Insurance? What the shak? – Beshak | Term Life Insurance

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Why Insurance turns you off?

What’s the immediate thought you get if I said this blog post is about The Top 10 reasons why XYZ Parivar Suraksha is the best term plan ever?

Um. Let me guess…You rush to your favorite corner in your house, get some coffee, and get ready to binge the content? You bookmark this post to read it at leisure? No? The higher probability is that you may actually go duh, and ruthlessly swipe yourself out from this page.

A question for you.

How many products or services can we both agree have the potential to buy you peace of mind, enable a good night’s sleep?

If you forget all your prejudices for a moment and take look with a fresh perspective, Insurance was a noble idea.

People exposed to a financial risk get together to form a group or a community. They contribute funds into a pool. The pool now takes care of the financial risk for each community member.

Isn’t it still the same? The insurance industry pays millions of claims that aggregate to multi-billions of dollars every year, saving families and businesses from getting into a financial soup.

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People argue that products are complicated. But there is no dearth of information. There are hundreds of websites with tons of information, technology-powered aggregator portals that personalize your quote, compare each benefit, condition in the policy contract.

Then why does Insurance still make us nervous as users? or put us off?

As per consumer research conducted by LexisNexis in 2017
– 37% do not trust Insurance companies and agents.
– 29% consider policies difficult to understand

Here’s my story

I have now weathered a good 15 years (!) in the insurance industry, but when I was younger, every marriage, a social function was about distant family members losing attention as soon as they knew I was from the insurance industry. Got those weird, nervous looks, as if I was going to ask them for a loan, worth half their net worth. I understood what social distancing is way before you guys 🙂

I was envious of my doctor friends. People of all ages had a glint in their eyes wanting to be friendly with them, get advice (free), sharing their health problems.

For the clarification – I wasn’t interested in selling, but I could have very well solved a problem or two, instead of killing time staring at my mobile screen?

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What was the difference?

As someone who’s been in this industry for a good time here’s why I feel insurance turns many of us off?

  • You have been forced to buy a policy you didn’t need.
  • You have heard only bad things about insurance with people, in the news. Big deductions. Claims rejected, etc.
  • You get a picture of a pesky salesman annoying you to buy a policy.

Photo by Caleb Woods on Unsplash

What else? I would love to hear your views in the comments section below.

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Mahavir Chopra
Online Insurance (aka #insurtech) since 2005 | Chartered Accountant | Ex. @Coverfox, Marsh, EY | Writes for ET/Mint/MoneyControl/Business Standard
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