COLLABORATION IN THE INSURANCE INDUSTRY: What it means for your business.
One very interesting feature about the Insurance industry is the level of CO-OPERATION and COLLABORATION amongst the firms
Whether it's Royal Exchange(my spec), Mutual Benefits or Allianz... In most cases, whenever there's an account that is so large that in any of an accident the payout would force the company to close shop... They don't refrain from insuring you/your business rather, the company would accept and then behind the scenes, your account is broken down into smaller bits and shared amongst several other Insurance companies..
That's why these companies are able to pay claims of hundreds of millions and is still standing...
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If I pay someone a hundred thousand Naira out of the blue today...I doubt I'll sleep well this night?
Another scenario: If your vehicle has comprehensive(total) insurance by a firm & then Johnbosco came from no where with his third party insured vehicle (insurance to pay only for damages you cause others) and he hits you...
Your options..
- Johnbosco goes to his insurers with your details and they pay you
OR
- You go to your insurers, and they pay you
BUT NOT BOTH!
Immediately one of the company's receives a claim, they notify the others & advice them not to answer you for the same accident.
If you try, you'd only be embarrassing your village people.
Now, imagine what this level would mean for your business...
Increased production, purchasing or service capacity?
Easier and more effective marketing?
Or maybe something negative like
Reduced capacity to dominate your market.
Share your ideas in the comment section below.
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