When looking for health insurance, there are multiple ways to go about it. You can go through the insurance companies directly, but we recommend you use an insurance broker. Here’s why.
This is really the bread and butter of insurance brokerages. The simple premise of insurance brokerages is that they are a one stop shop for all of your health insurance needs. By utilizing a single brokerage, you can compare various plans and prices from many insurers in a single spot, with minimal effort. Not all brokers are created equal, however.
Some people may think that avoiding using a broker will cut out the middle man between them and the insurer. In the minds of some, any extra layer created in their business transactions are unnecessary and a hindrance to efficiency. In reality, an insurance broker ads an extra level of customer service for their clients. Brokers are on the side of their client when dealing with insurers, and can really be good at breaking down the insurer’s point of view and policies for the insured. This can greatly increase a individual’s understanding of not only their policy, but of the behind the scenes operations of their insurance provider.
Many people will look at the structure of an insurance broker and assume that prices offered will be higher than if they go to directly to an insurance company. After all, insurance brokers need to raise that price a little bit to make money, right? Wrong. In actuality, the insurers make enough of a margin off of their members that they can actually afford to spare some of it for what essentially works out to being a ‘finder’s fee’, with the finder in this case being the broker.
In the end, the broker makes their money off of the insurance companies, and not their clients, yet it is client happiness with their service that will ultimately increase revenue long term. What’s more, insurance companies recognize that an insurance broker is essentially a marketplace on its own, where people compare offerings from various insurers all at once. As such, not only do they offer the same prices to brokerages that they would if in contact with a prospective client directly, but they will even present brokers with better prices in order to stand out among their competitors.
Not only do insurance brokers make purchasing insurance more convenient for you, they also provide convenience to you after you have purchased your health insurance plan. By always standing by to answer questions, process claims, follow-up with the insurer and more, purchasing your medical insurance through an insurance broker oftentimes adds value to their members that the insurers simply cannot guarantee. We can’t speak on behalf of all brokers, but Pacific Prime is committed to providing every member with a dedicated point of contact that will provide these services.
As a continuation of the above point, insurance brokers allow you to be more efficient in your personal life by taking away the various headaches and hassles of dealing with insurance companies. No more tracking down your insurance agent regarding your recent claim, no more shopping around for insurance policies at purchase or renewal time. Your broker presents you with options when you need them, and our team works behind the scenes to make sure your insurance policy works for you in an efficient manner.
One thing that is inherent when it comes to insurance itself is peace of mind. Simply by possessing a quality insurance plan that addresses your needs, you can eliminate any worries about what might happen to your finances if some catastrophic illness or injury affected you or a member of your family.
Well, with an insurance broker, you not only have this peace of mind, but also the peace of mind that you have found the right plan, because your broker will have already presented you with the best options from insurers available to you. Additional peace of mind is given by the support of a your insurance broker’s office staff, who will be able to take care of much of the minutia that you might have to do yourself without them.
We’ve mentioned it above, but it’s worth it to point out what kinds of valuable insurance advice your broker can provide you. Beyond providing plan and price comparisons between insurers, brokers can also get into the details about the specifics of a given policy to ensure that you do not overlook items like exclusions and pre-existing conditions in the fine print.
What’s more, due to their relationships with insurance companies, you broker can give you the lowdown on what you can expect from an insurer when it comes to whether or not they will settle a claim, how long the process might take, how much premiums may rise in the coming year, etc.
Pacific Prime Hong Kong has been providing impartial insurance advice to individuals (including locals and expats), families, and businesses of all sizes for over 20 years. If you would like to see for yourself all that Pacific Prime Hong Kong has to offer you, contact us today!
