You need to be more specific with your question. Do you have an example?
They don't get much opportunity to be greedy on setting rates. It's very competitive. All you have to do to get a better rate is to be willing to fire your insurance company and go to one offering a better price. So I assume rates are not where you see the greed.
Claims paying must be where you have the problem. We can eliminate life insurance from that discussion because you are either dead or you're not. Not much room for error there.
Health insurance claims are fairly straight forward too. If you stay in your network and pay your dedictibles and co-pays...they pay the rest. Not much room for greed there.
Auto and homeowners has more room for grey areas when paying claims. So I assume that's where you are seeing things you consider greedy.
Ask a more specific question and we can help you more.
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
Insurance companies are established to manage “shared risk.” They are closely scrutinized by state regulators. Most businesses seek to reduce cost and increase profits. Most insurance companies operate on a very narrow margin. To do this they operate in a narrow band of acceptable behavior. This covers sales, underwriting, investing and claims. If you perceive that the companies are greedy they would contend they are protecting their policyholders and their shareholders. Don’t forget that they make promises that must be kept for decades.
.JPG){kind=avatar}
They don't get much opportunity to be greedy on setting rates. It's very competitive. All you have to do to get a better rate is to be willing to fire your insurance company and go to one offering a better price. So I assume rates are not where you see the greed.
Claims paying must be where you have the problem. We can eliminate life insurance from that discussion because you are either dead or you're not. Not much room for error there.
Health insurance claims are fairly straight forward too. If you stay in your network and pay your dedictibles and co-pays...they pay the rest. Not much room for greed there.
Auto and homeowners has more room for grey areas when paying claims. So I assume that's where you are seeing things you consider greedy.
Ask a more specific question and we can help you more.