What are the qualities of a good insurance company
Buying insurance is a big decision, which is why choosing the right insurer is important. So how do you know whether an insurance company is good or not? Our article will help you identify the qualities of a good insurance company. You will find it easier to decide which one to pick.
The main reason why customers purchase international health insurance is to obtain medical coverage and assistance. Customers are focused on ratings of insurance companies because insurer solvency is an important issue. That being said, intermediaries should always exercise caution when choosing which insurers to represent for their clients in order to prevent later liability. Here are some selection criteria:
Credibility is one of the key qualities of a good insurance company. A good insurer is committed to its customers and stays true to its mission. Does the insurer have a good reputation in the industry? Does the insurer have a good claim record? Do their partners/brokers and customers trust and stay loyal to them? Do they deliver their promise? How long have they been established? These are some questions you need to look into.
2. Financial condition
The fundamental reason for purchasing international health insurance is to obtain peace of mind. You want to be sure that should the unfortunate situation arise, your insurer will be there to cover you all the way so that you can concentrate on regaining your health. Therefore, looking into the financial condition of the insurer is extremely important. Check – do they pay out claims promptly and as promised? Do they have a solid claim record? Who are the underwriters?
3. Customer service
While living and working abroad, it is important that you know where to get good medical advice and assistance. A good insurer should have an extensive network and agreement with medical providers, 24/7 multilingual helplines, and be skilled in handling medical and emergency evacuation globally. It should also provide a timely and accurate response to customers’/brokers’/partners’ needs and complaints, be able to accept various modes/currencies/frequencies of payments, etc.
4. Product quality
Leading insurers constantly maintain relevance to expatriates, ensuring that their products are competitive. They evolve their products to suit the lifestyle changes of its customers. Ask yourself this – do they provide flexible options such that customers can pick and choose what they need? Can they pay for just that, in terms of level and area of coverage? What is covered in the policy? How much is covered in the policy? Does the policy ensure that customers’ needs are met? Does it provide automatic renewal?
5. Premium competitiveness
International medical insurance for expatriates is a necessity. Premiums are usually higher compared to local health insurance due to the different types and levels of coverage offered. A good insurer will always ensure that you get good value for money. Find out whether the insurance company has a different price structure across each specific target audience. Do they offer any discounts on renewals? Do they offer family discounts? Do they insure your children (depending on their age) for free? If yes, how many children can be included? Do they offer no claims discounts? What is their premium increase over time?
Researching and selecting which insurance is most suitable for you and your loved ones is an extremely demanding process. Thus it is important that insurers are as clear as possible in their communication. This includes explaining the benefits clearly, using standard terminologies and definitions and keeping members informed of the rationale behind premium inflation. Also, ensuring information required by consumers to evaluate products is presented clearly in common format so as to facilitate easy comparison, having a clear claim procedure, etc.
At Expatmedicare, we recognize the qualities of a good insurance company. We work with major insurance companies, which have a proven track record in client servicing and are able to respond quickly in handling difficulties and claims. As an independent medical insurance broker, we are constantly reviewing and updating our portfolios of insurers and products to ensure that our clients will always receive the best.
You can visit our resources page to download forms, premium details and brochures from various insurers.