Buying an insurance policy is not as easy as one might think. Insurance protection was once relatively simple; you had life and health insurance through your employer and homeowner’s insurance to protect your house. Auto insurance was there to protect you from car accident liabilities. Modern times have changed everything in the insurance industry. In this article, we will review PolicyGenius.
Consumer needs developed over time. People want more than the basics when it comes to insurance coverage. No one ever imagined that a person would need identity theft insurance or pet insurance, but now many people are looking for those types of products. Travel insurance is now something everybody needs to have in the luggage. Living now in the age of the pandemic, people are getting nervous about their insurance coverage. They are looking to find what they need to protect themselves, their dependents, and their property. Insurance is not like buying a new toy off the shelf.
It Requires Some Serious Thought
A person needs to think of insurance as part of overall financial planning. The coverage is meant to protect against an emergency or a calamity. A challenge that arises for any shopper is that insurance policies are not uniform: they vary from insurance company to insurance company.
Someone looking for insurance also comes under a degree of pressure. Insurance companies spend a lot of money on marketing campaigns, and it is no secret that many advertisements on television are from insurance companies. It is hard not to be persuaded by the endorsement of a celebrity or be seduced by the brand name reputation of an insurance company. The difficulty is that even though the marketing promotes financially stable insurance companies, the policy itself may not be what an individual needs.
It would be great if there was an informed way of selecting the best insurance product based on coverage and affordability. It’s even better if that same source is a disinterested third party that is concerned only with doing the best for a shopper. There is one place a person can go to get an informed selection of insurance products. It is PolicyGenuis.
What is PolicyGenius?
PolicyGenius is a web platform designed to help people buy insurance. This company is an insurance broker on the Internet. You can think of it as a one-stop-shop for all kinds of coverage needs.
Skeptics Insist on Reassurance
Internet commerce has had numerous flash-in-the-pan platforms. The web, throughout its history, witnessed dot.coms that promised a lot in the beginning and then folded. PolicyGenius is not one of these one-financial quarter wonders, but consumers can be justifiably cautious. They want to know a little bit more about the company, and here are some important things to know.
1. PolicyGenius is not a tech company
It is not a Silicon Valley venture that is staffed by computer wonks. PolicyGenius is an insurance agency. Algorithms do not guide the services and advice provided by PolicyGenius, but the professional knowledge of insurance people who understand the industry. There is no need to educate a PolicyGenius person about a product. That individual is already comfortable with the insurance language.
2. PolicyGenius is connected to some of the best insurance companies
While it is only six years old, PolicyGenius has developed relationships with major players in the insurance field. Mutual of Omaha and Prudential are just two of the companies with whom PolicyGenius interacts. What is important here is that this is not a captive agent. PolicyGenius represents a variety of companies. Anyone who uses this platform will be presented with several choices of insurers.
3. PolicyGenius is well-funded
Young companies require venture capital to make their mark in the economy. Much of the money goes to marketing, drawing the attention of both consumers and potential business partners. PolicyGenius has over $150 million in venture capital funding. This is more than any direct consumer agency ever raised in the insurance arena.
They do not manufacture products, and so the cash goes to creating visibility. The consumer and companies in the insurance industry receive notice of PolicyGenius’s availability. The company has a chance to introduce itself to the public and let people know that licensed insurance brokers are the ones that provide the service.
That is a critical point for a consumer to consider. Brokers are committed to a code of ethics that they must follow or lose their license. Insurance brokers are paid by the insurance companies and not the consumer. This means that the services provided by PolicyGenius are free. PolicyGenius is also able to sell insurance in all 50 states. Anyone in this country can use PolicyGenius.
Simple to Use
Nobody needs to be an insurance guru to work with PolicyGenius. It is an online service where a person can calculate the amount of insurance he or she needs, get immediate quotes from various insurance companies, and the application process is entirely online. If it is necessary to speak with an agent, then PolicyGenius has insurance agents available who will answer questions. The site also has information a consumer may use for better education about insurance.
Something we don’t like to say, but we must about insurance platforms. Many are little more than lead generators. They take your information and sell it to other insurance companies, who will then begin to annoy you with telemarketing contacts or direct mailings. PolicyGenius doesn’t do this and permits the consumer to interact with professionals.
It truly is a one-stop-shop. A person can compare quotes from various companies and decide which one has the best coverage. Once a decision has been made, the PolicyGenius platform allows a person to move forward with the process of applying for a policy. An agent is available to help a person with the application process.
Some Enhancements That are Part of PolicyGenius
Health issues can result in an applicant being disqualified. Insurance companies are very concerned with medical records and whether a person has certain health conditions. PolicyGenius will draft a cover letter to allow you to explain your health situation better. The platform also permits a consumer to talk directly with an insurance agent regarding any health conditions.
It does happen that an individual gets a higher premium rate than what was applied for in the application process. That higher rate comes from the insurance company, which has its underwriting guidelines to follow. PolicyGenius can help a person try to get a lower price.
It is called a reconsideration request. An individual asked the insurance company to take another look at the application and perhaps lower the assigned rating. PolicyGenius can also shop a person’s information with other carriers and see if there is a response. The person’s name is kept confidential; PolicyGenius only provides information and the reasons why a person was considered a higher risk.
Being Free of the Sales Process
Of course, one of the best benefits is the lack of sales pressure. You deal with an insurance agent if you wish to do that. There is no marketing or attempts to convince you to purchase a policy from one insurance carrier over another.
We do admit that insurance companies have the right to use marketing to persuade consumers to buy their insurance products. Unfortunately, the sales strategy sometimes gets out of hand. Buyers are often required to endure sales marketing maneuvers, which do more to obfuscate the purchase process than help. There are some advantages of PolicyGenius that will permit a consumer to concentrate more on the quality of a product.
- Absence of insurance language. The insurance industry has its terminology and phrases, which, though understandable to insurance professionals, don’t mean much at all to someone eager to get the right policy. The nice thing about PolicyGenius is that their information leaves out the jargon and focuses on issues that the average person can readily understand.
- You get what you need and nothing more. It is common for insurance carriers to allow people to buy multiples of the basic insurance policy. The PolicyGenius calculators take a person’s provided information and determines precisely what is needed and nothing more than that. Believe it or not, that’s an advantage.
The reason is that while buying two, three, or four times your annual income in insurance can lead to becoming “insurance poor.” You are paying premiums for more than you could need, and that is money that could be going elsewhere. PolicyGenius comes up with a coverage figure that meets the Goldilocks Test: not too much, not too little, but just right!
One Thing that Does Cause Concern for us is PolicyGenius Relies on the Big Fish in the Pond
They work with major insurance carriers, but the little guy appears to be left out of the picture. It is always to the advantage of the buyer. Many small insurance companies charge highly reasonable rates and provide excellent coverage. A smart shopper ought to be looking at all possibilities in getting the best insurance product.
People use PolicyGenuis because they do not know of a reputable insurance agency that can help them. Captive agents, insurance professionals who work for one insurance company only, will sell that company’s product and nothing else. It would be nice to know of an independent insurance agency that offers the kind of help and professionalism needed to get the right policy.
We Would Like to Introduce Ourselves to You
We are an independent insurance agency that puts the client first. We are not concerned with the commissions we earn but instead we concentrate on providing excellent service to you and meeting your various insurance needs. We believe that we can give you the type of attention you deserve.
Internet platforms are great for people who are in a hurry and only want one product. We admit the PolicyGenius is a great company and provides excellent service, but we add a little bit extra.
There are all kinds of products on the market. It is easy for any consumer to get a little bit confused. We take the time to explain what coverage will provide and what it will not. A person has a unique insurance requirement, and that is not always covered by the questions asked on an online platform. We encourage a prospective client to talk to us. We want to know what it is that a person believes to be important when it comes to insurance. While we will ask questions, these are intended to encourage someone to open up more about their insurance desires (don’t worry, this will not be an interrogation or a fact-finding mission on our part).
Emotional Intelligence is Needed to Develop a Relationship With a Client as well as the top 10 final expense life insurance companies
That is what we would like to do with you, and anybody else was an interest in our agency. We believe that a good rapport is going to be in the best interest of any client. Life insurance may not be the only thing that a person needs. There are other kinds of insurance someone needs for better financial protection. Our insistence on rapport helps in finding those products.
It’s because we develop a relationship where we can more accurately pinpoint what the client should have. The client, at the same time, feels more comfortable opening up to us because of the trust that has been nurtured over time. We take these associations seriously. We are fortunate to have clients who originally came to us for one insurance policy and now have a book of business with us. Those same people receive the same high-quality service we gave the first time.
You have a right to be skeptical about us and what we can offer. It is why we encourage you to check with the Better Business Bureau about us and look at the consumer opinion boards online. If you know people who have done business with us before, please feel free to ask their opinion of us. We believe that any scrutiny will uncover more about our high standards and reputable behavior.
We serve the client. Our goal is to get you to get the best insurance for your money, and we strive to make that happen. If you have any questions about what we can do, please feel free to contact us at your convenience. We would welcome the opportunity to be your insurance agent.