Home  Personal-Finance Trusting The Relationship Between Insurance Companies And Their Customers
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Trusting The Relationship Between Insurance Companies And Their Customers |
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Written by SusanReynolds
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Thursday, 10 December 2009 |
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Insurance companies lately try very hard to use marketing campaigns in ways that make customers feel safe and relaxed. This is because insurance is a complicated and intimidated business, and even with it being easier than ever before for customers to get quotes and company comparisons, people still find ways to be afraid. In some ways this fear is only natural. After all, when you get a quote online, you're giving the company a lot of personal information. When spammers and other exploiters of personal info are so common, it's hard not to be suspicious about anything or anyone that asks for details about you as a person. However, insurance companies have their reasons for doing this. If you understand where they're coming from, maybe you'll feel better about working with them.
by SusanReynolds
Insurance companies lately try very hard to use marketing campaigns in ways that make customers feel safe and relaxed. This is because insurance is a complicated and intimidated business, and even with it being easier than ever before for customers to get quotes and company comparisons, people still find ways to be afraid. In some ways this fear is only natural. After all, when you get a quote online, you're giving the company a lot of personal information. When spammers and other exploiters of personal info are so common, it's hard not to be suspicious about anything or anyone that asks for details about you as a person. However, insurance companies have their reasons for doing this. If you understand where they're coming from, maybe you'll feel better about working with them.
While the fear of having your personal data sold on to other parties is a legitimate one, there is largely no need to worry in most cases with reputable auto insurance companies. Any company that is serious about their business will realize that selling the data they collect is not in their own best interests in the long run. If they sell that data it will be found out, and they will lose the trust and respect of their customers. Losing customer loyalty is bad for business. By keeping customer information private, they gain more trust and customer loyalty. Reputable insurance firms understand this fact.
If you're still uneasy about giving insurance companies your information, stop for a moment to think about the consequences on their end. Insurance is a highly regulated industry, the government has a lot of control over what goes on in it. What do you think would happen if an insurance company leaked personal customer information to outside parties? Very, very bad things for the company, that's what! They would lose their customers, and eventually their business, by breaching that bond of trust.
Each state has laws protecting residents from unscrupulous business activities. However, common business sense usually rules in deciding how personal information is handled. Expect insurance companies to want to communicate with potential customers about promotions, new products, and enhancements. Sharing information with affiliates should be spelled-out in the insurance company's privacy policy. A person should be given an opt-out and instructions about how to opt-out of receiving marketing-related communications. Beyond the enterprise, it makes little sense for a company to sell personal information to third parties. The insurance company would not want to sell it to a competitor, and the insurance company would not want to be responsible for what happens after selling information to an outsider.
Even rotating through customers isn't enough to sustain an insurance company. Not in today's market! Bad reputations spread quickly online, for one thing. For another, the government is likely to crack down on any company that abuses its position in the industry to the detriment of the general public.
Awareness about how a company intends to handle the quote is an important step in avoiding problems. Many people are reluctant to provide Social Security Numbers and Driver's License Numbers online. In the case of an existing policyholder the insurance company may already have this information unless a pending change involves different drivers. This sensitive information is used by the insurance company to access databases to verify identity, obtain driving records, check claims history, and the like. All of this verifying and checking is necessary to limit the company's risk, but it is not necessary to get a quote. Some states don't allow obtaining information from a credit reporting agency for quotes. But when a person wants to purchase a policy, renew, or make some types of changes to their policy, then the inquiries are made.
Many people like to make their auto insurance decision knowing what the cost would be. A company's potential customers and existing customers can conveniently get quotes for different coverage options and levels of coverage merely by supplying the relevant information. When people are served better, and the insurance company has greater potential for new business, the results are a real win-win. In the end, there are no motivating factors that would make a legitimate insurance company want to risk alienating customers by not protecting their personal information.
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