types of products and appear to be the same from the outside, they can also be vastly different once you do some research.
- Carla Seely is the Chief Operating Officer at Freisenbruch. If you would like any further details, please contact pensionplans@fmgroup.bm or call +1 441 296-3600.
