Insurance, like any other industry that should accommodate to market changes, has evolved and will continue to evolve.
The word ‘insurance’ is usually tagged to technical terms and conditions. Hence, people tend not to follow insurance updates, and would only show interest when being approached by an insurer, or at the time of making claims, or when significant headlines and news catch their attention.
By simplifying insurance terms and conditions, InsuredR will support you in:
- understanding the needs covered under each policy;
- making you aware of the alternatives and add-ons that might improve your protection;
- comparing the options in each type of policy (for example, third party motor insurance policy vs. all risk motor insurance policy); and
- explaining the basic terms, and table of benefits (Table of benefits are considered the summary of cover, yet there is a tendency to skip certain terms).
In addition, InsuredR will shed light on the necessity of major clauses that you will need to read before signing.
It is not uncommon for you to forget what was discussed with an insurer and what was explained by the insurer after signing an insurance policy. What is clear and valid is to always read before signing.
Our simplifying terms will help, but what will help you more is to seek clarification from an insurer of what is not understood (for instance, written questions will provide you with a written explanation that you can refer to at any time).
Adding to the above, we will explain the reasons and the understanding of having certain benefits and exclusions in policies so that you’d become more aware of the rationales behind it. As much as they need to protect you, insurers need to protect themselves and their overall clients’ interests too.
Have a topic or terms that you would like us to simplify? Send us an email at [email protected]