Why We Love Insurance? (No, Really)
Ok, ‘love’ is probably pushing it a little. Let’s not kid ourselves, insurance isn’t the most sexy industry out there. Anyone who’s already in the industry knows that feeling at a party when you get the question – “What line of work are you in?” The metaphorical record player usually gets a pretty good scratch at that point, followed by a complaint about a domestic motor claim from 1986 that didn’t go well.
Despite the awkward introductions at parties, we think it’s an industry to be proud of in many respects. Here is why:
10 Reasons To Love Insurance
1. It’s got about 3000 years of history. Modern insurance can be traced back to the Great Fire of London, which occurred in 1666. After it destroyed more than 30,000 homes, a man named Nicholas Barbon started a building insurance business. Ok, that may not convince you.
2. What is an insurance premium? It’s peace of mind. You may feel like you are not getting ‘anything in return’ with insurance. That’s often the way with an intangible product. It’s a risk-transfer mechanism that allows business ventures to develop and enables people to manage the uncertainties of life. We do not want you to lose any sleep but make sure you have a good insurance broker alongside you... queue a shameless plug for the experienced team from Insurely!
3. Business and Financial Stability – When things turn to custard or when the unexpected turns into reality, it’s your safety net. Uncle Insurance is often there to get you back to the same position that existed prior to the loss. Insurance keeps commerce moving and helps make sure the bills are paid.
4. The People – Most people fall into insurance…and then stay in the industry for a long time. It may not be as sexy as marketing or graphic design but it’s full of very talented people from diverse backgrounds. Insurance has attracted many from the established industries like law, accountancy and engineering. Increasingly, we are also seeing those from newer industries coming to work in insurance. The new oil is 'data' (you heard it here first) and those from a data analytics and tech backgrounds have so much to add to our industry.
5. The Financial Services Legislation Amendment Act - What the hell is this doing in here, I hear you say? Let us explain. There has long been a degree of mystery when it comes to how brokers receive their income, particularly how much they’re getting. The new legislation means that insurance brokers must disclose their full remuneration. No room for sneaky fees and hidden (large) commissions. We like the new legislation and feel it can only improve the industry’s reputation. We proudly started our journey at Insurely with a full-disclosure approach to remuneration, so ‘game on’!
6. We genuinely help people and businesses – Getting a great deal for a client or providing cover that’s challenging can literally mean the difference between success and failure for some clients. Lenders will usually request confirmation that insurance is in place before proving funding The Insurely team love this aspect of our role. Likewise, we can often help clients improve their risk management approach and prevent claims from happening in the first place. Insurely want well-protected, happy customers.
7. Commercial Insurance is almost infinitely broad – The uniqueness of every business and the vast array of occupations mean we’re seldom looking at the same thing twice, either as a broker or underwriter. Just when you think you’ve seen it all, a client can come across your desk that comes completely out of left field.
8. It’s less of a conversation killer than when you tell people that you are a tax accountant or work for the Inland Revenue. Just kidding, we are all financial services brothers and sisters. We are happy to be ‘boringly good’ at Insurely.
9. Good Claims, Happy People. Bad claim stories often make it to the news and good ones do not. The overwhelming majority of claims go smoothly. A major loss or accident can be incredibly stressful for business owners and there is nothing better than seeing a claim handled well and a client happy and ‘back on their feet’ soon after a loss.
10. Have you got another reason we’ve missed to help round out a number 10? We’d love to hear from you if so!
Insurely - A Few More Reasons to Love Insurance
The Insurely team are on a mission to make insurance better. We combine market-leading insurance broking and risk management advice with a personalised service, built on integrity and trust. Get in touch with us via our website, LinkedIn or Facebook.