There are many insurance companies out there that are all vying for you to avail of their products that it can be confusing to find out which one is perfect for you. If you can relate, we got you covered. Listed below are some tips that will be helpful if you are looking for the best insurance companies in Singapore.
Without further ado, let’s start:
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Check out the insurance company’s history
When deciding for which insurance company to get your insurance coverage from, it is important to look past their advertising material and delve deep into the company’s history. Of course, every insurance company will have something good and appealing to show on their marketing strategies. The information that you need to see cannot be found in their tailored adverts, but rather on the track record of the insurance company. Look up how many years the insurance company has been in business, the amount of clients that they have, and the insurance types that they offer.
Another important thing is the claim to settlement ratio of the company. You can generally find this information on insurance regulatory boards. Respectable companies will also offer this information, along with their insurer ratings on their own website. The claim to settlement ratio is important since it will allow you to have a quick look on whether the company actually pays out to their insurance holders or not.
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The price of the insurance and your budget
Although you should not cheap out on your insurance policies, signing up for one that is out of your budget is one of the worst things that you can do. If you get an expensive insurance policy that you cannot afford to pay, you will have to compromise on your other expenses or skip out on paying the insurance. Either way, you will lose out.
Getting an affordable insurance will be better for you in the long run, since you will be able to comfortably pay for its monthly premium without having to worry about running short of cash. Ensure that the insurance provider you end up picking provides an insurance with a pricing model that suits your personal budget. This will keep you from overshooting with your expenses.
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The size of the company
The reliability of an insurance company will ultimately depend upon its size. Look into the important figures like the assets of the insurance company, their market share value, as well as their growth ratio. By doing this, you will be able to assess if the insurance company has the ability to fulfill the claims as stated by your insurance policy in case you need to make a claim. A big company is also more reliable, and you will be rest assured that they will still be around by the time your insurance plan matures.
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The insurance provider’s quality of service
The quality of service that the insurance company provides is another important aspect of deciding on an insurance provider. One way of finding out the quality of service they provide is by calling the insurance provider themselves. See how they treat prospective customers who call their line. Is the insurance company open to responding to your questions, whether on a phone call or personally at their office? You might be wondering about the importance of this, so let us shed light on the fact. It is inevitable that you have to make a phone call to your insurance company, especially if you have to make a claim. If they are hard to reach, you will have a hard time sorting out your insurance, especially on events where you have to act fast such as accidents, hospitalization, etc.
Do they provide you with a customized insurance offer based on your needs, or are they just giving you a generic sales pitch without even knowing your financial situation? These are a few of the common factors about quality of service that you should be aware of before making any decisions regarding your insurance.
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Reviews and complaints about the company
People normally overlook this part of researching for the company, since they feel like the reviews and complaints are not really accurate. However, even though some of the complaints and reviews in an insurance company might be isolated scenarios or planted by their competitors, you must still read them. You can easily distinguish planted reviews since they tend to be repetitive and gives unreasonable low reviews. Pay attention only to the in-depth reviews and ignore reviews that don’t make sense.
Additionally, an insurance company with a lot of clients will surely have a lot of reviews that will dwarf the fake reviews. If a company has no or little reviews, it means that they don’t have a lot of clients. This will certainly provide you with a good idea with regards to which insurance company should you consider and what you should avoid.
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Get recommendations from your friends or family members
Deciding on an insurance company at this time might not be easy due to the sheer amount of insurance providers out there. In case you are still having difficulty in choosing an insurance provider on your own, you can get help from a reliable member of the family or a good friend who is proven to make good decisions regarding insurances themselves. You can also make use of your network to find good insurance agents in your area who might be available for a consultation.
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