COVID-19 brings out the real ‘personalities’ of the life and health insurance companies
Showing their true colours
I can vividly remember from my days as a Chief Executive, during team building sessions, learning from behavioural psychologists and personality testing practitioners, that the “real” personality and behaviours of an individual emerge when a person is under stress.
Not all insurers are created equal
Life and health insurance companies are no different. They all have their personas and at the present time, under this sustained period of stress, it has been interesting to see (without mentioning specific names) their “real” personalities emerge, as opposed to their cultivated public images.
It’s been notable that each insurer has assessed, evaluated and responded, in its own way, to the unquantifiable risk posed by COVID-19, and taken the requisite action with respect to whether they announce additional financial hardship grounds via premium holiday and policy suspension (and the terms that apply), any change in underwriting rules, availability of products for new applications or whether any covers are temporarily deferred until such time as the emerging scenario with COVID-19 becomes clearer.
Note to insurance advisors
So, it’s been an interesting time to observe the reactions of all the insurers to the current situation. The astute insurance adviser will have taken all this information aboard and will be fully aware of the nuances of each insurer’s approach.
The best of times and the worst of times
At the best of times, insurance can all be a bit daunting, confusing and scary for individuals, especially when one considers all the different products, the multitude of insurers, the various options available and then try and compare insurance quotes. The current COVID-19 pandemic has overlaid yet another tier of complexity with regard to how insurers are presently underwriting any new applications, managing existing clients, amended their products and how they are responding to the inevitable financial hardship that will result from the current situation.
Insurance specialists are worth their salt
It’s more important than ever to work with a respected insurance specialist who is able to assist clients to navigate their way through the insurance “jungle”. It’s what we do!