| Insurance
The truth about online insurance brokers
People look for all kinds of insurance products online but are
these insurance companies really offering good value? Where
are the best insurance deals? These pages independent of the insurance
industry, by Dr Patrick Dixon, Chairman of Global Change Ltd.
Insurance companies work by averaging risk, and taking a cut of
premiums. Web-based insurance applications in theory allow
insurance brokers to cherry-pick lowest risks and offer low premiums.
But it is still hard to be sure your insurance quote really is the
best.
Motor insurance, house buildings insurance, house contents insurance,
health insurance, holiday insurance, life insurance - all these
should be easy to fix online with instant quotes, electronic insurance
contracts, e-mail confirmation. It's getting better for people living
in some countries but there's a long way to go.
Problems with online insurance quotes
 |
Price of insurance
may be given as guide only - not binding. |
|
Some insurance companies
quote only by e-mail or phone. |
|
Insurance policies
issued online may be invalid in law in some countries |
|
Insurance may only
apply to only one country - but is it yours? |
|
Few global insurance
brokers so far in terms of being able to offer for example auto
cover in any territory with online application. |
|
Difficult to get
a one-click comparison of all policy premiums from different
insurance companies, all with correct insurance data, and able
to issue temporary cover immediately on payment of first insurance
premium by credit card. |
|
Sites offering quotes
from many insurance companies rarely include the whole market
- because some insurance companies are not prepared to pay them
a commission. And that means the cheapest commission-free
deals may not be on these insurance "portals". |
|
You have no guarantee
that all the best insurance deals are being presented fairly.
Are the commission rates the same? Is the website steering
you towards insurance policies which give the broker the highest
return? A good site will show you exactly how much of
your insurance premium will go to the broker - indeed a legal
requirement in some countries. |
Some companies accept processing of a credit card payment as proof
of insurance cover. In other words, if the insurance company
takes payment on a certain day, it will appear on your statement as
proof that they have agreed the policy. However there is still
a problem for the insurance company to be sure you are who you say
you are, that your address is correct, the details accurate.
This is particularly an issue with payouts for insurance claims.
Problems with online insurance claims
|
Same problem of
signing an insurance claim form. |
|
Once again insurance
companies fear online fraud. |
Interesting insurance links for information and illustration only
- please note this site has no commercial tie-ups with any insurance
company, product or insurance service.
- http://www.quotesmith.com/
- 300 insurance companies give quotes - but US only
- http://www.123-instant-auto-insurance-quotes.com/
- Auto insurance / motor insurance - but US only
- http://www1.progressive.com/
- US based instant insurance quotes, online insurance application,
instant approval, online premium payment and insurance cover -
auto insurance, motorcycle insurance, ATV insurance, recreation
vehicle insurance, business auto insurance
- http://www.easycover.com/
- Easycover claims to be UK's only independent access point for
insurance products - home insurance, car insurance, travel
insurance
- http://www.insurance-city.de/
- Germany insurance online quotes
- Free
Online Insurance Quotes
- Quick
Insurance Quote
- The
insurance quotes portal
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Fund Management Risks - Potential Crisis - Patrick Dixon
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Why market research gives wrong results - blogging
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Future of Malaysia
Innovation
Real estate and construction industry trends
Life insurance, pensions and life expectancy trends
Limits to economic growth and sustainability
Why ports, ships and shipping will dominate global trade
Economic growth of former Soviet Bloc nations, Russia etc
Too late for outsourcing?
Outsourcing in India, China, Asia and Central Europe
Mobile phones, banking and financial services trends
Bottom of the pyramid - selling to the world's poor and making a difference
Microloans, microfinance, microcredit and future of banking
Business values - corporate and social responsibility really matters
Global brands, mergers and demergers
Customer focus and call-centre disasters
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Insurance market in India, China and rest of Asia
Future of the Petrochemical Industry
Sovereign wealth funds - investment trends
Commodity shortages and prices - global trends
Retail revolution in India
Demographic impact on business
Risk management - leadership in uncertain times - wild cards
Institutional blindness
Digital meltdown of financial
services - Web TV Future
of Banking - Powerpoint - October 1999 Growing
demand for cyberbanking in British survey
Small business insurance
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