Thinking of switching insurers?

Just as with anything else you spend money on, you have the freedom to choose where you spend your money and insurers are no different. If you can get a better offer from another insurer, there is no reason not to switch, but you have to do it the right way to ensure you do not lose out.

Maybe your premium has increased, or you gave in to the persuasion of a friendly call centre agent who offered you a better rate, or perhaps you recently upgraded your household and now you are ready to switch insurers.

Switching from one insurance provider to another often involves a tedious process reliant on waiting for broker proposals, Mishaya Chettiar, executive head at Everything.Insure, says.

“In addition, many consumers are unaware of what can happen, such as the common pitfall of switching insurance and cancelling the old policy before the new one is in place, leading to a coverage gap. If an incident occurs during this gap, it will leave you liable to cover the costs or unable to claim for lost goods.”

For many consumers switching insurance providers feels like an overwhelming task, marked by lengthy phone calls, tedious paperwork and the looming fear of gaps in coverage.

However, Chettiar says, breaking free from the conventional hassle is simpler than you might think. Here are three practical ways to alleviate the headache associated with switching insurers:

Smart comparisons for informed decisions on insurers

Chettiar says considering those persistent telemarketing calls promising cheaper insurance rates, you must remember that while the allure of cost savings is undeniable, making decisions solely based on price can lead to gaps in coverage.

A smarter approach will be to ask for a detailed comparative quote, he says.

“Digital marketplaces now enable consumers to compare multiple quotes based not only on price but also on coverage details, excess payments and insurer ratings. This ensures a clearer understanding of policy features and benefits.”

Taking the time to explore beyond premiums empowers consumers to find insurance that not only fits their budget but also meets their specific needs, Chettiar says.

Streamlined transitions with digital brokers

Moving from one insurance provider to another often involves a tedious process reliant on waiting for broker proposals. Embracing the digital age, consumers can now turn to platforms like Everything.Insure, where the convenience of digital service operates beyond traditional working hours, Chettiar says.

“Choosing the right digital broker is important. Look for one that offers both digital convenience and human support when needed. This modern approach not only streamlines the process but also puts insurance control back in your hands as the consumer.”

You do not have to wait for others to complete paperwork as you can switch insurance companies quickly and efficiently through user-friendly digital interfaces.

Continuous coverage with digital marketplaces

A common pitfall when switching insurance is cancelling the old policy before the new one is in place, leading to a coverage gap, Chettiar points out. “Imagine the stress of leaving your property uninsured during this transition period. To avoid this, you must ensure your new insurance coverage begins before the old policy expires.”

Digital marketplaces play a vital role in this process, enabling swift product and insurer switches. Chettiar says with just a few clicks, you can switch without the need to requote with multiple providers. This ensures uninterrupted coverage, offering a hassle-free solution during transitions.

Chettiar emphasises the importance of insurance for peace of mind and protection against unforeseen events. “Despite the perception of switching insurance as a hassle, following these simple steps ensures a smoother process. By incorporating these insights, consumers can navigate the insurance landscape with ease, enjoying the best of both worlds: digital efficiency as well as human support.”

The era of cumbersome insurance switches is fading away and with smart comparisons, digital brokers and the efficiency of digital marketplaces, consumers can seamlessly move between insurance providers.

Chettiar says consumers should not let the fear of complexity deter them from exploring better rates, superior service and improved coverage. His advice is to approach switching insurers strategically for a stress-free and rewarding experience.