A policy is acquired to protect you from a risk, a calamity, to cover yourself in case of damage or loss of something that is important to your life. Colombia is a unique country if you consider that most people prefer to protect their car against the risk of theft or total loss by accident, including health or life. Insurance penetration (an indicator that measures the share of insurance premiums issued in the economy through GDP, GDP) reaches 2.8%, well below markets like Chile (4.7%) but better Than in Uruguay (2.3%), Mexico (2.2%) and Peru (1.9%).
One reason why this figure does not progress faster is that people do not know the clause that has their insurance. This is reflected in the complaints against the insurance sector, where the figures from the Superintendence of Finance reveal that during the first half of 2016 there was a 24% increase in customer non conformists compared to the industry, compared to the first half of the year. 2015.
In the behavior of complaints received in the first half year 2016 compared to the first half year 2015 reported an increase in complaints received from life insurance companies of 42%, insurance companies 14%, and insurance brokers 19% and a decrease in insurance cooperatives of 14%.
According to insurance broker Willis Towers Watson, there are three typical mistakes that customers and companies make when selling a policy to protect themselves against an unforeseen event. At present, acquiring insurance requires a greater rigor to support not only the development of a commercial activity, but the strategy of the companies themselves.
Thanks to this, the ignorance about the best way to acquire it continues to accompany the majority of people and entities. According to a report prepared by this firm, when purchasing insurance, most make the decision to buy based on a budget, (known as benchmarking) , or a comparison of products vs. cousins. With these tools, although it is almost likely that you will be getting insurance, it is possible that the insurance was not achieved to the extent of the person.
Buying insurance incorrectly, misses important aspects such as optimization of the cost of risk, alignment of the amount withheld insufficient limits risk tolerance and the strategy they have to manage the risks. According to Juan Felipe Mineral, CEO of Willis Towers Watson Consulting, Risk prevention could lead to resource savings. In addition, insurance is the most efficient way for a company to safeguard its economic stability and recover its assets.
Analyze the total cost of the risk. This approach is essential to optimize the purchase of insurance and make the purchase decision a financial decision, objective and optimal. The options offered by the insurance market are so diverse, that choosing the right product can become an arduous task. These are the most common errors that are commented upon when purchasing insurance:
Look only at the price: the budget is important, however, insurance is not better because it is cheaper or more expensive. You should examine what the needs are, what the actual risk is, what the coverage and limits are and what the retention.