The cynic behaviour of the public towards
insurance policies may be misunderstood by both parties, most especially when
the issue of trust is the anchor.
This is a sector in which every party
involved is carrying one form of risk or the other. Interestingly is the
measure to which the risk is underwritten.
Invariable the insurance companies need’s to
stay afloat, so the need for the pool of funds from the insured. For the
insurance savvy public, it is a sigh of relief as the risks and fears is been
shifted to the firm in anticipation of a damage, loss or disaster.
This brings to mind the tale of a marketer
and a prospect ‘John was prospecting an acquaintance and it took a funny turn.
John was trying to get Mr. Randolph to renew his motor insurance policy. Mr.
Randolph reminded John of his carefulness in driving and sees no need to renew,
having been driving for over 6 years without a single scratch’
Situations like this are common and it takes
a knowledgeable mind to understand that risk also could be an eventuality.
On the other hand, what happens to the
insurance firms who collect such funds in trust of fulfilling its own part of
the obligation, should the eventuality occur and pay claims duly?
Paying of claims is also a risk the firms
would be taking as the veracity of damage/ claims have to be investigated. This
cup of milk has not always gone down well with claimants, as they get furious
on such statements.
From a close view, the pool of funds belong s
to every of its client and it is the duty of the firm to ensure these funds are
properly disbursed.
As for Mr. Randolph, on his way home from
work that same day, a truck ran into the vehicle behind his and that run into
his , denting the entire boot of his car.
He came down fuming. Right at that moment he recalled to have just
renewed his insurance with John’s firm. He frowned to the car owner behind him
and inquired, “I hope you’ve got insurance”.
