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Press Releases & News
| October 01, 2008 09:14 |
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Short-term insurance for the over 50 market
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Providing the over 50 market with short-term insurance services, whilst presenting some challenges, does bring with it the benefits associated with servicing a more discerning and ‘market savvy’ clientele. Creating an environment conducive to providing them with the expertise they deserve is therefore essential.
The over 50 demographic within the short-term insurance industry, for both insurance intermediaries and underwriters, is an attractive one. Clients falling within this age category are, generally, more established and responsible, therefore posing a lesser risk. They take the time to safeguard their valuable possessions properly, both in terms of insurance coverage and security systems, tend to spend more time at home and drive more responsibly.
“Although there are always exceptions,” says Helen Szemerei, director of insurance services at the IntegriSure Insurance Group of companies, an authorised financial services provider offering specialised short-term insurance and other products for niche markets, “the risks often associated with insuring the younger market, such as being away from home for extended periods, spending long hours on the road driving to clients and being out late at night, are significantly reduced.”
Another advantage is that this market tends to be more informed in terms of the insurance options available to them and what these do and do not entail. They appreciate the necessity of investigating the different product options and are sufficiently experienced to realise that there are often cover sacrifices involved when paying a lower premium and that deductibles, such as excess charges, need to be carefully considered beforehand.
This market is not as susceptible to media indoctrinisation and recognises that there is no ‘one size fits all’ solution when it comes to insuring that one is adequately covered in the event of a mishap. “The possessions this market has accumulated over the years mean a great deal to them. They have worked hard to get where they are and want the peace of mind associated with knowing that they will not be adversely affected, financially, should they be involved in a motor vehicle accident or suffer a burglary,” adds Szemerei “Having a comprehensive insurance needs analysis conducted is therefore important to them.”
The risks associated with insuring this market relate more to the issue of age and the health-related difficulties often associated with aging. The benefits of insuring this demographic far outweigh the risks though and ensuring that there is no claim payout cross-subsidisation assists significantly in terms of being able to offer this age group comprehensive cover at affordable premiums.
Providing these clients with additional, value-added services, such as emergency medical assistance, a 24-hour health advisory facility, access to roadside emergency help and mechanical or electrical breakdown support are also effective in terms of safeguarding their well-being and thereby managing premiums. “Insurance intermediaries and underwriters with the appropriate market footprint and necessary expertise recognise that the over 50 insurance market is a unique one to service,” concludes Szemerei.
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