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Size, does it Matter?

 By : Ibrahim Al Rayes ACII, Chartered Insurer


In a country where you will find 61 insurance companies and almost 170 registered working brokers with a diverse population that descents from 183 nationalities, it is of course very hard to understand where, when and how you can insure your risks whether you are a corporate, small business or and individual.


As an insurance professional who have worked with major insurance companies and brokers in the past 18 years actively; underwriting risks, selling policies and managing claims in high volumes and frequencies, I have come to more than one conclusion and the most important one is size does not really matter. When we have placed risks as a broker, I have realized that my understanding of such theory is very true in many cases. The bigger the insurance company, the lesser chance you might get the privilege of better coverage or faster claims payment, of course this is not a rule rather than a common ground that big insurance company tend to practice when you are only representing a small fragment from their huge portfolio no matter how relatively small or big is your business, adding to that the operational hurdles that is caused by the size of their business.


What is the best approach then? Reputation of companies in UAE on how good or bad their coverage, is how restricted their underwriting guidelines are or how good they are in customer service and claims payment, is to a certain extent, well known to experts of this field of brokers and insurance professionals who have more than a personnel experience that can refer to. You may want to test the insurance company customer’s service on how fast they can answer their phone, how fast the can answer your insurance requests of quotations or how good their employees are on addressing your questions.


Always ask on the actual TAT of claims payment and the required documents and related procedures, if you think it’s too much, think twice before getting yourself into a company that will try to get away with claims payment and drive you out of your head whenever you have a need for fast & effective solutions to your service problems, which we at many areas face in this field.


If it wasn’t for good relationship managers or brave customer service representatives, it would be almost impossible to get a peaceful experience with your claims or even renewing a policy with the right cover.