SWITCHING INSURERS? WHAT TO EXPECT WHEN YOU MAKE THAT CALL

Wednesday, March 11, 2015

 

Access to digital media and telecommunications services allow consumers to investigate a multitude of products, brands and competitors. Consumers therefore have the power at their fingertips to compare and switch from one brand to the next.

“Online comparison websites make it easier for South Africans to compare prices and assess the quality of products on offer,” says Derek Wilson, Head ofHippo.co.za.

But what actually happens when you choose an alternative insurance provider and contact your existing insurer to cancel?

  • You will (in most cases) be referred to an advisor in the retentions department.
  • The advisor will request that you disclose your reason(s) for cancelling – this is not compulsory as it is at the client’s discretion.
  • You will also be asked to disclose which insurer you are switching to.
  • The advisor will then do a security check, refer to your policy background, and request to double check your cover.
  • If you are cancelling due to a cheaper premium, the advisor will attempt to reduce the existing premium, dependent on your risk profile.
  • If you cancel due to service or claims related issues this may be referred to a manager for further investigation and to address concerns.

It is important to note that insurance service providers are legislated to adhere to a client’s request, should the client insist on cancelling their cover.

“If you are looking to compare prices and benefits or change your current insurer, Hippo.co.za provides an online, free to use platform where consumers can compare from a range of SA providers,” says Wilson, “You could also save an average of R427* per a month on your car insurance by comparing and switching insurers.”

 

 

Established in 2007, hippo.co.za is South Africa’s leading comparison website that helps consumers save money by comparing a range of SA providers across financial products such as car insurance, home insurance, life insurance, medical and more. Hippo is free to use and saves consumers the time and hassle of shopping around for the best deal since the Hippo.co.za website instantly retrieves real-time quotes from the different providers using the latest Internet technology. At least 8 out of 10 people could save an average of R427* per month on their car insurance.

Hippo.co.za makes money by simply charging its partners a fee when a customer chooses to find out more about their products. The results consumers see, and the order in which they are presented, is in no way influenced by the fee hippo.co.za charges its partners or any other factors other than the price of the product being compared.

 

For more information, visit us on www.hippo.co.za, connect with Hippo on LinkedIn, like us on Facebook, and follow us on Twitter, and YouTube.

Hippo Comparative Services (Pty) Ltd is an authorized financial services provider (FSP number: 16357).

*Based on a representative market research survey conducted by Kaufman Levin Associates, on behalf of Hippo.co.za in May 2014. Risk Profile Dependent.

**References:
http://storebrands.info/consumers-willingly-switch-between-brands-based-price
http://www.nielsen.com/us/en/insights/news/2013/the-price-is-right-incentives-that-stimulate-switching-behavior.html



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