This paper uses both quantitative and qualitative methods as
each research method has its own weaknesses and is somewhat compensated by the
other (Steckler A., et al, 1992). Quantitative data tends to be factual and if
enough numbers obtained, fairly representative of the population of which it
samples. It is used in this report to obtain information on consumer behaviour
and attitude towards insurance purchases and their agent if they have one.
Qualitative methods on the other hand sample a relatively smaller number of
participants as compared to quantitative; however it delves into the minds of
selected participants for deeper perspectives. Thus the selection of candidates
for qualitative research is of paramount importance and critical to its
success. In this report, leading industry professionals are interviewed for
their authoritative views of the research topics. Data from both methods may be
viewed as complementary (Jick T.D., 1979) and may then even allow for contrast
and comparison. There could also be unexpected uses uncovered when using
multi-methods research (Bryman A., 2006)
This paper aims to answer the following hypotheses:
‘Simpler’ general insurance products like motor, travel,
home, etc. will see increased traction towards online purchase instead of via
an agent.
The agent is preferred especially for complex products
that require financial needs analysis.
Most Singaporeans value quality advice over price
discounts when it comes to insurance
Despite online purchase options, the agent is still
relevant and important
People who are satisfied with their agent are less
likely to buy online
There is a functional relationship between demographics
and the perceived value of an agent
Technological Disruption in the Insurance Industry
In the earlier years of the internet, the practice of
purchasing financial products online was slow to take off due largely to
concerns of risk and security (Gerrard et al, 2006). Some were early adopters
but others decided to wait and see, depending on each individual’s personal
risk perception (Walker and Johnson, 2005, 2006).
As technology developed and internet security improved, new
distribution platforms were developed despite initial impediments (Dabholkar
and Sheng, 2012), together with new products designed for these platforms
(Sousa and Voss, 2009). Despite each platform having its own set of
characteristics (Laukkanen, 2007), they have completely altered the way that
customers engage with the companies (Patricio et al, 2003) and the relationship
between them (Black et al, 2002).
Today, the industrial revolution of the digital age is
underway and InsurTech (Insurance Technology) companies have set their sights
on the 300-year-old insurance industry. Such technology companies
have sprung up globally, disrupting the way things have been
done. The emerging technologies, together with customers’ expectations, are
causing the insurance industry to consolidate (PWC, 2018). Insurers used to be
working in isolation with few partners outside of the industry; today the
insurer that wants to stay relevant has to work in a complex partnership with
companies from various industries to provide a total customer experience
(Cebulsky M. et al, 2018).
In Singapore, the Monetary Authority of Singapore (MAS) is
the central bank and financial regulatory authority. With the advances in
technology and online security, MAS has embraced these changes and introduced a
FinTech Regulatory Sandbox (Fan P.S., 2017) to encourage innovation and
experimentation of new applications for the financial industry. This ‘balanced
approach’ allows FinTech providers to operate with relaxed regulations in a
controlled environment instead of the ‘real-world’ where more stringent rules.
This allows for creativity but ensures financial stability and consumer
protection.
From the early days, the insurance industry has been based
on a personal interaction ‘hi-touch’ model (Gera R, 2011). Insurance agents
(also called other names: Advisers, Consultants, Planners, etc.) are the major
distribution channel and often the main point of interaction between the
insurance company and the customer (Crosby et al, 1990). In recent years,
however, multiple alternative distribution channels have emerged due to intense
competition, the availability of applicable technology and the need to retain
customers and reduce costs (Jeyakumar N., 2017). One of such channels is
‘Digital to Customer’, where selected insurance plans are made available for
online purchase online via a mobile phone application.
In the initial years of the digital revolution, many
InsurTech companies set their sights to disrupt the traditional players of the
insurance industry. This has shifted gradually to collaboration; the technology
players have begun to see more benefits to work alongside the incumbents rather
than to go it alone in a ‘David versus Goliath’ fight. Instead of disruption,
InsurTech companies look to complement and enhance the insurance companies’
operations from securing transactions, improving efficiency and reducing
operating costs. Other InsurTech companies offer software that complements the
practitioners’ work such as Customer Relationship Management (CRM) and complex
modelling for individual analysis of financial needs.
Perhaps one of the greatest benefits from these recent
advancements in financial technology is inclusion. Using recent estimates,
there are almost 2 billion people living in poverty and some 200 million
‘micro’ small and medium enterprises (SMEs). These segments were previously
marginalised and do not have financial products readily available to them. With
high smartphone usage even in developing countries, financial services can now
be made available and affordable to these groups and potentially reducing
poverty with economic growth (Soriano M.D., 2018).
The insurance industry has been existent since classical
times and was well established around the 17th century. The majority of
policies were sold via intermediaries (insurance agents) as they may not be
easily understood by the public and highly intangible (Durvasula et al., 2004;
Tsoukatos and Rand, 2006), and these agents are typically the customers’ only
contact point with the insurance company (Crosby et al., 1990).
The cost of sale of an insurance policy is typically steep
and recoverable only after the policyholder has paid 3-4 years’ premiums
(Zeithaml et al, 1996). Thus it is imperative that customer retention and
satisfaction remains high, not just for distribution cost recovery; high
customer loyalty leads to opportunities to up and cross-sell (Lombardi, 2005),
increased referrals, and better overall financial performance (Moore and
Santomero, 1999. Diacon and O’Brien, 2002).
To achieve higher customer retention, quality service
levels, relationship, advice and integrity of the agent (Toran, 1993) are
critical factors (Slattery, 1989). Personal interactions with their insurance
agent and insurance service staff perception make up critical components of
brand loyalty (Soloman et al, 1985. Gro¨nroos, 1990).
Agent – Customer – Insurer Literature Map
There are 2 journals with relevant cases studies worth
analysing. Both were done in Europe; one in Ireland and the other in Italy.
Irish Case Study
A study was done in Ireland by O'Loughlin,
D. and Szmigin, I. in 2005. Their paper titled ‘Customer perspectives on the
role and importance of branding in Irish retail financial services’ explores
the customers’ perception of the functional and emotional factors when making a
financial services purchase. Although the research findings indicate that
consumers in Ireland place more emphasis on functional values, the researchers
highlight a lack of differentiation in the services and rates offered. Instead
of using emotional advertising messages, financial companies could add value by
focusing on the ‘people-based process’; providing superior advice, expertise,
service quality and flexibility.
Mediterranean (Italy) Case Study
Another
similar study was conducted by Petruzzellis, L., Romanazzi, S. and Tassiello,
V., 2011 titled, ‘Branding relationships in financial services: a Paradigm
shift in Mediterranean countries.’ Despite the availability of other channels,
Italians have a closer relationship with their financial services staff as
compared to the Irish; human interaction, familiarity and personable service
are much highly valued and feature strongly in the decision making process.
Amazingly, statistics from the Bank of Italy in 2017 shows that 40% of Italians
do not use online banking (Banca D’Italia official statistics website, 2017)
with many preferring to visit the bank.
These case studies illustrate that while functional values
are on the mind of the Irish consumer more than the Italian, it is still
beneficial for the company to focus on the service process. This is especially
so when the perceived risk of the product is higher; in such a situation, trust
in the brand and the advice of financial service staff is highly valued (Gill,
2008).
What about Singapore?
It is interesting to note that although both Ireland and
Italy are in Europe, the attitude towards financial services decision-making
show marked differences. This may be attributed to each country’s cultural
differences and practices. Culture is usually defined as a set of values,
norms, behaviour, etc. that is peculiar to a country, society, or group and
differentiate it from another (De Mooij, 2013. Giddens et al, 2016). These are
usually formed through socialisation (Ghemawat and Reiche, 2016) and influenced
by tastes, preferences and religion (Cohen and Varnum, 2016).
How will the Singaporean consumer attitude towards financial
services compare? Against the other 2 countries, Singapore is a young nation
(gained independence 1960s) with a diverse mix of people (Chinese 77%, Malays
15%, Indians 6%, Others 2%).
Hofstede Cultural Comparison for Ireland, Italy &
Singapore
From Figure 2c, we can see marked differences in some of the
dimensions. In Power Distance which marks social inequality and relationship
with authority (Bian and Forsythe, 2012), Singaporeans are the most accepting
of uneven power distribution in society and organisations (Hofstede, 1980b;
Hofstede and Minkov, 2010). Even more remarkable are the gulfs in the
dimensions of Individualism and uncertainty avoidance; Singaporeans abide by
rules for nearly everything in life!
Will the combination of high power distance, collectivism
and need for structure see the Singaporean consumer ‘give face’ and respect the
advice of their insurance agent? Or will the thriftiness and eye for a bargain
drive the Singaporean to online insurance channels to save on cost?
The final pillar of Globalization is the fast expansion of
the free trade liberalization and free labor mobility. Basically, the free
trade liberalization is divided into two mechanisms of negotiation such as
custom union and free trade areas schemes. For this reason, many academics
present strong claims in favor of free trade areas breaks down economic
nationalism and increases awareness of economic interdependence; that it makes
negotiation easier by reducing the number of international trade players; and that
it encourages the codification and formalization of rules and regulations
affecting international trade, making them more transparent and less capricious
and discretionary, if not always more liberal. Further, this paper argues in
favor of the idea of free trade brings more benefits to international trade
than regionalism. We asserts that if the number of trade blocs increases, then
trade welfare in the world trade will decrease. Moreover, two categories of
trade blocs are applied in this research (Ruiz Estrada, 2016). These two
categories of trade blocs, there are closed trade blocs and open trade blocs.
Closed trade blocs is based on the import-substitution
industrialization strategy under the infant industry argument. The
import-substitution industrialization strategy uses a common import tariff that
is a form of government intervention to protect the domestic industries and to
create a large market (Balassa, 1985). Closed trade blocs has observed a series
of phases in the process towards the creation of a single trading bloc. These
six phases are first phase is the preferential trade arrangements. Second
phase, the free trade area will eliminate internal tariff and non-tariff
barriers but not harmonize external barriers. Third phase is the Customs union,
which is trying to remove internal barriers and establish a common external
tariff. Fourth phase is common markets, which is formed by a customs unions and
where free mobility of labor and capital are eliminated. The fifth phase is to
establish a common currency and common economic policies based on an economic
and monetary union. Finally, nations can form a single state in a confederation
according to Lawrence (1996).
Open trade blocs were developed and promoted at the end of
the 1990’s. Based on trade liberalization or open market, it uses the
export-led oriented or outward oriented model. Contrary to closed trade blocs,
open trade blocs seek to eliminate all trade barriers and non-trade barriers in
the same region based on a minimal government intervention which is applied to
protect domestic industries from foreign competition. The open trade blocs as a
negotiating framework consistent with and complementary to GATT/WTO. But, as
they point out, ‘openness’ carries at least two different meanings: openness in
terms of non-exclusivity of membership; openness in terms of contributing
economically to the process of global liberalization than detracting from it
through discrimination. It is difficult to implement open trade blocs between
developing countries and least developed countries. This is because these
countries lack the same kind of economic, political,
social and technological conditions respectively. However,
it is inappropriate to argue that open trade blocs is the ideal scheme to
integrate middle income countries with low income countries in order to compete
in world trade (Ruiz Estrada, 2016).
In trade liberalization there is not only free mobility of
goods and services, but also the fast mobility of labor domestically and
internationally. In fact, the domestic and international labor mobility plays
an important role in the globalization process around the world. The demand and
supply of low and high qualified labor becomes more significant and volatile
through globalization process.
In the analysis of labor mobility in the
globalization process, we like to introduce a new concept is entitled “the post-modern-labor
mobility”. The post-modern-labor mobility is based on the opportunities of
better jobs, better knowledge and skills, high wages, social security, low
taxation, diversify public services under new migration and immigration schemes
for any worker. According to this research the immigration among different
regions has expanded exponentially in the past 30 years, especially in the
period 2000-2020. The growth rate of immigrats during this period was from 25%
to 35% worldwide. According to our indicator the immigration growth rate (ΔÐ)
results. During this period, the highest ΔÐ at the intra-regional level took
place in European Union –EU-, where the rate increased from 11% in the 2000 to
35% in the 2020. North America Free Trade Area –NAFTA- is second after EU with
its ΔÐ growing from 10% in the 2000 to 30% in the 2020. In this case, the bulk
of the ΔÐ originated from immigration from Mexico and Canada to U.S. In the
2020 Latin America witnessed a high ΔÐ of 45% where the ilegal and legal
immigration flows were into U.S. Asia had an ΔÐ of 25% in the same period. In
this case the immigration flows work oriented to Australia, China, U.S. and
Europe in order of (immensity) of immigration. For Africa (Sahara north part)
to Europe (Spain and France) the ΔÐ for the same period was 15%, where the
destination of immigration was Europe. Unlike EU and NAFTA, the orientation of
immigration in Latin America (LA), Asia and Africa is not regional but
worldwide (OECD, 2020).
From the above, it is clear that the trend of immigration in
LA, Africa and Asia is different from that of E.U. and NAFTA. Also the region
with the highest ΔÐ around the world is Latin America (ΔÐ of 35%), follow by
Asia (ΔÐ of 20%) Relating these observations to Globalization, could be seen that
in no limitation to mobility of goods and services, foreign direct investment
(FDI), and labor mobility around the world. The high ΔÐ in Latin America (LA),
Asia and Africa is due to high levels of unemployment, constant growth of
inflation rate, constant depreciation of exchange rate and slow per-capita
growth (resulting from imbalance distribution of wealth). All these negative
factors can be considered the basic reasons these regions (LA, Asia and Africa)
are unable to retain their full domestic labor in these regions. In other
words, the above mentioned factors were the underlying reasons for limited
domestic
labor demand in LA, Asia and Africa. These factors jointly
result in small output production (GDP) in these three regions. Moreover, the
small output production (GDP) in these three regions have been based on limited
basket of agriculture products (coffee, fruits, vegetables and raw materials)
and manufacturing products (clutches and electro-domestics) with low added
value that fetch low prices in the international market that constitutes the
push factors for immigrations out of the regions. Additionally, LA, Asia and
Africa a phase with several common problems in their domestic labor supply
structures: basically, only a small percentage of the population has the
opportunity to obtain a tertiary education, and even this small percentage of
population cannot be absorbed completely by the domestic productive structure
for employment. This surplus in labor supply pushes down the wages for all. In
the short term this factor generates low productivity and non-efficient
allocation of resources (financial resources, human resources, and natural
resources) and production factors (labor –L-, capital –K-) in the domestic
productive structure. The overall scenario is that Developing countries and
LDC’s in LA, Asia and Africa cannot absorb their own surplus domestic labor. In
the long run this surplus domestic labor start to search for new opportunities
in large countries or regions with high output of production (GDP) and where
they are offered high income, social security, working environment, jobs
prospects, and jobs security.
Finally, we try to figurate the impact of Wuhan-COVID-19 in
the international trading and labor mobility in the case of China and the rest
of the world. We assume that any massive contagious epidemic diseases such as
Wuhan-COVID-19 can affect the exports of China worldwide severaly and
unemployment (jobs diversion). Subsenquently, the drops of China exports can
generate a large imported inflation to the rest of the world respectively. At
the same time, we assume also that exist a high possibility that any imported
product from China can carry the Wuhan-COVID-19 and generate a considerable
increment in the number of Wuhan-COVID-19 infected cases and deaths.
Additionally, we can perceive also that the Wuhan-COVID-19 can generate symptom
of psychosis from a large number of worldwide buyers to getting infected by the
Wuhan-COVID-19. Hence, the free trade liberalization is going to experience a deep
transformation after Wuhan-COVID-19 with new challenges under new trade
regulations and non-tariff barriers such as heavy sanitrary standards and large
physiosanitary controls to avoid possible increment of Wuhan-COVID-19 infected
cases globally. On the other hand, we can assume that the Wuhan-COVID-19 can
stop the domestic, regional, and global labor mobility in China for the long
run. This is possible to observed in the case of Wuhan, China until now. The
quarantine from Wuhan-COVID-19 is blocking a massive number of workers to
return its jobs in another provinces of China. The negative impact of
Wuhan-COVID-19 can stop easily the intra-regional-workers mobility under
unfixed period of time. At the same time, the same labor inmobility can
generate a massive
unemployment under different prefectures, cities, and
regions of China dramatically. We can confirm that the level of unemployment in
China is directly connected to the period of time that the Wuhan-COVID-19
continues active. In the case of Wuhan-COVID-19 can generate a possible
unemployment rate (2020-2021) between 6% and 8% in the short run according to
our preliminary results and calculations in research papers done before.
The second
pillar of Globalization is the development of massive transportation systems
and the development of information communication technologies (ICT’s)
mechanisms resulting in the use of advanced hard technologies (hardware) and
soft technologies (software). The massive transportation systems and ICT’s
sector uses technological innovative tools such as large massive, heavy, and
powerful transportation systems (large airplanes, fast trains, heavy ships, and
long highways), Internet services (Web), sophisticated software and hardware
systems, satellite T.V., GPS, and satellite
mobile phone
systems. These tansportion abd ICT’s enable quick accessibility to people
mobility and information exchange and hence, easier people and business
interconnectivity. The present advances in the massive transportation systems
and technologies have come a long way since the third industrial revolution
(internet, energy, and new financial systems). With advanced massive
transportation systems and technologies, new Research & Development
(R&D) systems, methods, models, and tools emerged, which in turns led to
expansion in the centralization of world production (the largest manufacturing
center of the world as China) and business (free trade promoted by U.S.)
However, the above benefits of massive transportation systems and ICT’s
revolution are mainly enjoyed by developed countries and less proportion for
developing countries. This observations are based on the high concentration of
production, massive manufacturing, better income distribution, large
infrastructure projects, sufisticated technologies, opportunity of low and high
qualified jobs, amongst developed countries. Therefore, developing and least
developed countries continue to be highly dependent on developed countries
under the scheme of high dependency on the high raw materials demand and cheap
labor for their manufacturing and consumption goods needs.
However, the
role of Massive Transportation Systems and the Development of Information
Communication Technologies (ICT’s) play an crucial role to support any massive
contagious epidemic diseases crisis such as Wuhan-COVID-19 through the
mobilization and communication of masses in case of a possible massive
quarantine. Recently, we can observe in the case of Wuhan-COVIN-19 that the
major contagious cases are originated from massive transportation systems
especially airplanes and transoceanic cruises that many people can expose
easily to any virus subsenquently. This research proposes a basic premise that
the present massive transportation systems are highly responsible of the fast
spread of massive contagious epidemic diseases globally. The best example is
the fast spread of Wuhan-COVID-19 infected cases worldwide can show an
exponential behavior, it is originated from the large number of flights
connections and the size of airplanes that can carry a large number of
passangers anytime and anywhere. In the case of transatlantic cruises can show
more large number of Wuhan-COVID-19 infected victims than any massive
transportation system. In fact, the massive transportation systems are
responsible of the masive global tourism expansion and inter-continetal labor
mobility easily and effciently. At the same time, the masive global tourism
expansion and inter-continetal labor mobility makes of our world more
vulnerable to get any massive contagious diseases epidemic faster than before.
The first
pillar of Globalization is the institutional, legal, and political reforms
based on less public sector participation into the market. The institutional
focus is supported by the idea to reduce the government participation into the
market under the argument of unnecessary bureaucracy barriers. The elimination
of unnecessary bureaucracy barriers uses the mechanism of privatization (free
market) based on the sale of assets from the government (production plants and
public services) to the private sector. The sale of government assets to the
private sector assumes a better performance of public goods and services under
the statement of high productivity and better public services and products. The
mission of privatization is to look for an efficient allocation of resources
into the market of any country under the private sector full control.
The new
institutional approach and deep legal framework and political reforms that
constitute the first pillar of Globalization is based on less government
participation in the market. The idea behind the reduced the government size is
that exists an unnecessary bureaucracy can create the non-efficient allocation
of the production factors. The elimination of the unnecessary bureaucracy is
implemented through the mechanism of privatization, where public goods and
services are sold to the private sector. The sale of government assets to the
private sector is assumed to give rise to higher productivity and better
products to the consumers. This is in line with the mission of privatization,
that is, to achieve efficient allocation of resources in any economy. However,
this new political and institutional framework is supported by the strong
promotion of democracy (more participation of the civil society to selects its
leaders and authorities in a fixed period of time) and human rights
respectively.
In
counterpart, we can see that the intervention of government plays a crucial
role in any massive contagious epidemic diseases crisis such as Wuhan-COVID-19.
The private sector cannot handle so heavy social resposability and allocation
of human and material resources to implement a large quarantine under strong sanitary
measures, public hospitals, medical and nursing staff, medical equipment,
rescue groups, and security in case of a massive contagious epidemic diseases
such as Wuhan-COVID-19 according to recently events. In fact, Globalization
needs to integrate a new politica, legal, and institutional framework reform
that can help to find new mechanisms and schemes in integrating the public
sector and private sector together in cases of any massive contagious epidemic
diseases. This new scheme can be called “Post-Integral-Globalization”. This new
scheme permit the fast implementation of mechanism and policies (Ruiz Estrada,
2011 and Ruiz Estrada & Park, 2018) to prevent and control possible
eventual massive contagious epidemic diseases anywhere and anytime. The Post-Integral-Globalization
includes the possible joint of research and development for medications and
medical treatments, controls and monitoring systems of epidemics,
private-public parthnerships scheme, and different mechanisms of cooperation
domestically and institutionally.
In the past two months’ we experience some of the worse
worldwide massive contagious epidemic diseases such as the Wuhan-COVID-19. The
Wuhan-COVID-19 is spreading unstoppable globally (WHO, 2020). According to
different academics from different fields of research (medical, pharmaceutical,
economic, political and social view points) have explained the evolution and
negative effects of the Wuhan-COVID-19 on the world economy. Different types of
research have been developed and applied to understand and evaluate the
Wuhan-COVID-19. All these studies permit to have a better understanding of
Wuhan-COVID-19 from a multi-disciplinary perspective (economic, political,
medical, biological, sciences, social, and technological). In our research, the
single disciplinary analysis is not enough to explain this massive contagious
of Wuhan-COVID-19 worlwide. For this reason, this research suggests the study
of Wuhan-COVID-19 requests a multi-disciplinary analysis to understand much
better the trend and multiple negative effects on different societies and
regions around the world. Hence, this research proposes that the Wuhan-COVID-19
crisis is part of the darkness side of the Globalization. Therefore, the next
section of this paper is interested to give us a general overview of
Globalization respectively.
An Overview of the Globalization Pillars
In the past thirty five years, the whole world has been
experiencing dramatic changes in different areas such as economic,
technological, political and social changes. Many intellectuals in different
research fields in economics, sciences, politics, technology, and sociology
refer to these fast changes as “Globalization”. Globalization started as a
common word among certain high specialized intellectual groups in the 1990’s,
with reference to the dynamic integration and the fast development of new soft
technologies (knowledge and software) and hard technologies (machines and tools
or hardware). Together with the development of massive and accessible prices
transportation systems, mobile telecommunications, and high speed internet.
Subsequently, the uses of the word “Globalization” started
to expand worldwide, until it became used into our common vocabulary. It is no
longer a special vocabulaty used by historians, economists, political
scientists, technological scientists, and sociologists. It is regarded to as
the most relevant socio-political-economic-technological revolution until our
days. Probably, there is no other word that can better define the fundamental
challenges in the post-world modern socio-economic-political-technological in
the end of XX and the beginning of XXI century than “Globalization”. But it was
not until the 1990’s that globalization made its formal consolidation
worldwide. Furthermore, Globalization is a dynamic, complex, and
multidimensional phenomenon taking place simultaneously in different levels and
transforming the way to see and analyze political, social, economic and
technological events in different parts of the world. However, Globalization
embodies particular pillars to support
It is
discernible from the different phases of this paper that as far as
Globalization is concerned, there have been a limited number of studies related
to massive contagious epidemic deseases and Globatization. Such a constraint
compels Globalization as responsible in the genertion massive contagious
epidemic deseases such as Wuhan-COVID-19 worlwide. The weaknesses of
Globalization requests a deep reform on its three pillars such as the
institutional, legal, and political approach of Globalization (institutional
and political reforms); the massive transportations systems (standards sanitary
controls and planning implementation) and the development of information communication
technologies (ICT’s) (full liberalization); the free trade liberalization and
labor mobility (the manufacturing production descentralization from China and
jobs creation in different continents). The above, being the general conclusion
of the paper that led to the high responsibility to the weak pillars of
Globalization in the fast spread of Wuhan-COVID-19 according to this research
utos are without a doubt genuine marvels of designing. In any case, with more vehicles on the streets now than any time in recent memory, it is vital that each of us knows about its effects on our surroundings. Whether you claim or lease an auto, whether you have a standard or extravagance auto, there are things you can do to spare cash and decrease vitality use, CO2 emanations and contamination.
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One of the first steps in looking for the best insurance
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Once it is time for an insurance plan to get renewed, the
majority of folks are likely to settle for the new rates that they're given
without asking any questions. Even if the new rate could be the best rate that
they may find, a lot of people do not take some time from their schedules to
look for a better rate. Sadly, this is not always the most suitable practice
for people that actually want to save money on their family's budget. In truth,
it is within this period that individuals have a chance to reduce their monthly
expenses quite significantly. To illustrate, once the new policy renewal comes
in, among the first things that every individual requires to do is begin looking
around for multiple quotes. A lot of people highly recommend securing a minimum
of three insurance quotes from multiple providers to compare. Before you start
this process, however, it is very important for everyone to remember that these
insurance quotes can only be compared accurately when the features of the
insurance plan are the same. Meaning if the individual is aiming to secure a
quotation for an auto insurance policy, they have to request the exact
deductible amounts from each company in order that computations will be
identical. If that recommendation is not followed, the best rate could be based
of lesser coverage.
Go for a Lower Insurance deductible When Inquiring about
Insurance Quotations
In addition to comparing quotations from multiple
organizations, another wise way of managing monthly insurance payments is to
choose lower deductibles. Lower deductibles will automatically lower the value
that individuals are required to pay each and every month. However, before
these amounts are changed significantly, it is necessary for the covered person
to know that this amount comes out of the pocket first whenever a claim has to
be filed. So, it is very important for individuals to take into consideration
their insurance deductibles very carefully prior to signing the documents.
Inquire about Insurance Quotes Discount rates that Policy
owners Qualify for
The insurance coverage rates for policy holders can vary
greatly from one to another. This is because the amounts for each person can
differ dependent on several types of discounts. One of these may involve buying
multiple type of insurance policy from the same company. Because insurance
companies are attempting to get as much business from the customers as they
possibly can, such a discount may be a win win for both the client and the
insurance provider. Another common discount that some people may or may not be
familiar with is discounts for those who take defensive driving courses in case
of automotive insurance. The reason being these programs teach their students
how to make good driving decisions, as well as avoiding accidents. Each
discount can help to lower the payments a bit or a lot so it's essential for
individuals ask about every type of discount offered, especially if they need
to get the maximum benefits.
Conclusion
If you are thinking to invest in a fresh insurance policy
for one's vehicle, home or other items, you can acquire the ideal rates
possible by looking around in advance. Even in the event the insurance policy
comes up for renewal, it's a sound practice to revisit the insurance policy
rates so that you can still get the ideal deals. Furthermore it is worth noting
that many professionals in the industry can offer great ways to get one of the
best quotes. Several of which includes, obtaining multiples quotes from
different companies, choosing lower deductibles, and asking about additional
discounts.
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In fact, no matter if you have been in business for quite
some time, or you are new to the real estate industry, the risks you face
daily, from errors in closing costs and payoff amounts to failing to meet
client expectations, make you a major target for lawsuits. Even if you are
cleared of all claims, the fees spent on defense, the time spent away from your
business, and the added stress of dealing with the situation can prove costly.
Without the right coverages, real estate agents may put their professional and
financial future on the line.
Also, it is the title industry's role to safeguard the
client's escrow and other funds by providing a means for the secure transfer of
their real estate in the industry. If an error or breach occurs during this
transaction, the agent is held accountable for damages incurred resulting from
the error or breach.
Title Agents Errors and Omissions Insurance protects title
agencies, including the escrow agent, closing cost agent, title searcher, and
more, against the impact of a lawsuit incurred as a result of title agents
omissions and errors and fraudulent wire activities.
This insurance covers all costs suffered as a result of an
emerging lawsuit claiming alleged errors in the title documentation process,
including title searches and escrow. Under this coverage, the insured is
compensated in the event of final settlement up to the policy limit, as well as
compensation for defense costs.
Title Agents Errors and Omissions Insurance Under the
Fidelity-Pak Program
Title Agents Errors and Omissions Insurance Coverage under
the Fidelity-Pak Program provides a wide range of comprehensive errors and
omission coverage for real estate title agents, including:
Claims related to defect or deficiency coverage
Sometimes the real estate process can become damaged due to
a defective or unmarketable title, also known as a title defect, which means
there is an omission, error, or other complication related to the ownership of
the property that makes it unsuitable for sale to a valid buyer.
Typically, as part of the settlement process under a
contract of title, the buyer will pay the title company or attorney to search
the title to the property to ensure the seller has a valid and marketable title
to transfer without title defects to protect the buyer's right to the property.
However, sometimes important details related to the property are not recorded
in state and county records, which prevents certain information from being
known, which puts the agent at risk.
The claims related to defect or deficiency insurance covers
claims related to defect or deficiency claims resulting from a deficiency or
defect not recorded in public.
Consumer Financial Protection Bureau Matters (CFB) Coverage
The Consumer Financial Protection Bureau protects consumers
from abrasive, unfair, or deceptive practices and takes action against
businesses that break the law, such as predatory lending.
If a consumer files a complaint against your company with
the CFPB, and upon investigation, the CFPB decides that your company has indeed
violated federal consumer financial laws, it could result in a court
proceeding.
The Consumer Financial Protection Bureau Matters Coverage
assists with costs incurred as a result of Consumer Financial Protection Bureau
matters. Under this coverage, Insureds receive up to $150,000 sub-limit
coverage for relevant attorneys' fees, costs, and expenses, including civil
investigation, hearing, subpoena, or civil action conducted or received by the
CFPB.
Claims Caused by Independent Contractors
The claims caused by independent contractors insurance
covers Insureds against a claim caused by independent contractors.
Occasionally, you may need to hire an independent contractor
to assist you in your real estate business. During these times, it is important
to verify that the contractor is covered by insurance, which will cover damages
if the contractor's errors or accident causes damage.
Prior Acts Coverage
Title Agents Errors and Omissions Insurance covers prior
acts coverage is a feature of liability policies that extends the coverage of
insurable occurrences to dates before the purchase of the policy. In other
words, it covers the time between when services are provided and when claims
are filed as a result of those services. Under this coverage, all claims caused
by wrongful acts following the retroactive date and before the end of the
policy period are covered.
Fraudulent Email Wire Transfer Coverage (Third Party)
Under the Fraudulent Email Wire Transfer Coverage,
compensation is paid on behalf of the Insured, those sums insured become
legally obligated to pay up to $1 m for a covered loss as a result of an employee
transferring escrow funds from an account of the Insured in dependence upon
fraudulent email instructions relieved from a criminal claiming to be a lawful
party to the transaction.
For more information on Title Agents Errors and Omissions
Insurance, contact Riebling Insurance Agency, a leading commercial insurance
firm specializing in Title Agent E&O insurance for both small and large
companies, at RieblingInsurance.com
