The Managing Director (MD) of Hollard Insurance, Mr Daniel Boi Addo has entreated the public to ask exhaustive questions and conduct due diligence before purchasing insurance.
According to him, most buyers of insurance make purchases through third parties and end up blaming insurance companies if their claims are not paid to them.
“A lot of people have refused to learn about insurance and rather send their drivers and younger brothers to buy insurance on their behalf and some even do not ask any questions on what third party insurance is or questions on the package they are buying,” he said.
He noted that many people are unable to collect claims because they do not pay attention to the policy or ask questions when buying the policy.
Daniel Boi charged the buying public to read and learn more about the insurance package they are buying.
He stressed: “Even if it'll take you a week to finish reading the fine print, do that and know what you're covered against so you’re not surprised when collecting claims.”
Appearing on the YLeaderboard Series hosted by Y107.9FM’s Rev Erskine on the Myd Morning Show, the Hollard MD also addressed some misconceptions of insurance.
He admitted that insurance buyers have had problems making claims in the past “but know that insurance has grown in the past 20 to 30 years. We now have a regulator who ensures our work is up to standard and that we do right by our clients.”
Mr Daniel Boi Addo added that the scope of insurance marketing has evolved to word of mouth, stating that: “and if you refuse to pay rightful claims, it will do you no good. Also I think many people do not understand the promise of insurance. There are policies that regulate the engagement between the insured and insurers and under what conditions losses are paid.”
He described insurance as not Corporate Social Responsibility (CSR), noting unrightful claims will never be issued to clients.