Car Insurance of the Future
Car insurance companies spend millions of dollars in advertising – working to lure us from one company to another. The daily bombardment of promises of lower rates, better service, and more rewards becomes quite old after a while. Don’t you grow tired of all those television commercials? Wouldn’t it make sense for someone to develop a forward thinking car insurance business model of the future with the following characteristics:
1) Anyone seeking the lowest car insurance premium for predetermined policy criteria should be able to submit a “profile” to any number of car insurance companies (or a third party company). This profile would contain all the relevant information needed in order to write a policy.
2) Every so often, each of those car insurance companies (or third party) should review your profile and if desired, offer you their lowest premiums for a predetermined policy.
3) The outrageous amounts of money currently being spend on advertising could be redirected to the cost of reviewing individual profiles – and the money remaining would of course lower the premiums and increase the shareholders wealth.
4) In essence, each of the car insurance companies would be in a perpetual state of competition for your business. And they would be doing the work - not us. After all, they already know their "fine print".
5) Essentially, you would have any number of car insurance companies working for you at all times – making sure you’re paying the lowest premiums for a given policy and risk profile.
Feel free to offer any comments – maybe this idea is already in practice but I’ve been unable to snoop it out? :)
E Lawrence Welch
Car Insurance Snoop
1) Anyone seeking the lowest car insurance premium for predetermined policy criteria should be able to submit a “profile” to any number of car insurance companies (or a third party company). This profile would contain all the relevant information needed in order to write a policy.
2) Every so often, each of those car insurance companies (or third party) should review your profile and if desired, offer you their lowest premiums for a predetermined policy.
3) The outrageous amounts of money currently being spend on advertising could be redirected to the cost of reviewing individual profiles – and the money remaining would of course lower the premiums and increase the shareholders wealth.
4) In essence, each of the car insurance companies would be in a perpetual state of competition for your business. And they would be doing the work - not us. After all, they already know their "fine print".
5) Essentially, you would have any number of car insurance companies working for you at all times – making sure you’re paying the lowest premiums for a given policy and risk profile.
Feel free to offer any comments – maybe this idea is already in practice but I’ve been unable to snoop it out? :)
E Lawrence Welch
Car Insurance Snoop
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