Deductibles And Premiums – This Is Far Too Difficult To Work Out, Surely There Must Be An App For That!
Pretty much every insurance product in the marketplace will have a deductible and a premium. The deductible can best be explained as the amount of money an insured person will need to pay towards a claim before their insurance kicks in. Therefore, if your deductible is $100, but your insurance claim is less than this you will have to pay for the insured event out of your own pocket. Premiums are simply the payments you will have to make on a monthly or annual basis towards your specific insurance product.
“Deductibles” is an app created by ClearRisk Inc. The app is mainly aimed at insurance professionals, but can also be used by consumers to see if they are getting the best deal and to ensure that the calculations for their insurance product have been made correctly. The app is basically a calculator which will help you to ascertain the right combination of deductible and premium to ensure that an insurance product presents the lowest cost of risk.
The app is aimed at insurance agents, brokers and companies, as well as risk managers and anybody involved in the insurance and risk industry. You will need to enter some basic information, most specifically an insured person’s claims history, and then the app will give the most optimal cost of risk. You can then decide the best combination of deductible and premium for a particular client.
What Else does it do?
The app will help you to make the right calculations and then print off reports. You can determine the best terms for a specific client, based on their personal circumstances. Deductibles can often be confusing for those who don’t deal with insurance on a daily basis and the app can illustrate the best deductible option in a way that can be easily explained to a client.
The app will demonstrate several different deductible options at the same time, which makes it even easier to explain to a client why one would work better for them over another. This is also a great way to gain a client’s trust. Most people are typically a little sceptical of insurance and insurance advisors, but you can use the app to show them that you are helping them to find the best rates and overall price.
The Deductibles app can be found in the Business category of iTunes and is completely free. It is compatible with iPhone, iPad and iPod touch and will require an operating system of iOS 3.2 or later. The latest update made certain changes to the user interface making it easier to navigate around. There was also a tutorial video added, which reflects the latest changes that have been made to the app.
The major factor that most people typically wish to know about an insurance product is the price and any additional costs that the insured person may have to pay. This app calculates everything for you and can help you to find the most cost-effective options for your clients.
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The author of this post, Alistair Donning, is a part of the mortgage insurance team at Canada Life Insurance. He has a keen interest in developing competitive mortgage strategies and enjoys sharing his ideas via blogging.