In every industry, there are secrets waiting to be unveiled. Unfortunately, in the world of insurance in Manila, the secrets were already known by all. Sometimes the assured knows more than i do! And sometimes the insurance
companies themselves revea
l tricks of the trade to their potential “big shot” clients just to get that immediate sale. This is not good for the industry, because insurance should be prudent and transparent at all times. Most of the time, agents now are being gauged by how dirty can they get to fix impossible claims or how good a frauder an agent can be! This is very sad. Even in this small insurance industry, politics is still very present! We should really change this scenario, today is the best time! Our President PNoy, said so, “tumuloy na tayo sa tuwid na daan!” Tricks of the trade can harm everyone in a bigger picture and on the other hand can also help everyone. If we have quality insurance companies, the entire insuring public will definitely benefit from it. Lets all grow up and think like a first world!
Insurance should protect and secure the insuring public whether individual or corporate accounts. It shouldn’t be manipulated by anyone.
What are the famous insurance tricks of the trade?
1. 0% participation- there is no such thing as 0%, whether in bank interest or insurance participation! Somebody or someone is paying for it. Either direct or indirect. Somebody sacrificed for it. because nothing is free these days! its all about marketing.
2. Buy 1 take 1- this is crap. With the cut throat rates we have now? How can this be possible? There is a catch for sure!
3. Vandalism- Everyone knows this even the insurance people. Unfortunately, the only solution to this is per panel participation fee.
If you know something that
i don’t? please feel free to comment.