Does Covid Affect the Choice Between Boutique and Big Income Protection Insurers?

Does Covid Affect the Choice Between Boutique and Big Income Protection Insurers? 

Since they are in the business of pricing and evaluating risks, insurance companies were severely impacted by the coronavirus pandemic. Yet, the economic fallout from the crisis could ignite a positive change in the insurance industry and pass on the benefits to prospective policyholders.

Insurers are evaluated on how well they handle claims during catastrophes, crises, and other disruptions. Therefore, the speed and quality in which each claim is handled during a catastrophe will underpin the success of each insurer and the outcome for the policyholder. As we head into a post-pandemic economy, boutique firms like Aspect Underwriting combine a wealth of industry expertise with a personalised approach which allows them to keep pace with rapid changes and tailor policies accordingly.

Conversely, the big firms comprise a sprawling bureaucracy, and although they can have greater financial and human resources, they tend to offer shelf-policies that lack the specificity of boutique insurers.

Their policies can also fall short of how much income they are willing to cover in the case that you become injured or ill at work and cannot earn. Whereas with income protection cover from Aspect, you can claim up to 85% of your monthly income; allowing you to rehabilitate and provide for your family with confidence.

For your personal insurance needs, here are few advantages of working with a boutique income protection insurer:

Personalised Service 

Understandably, many prospective policyholders want to speak with the same person as they work towards purchasing coverage. Boutique insurers provide this and have the expertise and bandwidth to guide each policyholder through their terms and conditions clearly. They are also predicated on tailoring policies to reflect the specifics of your individual risk and that then filters through to the premiums, to ensure that you won’t pay for what you don’t need. The shelf-policies offered by many larger firms are littered with exclusions, complications and premiums that are superfluous. The up-sell culture is rife but with a renowned and boutique company like Aspect, your policy will reflect your circumstances and offer you the most appropriate coverage, something you deserve if the unexpected was to occur.

A One-Stop-Shop for All Insurance Needs:

Different types of insurance can be necessary to meet your lifestyle needs. With a boutique insurer, you can conveniently shop for all your insurance needs in one place and change them over time. Bespoke insurers like Aspect offer a variety of comprehensive insurance policies like: accidental death insurancetrauma insurance and total and permanent disability insurance. As opposed to visiting a variety of agencies to compare prices and benefits, you will talk with one agent regarding your insurance needs as they present the best options to you.

Advocate for the Customer:

Many big insurance companies are bottom-line focused and, as result, are apprehensive of setting precedents that could lead to a raft of payouts. This blinds them from the needs of the customer and the actual merit of their claims. However, boutique agencies adopt a needs-based approach for the customer and their success runs contrary to that of the big firms – they can only grow in size and reputation if they are advocates for the customer and their claims.

Aspect Underwriting are experts in the area of accident & health insurance, offering clients the ability to create and purchase customised cover online. By protecting Australian families with a high level of service, detail and coverage, Aspect has had a tremendous influence on the insurance industry since 2016. We focus our efforts on delivering maximum value and reliability. Receive a quote today and see what sets Aspect apart.

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