A cold call changes insured’s life
18 Jan 2022
Sharing a real claims story: What can a professional and reliable insurance consultant do for you?
Everyone who buys insurance pays attention to claims, because the result of a claim being settled will tell the customer whether their insurance really “insured” them.
Today, YG Financial Services will share with you a real claim settlement story. After reading it, you will understand how important it is to have a professional and reliable insurance consultant.
Neville Greedus is an electrician who has been in the business for nearly 40 years. One day in 2016, he received an unexpected call from an insurance consultant named Anand Srinivasan, who wanted to meet him to discuss his insurance. Greedus had previously bought insurance, but the insurance advisor at the time had never contacted him again. He had been hoping to lower his premiums a bit, so he met Srinivasan.
Insurance consultant Anand Srinivasan
Image source https://www.goodreturns.co.nz/
During the interview, Srinivasan analyzed Greedus’ individual family circumstances and advised him to purchase an insurance solution that included loan and income protection insurance, total permanent disability cover and critical illness insurance.
“I initially insisted on lowering my premiums, but the whole package he suggested was solid,” Greedus said later. “I agreed.” He did not expect this meeting to completely change his life later.
In 2018, Greedus injured his shoulder at work and required surgery, which was denied coverage by ACC at the time. Fortunately, he had insurance and his insurance consultant helped him claim for the first time. The claim was approved in less than a day. During the surgery however, it was discovered that Greedus had prostate cancer. To make matters worse, it didn’t take long for Greedus to have another minor accident and, shortly after, need knee replacement surgery.
Unfortunately, Greedus can no longer work and earn money to support his family now, but thanks to the insurance he purchased, he has been paid hundreds of thousands of dollars in claims. He can enjoy high-quality surgery and care, as well as retaining his family’s house and retirement savings. All saved.
Greedus said that he would be struggling if it were not for his advisor and insurer. Of his insurance, he says:
“It takes all the thoughts of how you are going to survive and the stress and worry away – so it’s well worth having.”
He also talked about the relief of having a good insurance consultant:
“Asking questions does not cost money. Talk to a broker, ask them for claims examples. Ask how does your broker perform when it comes to a claim?” “If I had to make the claims myself, I probably would have fallen over.”
In light of this true claims story, let’s take a look at what a professional and reliable insurance advisor can help clients do.
- Choose the right insurance products and solutions
In real life, especially when there is no claim to be made, many people are likely to feel that insurance premiums are high and insurance is not cost-effective. Therefore, a common topic of discussion with insurance consultants is how they can reduce insurance premiums, and when clients receive a recommendation to add insurance products, they will shake their heads. But just like in this case study, a good insurance consultant will recommend the specific insurance products and solutions that are most useful to the client and tailor a solution that really is in the client’s best interests.
Insurance consultant Srinivasan said it is important for advisors to be prepared, to know their business and, most of all, to listen. In the above case study, Srinivasan said of his interaction with his client;
“It was very important the products and solutions worked for him, his previous insurer would not have paid him a single dollar.” “Insurance is designed to pay and we made sure he was not financially insecure. I also warned Neville that ACC may not cover his claim but that his insurer would pay.”
In this case, the solution recommended by the insurance advisor was not cheap, but it ensured that the client had the right coverage. The purpose of insurance is to provide protection and pay claims when the customer needs it. No matter how low the premium is, if it cannot provide customers with correct and complete protection, or if in the event of an accident it is impossible to have claims approved, then isn’t this kind of insurance more wasteful?
- Represent clients and file claims with insurance companies
A professional insurance consultant will play an important role in the process of claim settlement. They will judge whether a claim can be settled in certain situations, and will contact the insurance company in time to assist customers in sorting out the accurate information they need and upload it to the insurance company’s claims department for review. They will also follow up on claims from time to time to protect the rights and interests of customers.
YG Financial Services has recently helped make the process smooth and stress-free for clients needing to apply for claims of $37,500 and $29,000 in insurance benefits. These settlements surpassed the customers’ expectations.
- Regular policy review for clients
In the case study from this article, the insured, Greedus, bought insurance before 2016 but the insurance consultant at the time never contacted him again and did not once conduct a policy review. If this had continued, Greedus would not have been able to get the coverage and claims he needed after his accidents.
Policy review is an important part of insurance follow-up services. If a policy review cannot be carried out in time, insurance may be end up having been bought in vain in many cases. For example, a client recently wanted to see a specialist, only to find out that her medical insurance had already been cancelled because the deduction was unsuccessful for one year. She had had no idea of the situation. This medical insurance was originally purchased from a bank, and no one checked it for her after purchasing it. Then, right when she needs to see a specialist, she finds that the insurance policy is no longer available. Now, when contacting YG Financial Services to re-purchase medical insurance, there are some added exclusion clauses in her new policy due to the increase of age and changes in physical condition since first purchasing insurance. Such a thing could have been avoided if there had been a regular policy review by a professional insurance advisor at the time.
A professional and reliable insurance consultant will contact customers every year for a policy review to protect customers from risks. In addition, I would like to remind everyone again that even if you did not purchase your insurance from YG Financial Services, you can still ask YG Financial Services to check the policy.
This is why YG Financial Services has always emphasized the importance of talking to insurance advisors on a regular basis. As the insured said in this case study, “Asking questions does not cost money. Talk to a broker, ask them for claims examples. Ask how does your broker perform when it comes to a claim?”
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