It’s not hard to find life insurance companies, no matter what part of the world you happen to live in. The difficult part, if you’re interested in purchasing coverage, is finding a trustworthy organisation that ticks all the right boxes, including competitive prices, good customer service and an efficient claims process.
If you’re looking for the inside track on the global life insurance industry, including tips on how to evaluate the big names in your part of the world, the information you seek can be found below, organised in an easy to digest format.
How to Evaluate the Big Names in Life Insurance
Depending on where exactly you live, there may be one or more life insurance companies whose names you’re familiar with already. We’re talking about venerable organisations with decades or centuries of insurance industry experience and a wide portfolio of life insurance products. The hardest task when evaluating such organisations is separating fact from fiction, or to put it more plainly, marketing myth from commercial reality.
The best way to evaluate life insurance companies with well-established brand identities is to focus on the following factors:
- Public Image – Large insurance companies carefully curate their public images. You can gather many useful clues about a major life insurance company’s approach by studying its public image. TAL insurance, for example, has a reputation for fast claims processing (and also boasts the highest claims acceptance rate in the industry).
- Word-of-Mouth Recommendations – Large organisations have powerful marketing divisions, which is why word-of-mouth recommendations are invaluable when evaluating large insurers.
- Product Portfolio – Even big life insurance companies tend to focus on certain demographics and a particular range of policy options. Examine product portfolios to determine whether individual organisations are a good match.
- Customer Service – Whatever your policy requirements are, first-rate customer service will enhance all future dealings with your chosen life insurance provider. Award bonus points for 5-star customer support when evaluating big-name insurance firms.
By focusing on these factors and rating companies according to how they perform in each area, you can form an objective opinion of the big players in the life insurance industry where you live.
Evaluating the Unknowns
The evaluation process for life insurance companies that don’t have an instantly recognisable name is broadly similar, with the exception of public image. In the absence of a recognisable public image to consider, we recommend studying online reviews for hints and clues. In many cases, it’s possible to establish a well-informed opinion through careful study of long-form reviews.
Closing Thoughts on Choosing a Life Insurance Company
Whether you decide to do business with a big-name insurer or take a chance on a lesser-known organisation, due diligence is always important. Check licensing details, solicit opinions from trusted friends and colleagues and study quotations with care. Finally, always take the time to chat to company representatives as their manner and approach will provide more useful clues that help you reach the right conclusion.
