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To whom should I buy my insurances?

Year 2020-Crucial and challenging in the insurance fiel

9 November,2020

Lorem fistrum por la gloria de mi madre esse jarl aliqua llevame al sircoo. De la pradera ullamco qué dise usteer está la cosa muy malar.

Lacking of information sometimes induce us to make wrong decisions, some of them because we believe in a relative´s or friend´s recommendation, others because according to our past experiences, we choose what we consider right. Most of the time, the consequence of those decisions do not really affect us, but when it is in relation to the protection of our patrimony, health or the financial continuity of our family, the theme changes.

When we speak about insurance, in general the idea that comes to our mind is a loss or a natural disaster, a traffic accident or the problems with they are related, but, what is the definition given by the Spanish Royal Academy of the word “insurance”?, The Academy defines it as “free and exempted of risk”, “certain”, “firm or well attached”, and one of the most important is “something that does not fail or offers confidence”.

When we invest in an insurance, we automatically feel protected and with illusion that, even though something happened that we do not want, we have an alternative to face it, but, have you thought on whom have you deposited your confidence? In the 30 or more pages of the document we sign and which was given to you to safe or in the person who sold you the insurance?.

As we just read the Spanish Royal Academy defines the insurance as something that “does not fail and offers confidence”. In Costa Rica we have a regulated market (by SUGESE) which indicates that the insurance papers you sign (contracts) are reliable, but what do you know about your “insurance intermediary”?

The article 19 of the Ley Reguladora del Mercado de Seguros, indicates the following in relation to the insurance intermediation: “The insurance intermediation activity includes the merchandising, offer and in general, the acts led to the issuing of an insurance contract, its renewal or modifications, the execution necessary to process a claim and the advisory given in relation to those contracts.”

This paragraph clearly describes what we must expect from the insurance intermediation services, not only because it is the way it is offered to you, but why is the legal responsibility which those people have, but who according to the law are the ones authorized to exercise this function? The same article indicates exactly that: “The real insurance intermediaries are the insurance agents, the insurer companies, the broker insurance companies and the broker of the latter”, knowing this, we see that there are several options to get advisory in the purchase of an insurance, but how to know if my intermediary is well prepared and who is responsible if he/she is or not well prepared? It is important to know because it is relevant for the information that we are going to receive to make our own decision.

This is included in the same law which defines the insurance brokers, the insurer agencies and the agents. First of all, they are dedicated to offer advisory in the insurance selling and their remuneration is to get a commission over the premium you pay, it means that such cost is included in the payment of the insurance, the second point is that the responsibility with you is different, the Insurer companies respond for the agents which they are credited and the broker companies respond for the insurance brokers, each one has a responsibility to be sure that their advisors have the technical faculties and enough experience to offer you a product. And at the end the most important point is the difference marked between both of them, the insurance agent´s figure can only sell insurance for an insurer company, the insurance brokers, could offer you advice for the insurance purchase in all the insurer companies around the country.

The insurance brokers have the obligation to compare the best options for the clients (a minimum of 3) and to represent them in front of the insurer company; they also keep knowledge of the market trying to offer the best conditions in benefit for the clients, their preparation is more than only knowing the product and to wait for the insurance company response in case of a claim, because of his/her obligations, he has constant experience in the different insurer companies which permits him/her to have different ways to see the insurance- both technically and commercially with the purpose of offering the clients with a quality advisory and with the compromise of recommending the most adequate product.

You must be sure that you have the right to be well advised because you are paying for it; it is the same cost if you buy the insurance directly to an insurer company, of to an insurance agent or to an insurance broker. The difference is the advisory quality and the aggregate value which could any of them offer.

In conclusion, it is necessary to have insurances that help us as tools to eventually recover ourselves from a loss or damages, but remember, it is only to have one, but that you know and have the peace that it is the indicated, and to be sure that when you would need it, it is going to be useful. It is important to be always accompanied by a quality insurance intermediary.

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