When you hire an insurance you deposit not only your money but also your trust in an insurer, because you count on it to be the one who helps you solve complicated moments that may arise throughout your life. It is likely that to finish building this relationship of trust you need to resolve these doubts that you have not had the opportunity to raise directly with your company. We have done it for you:
1. What does the insurer do with my money?
You are a good client, you pay your insurance rigorously every year, and you would like to know what happens with that money once you pay it. Do not worry, we have the answer.
Most of your money goes to solve unexpected , yours, if you have them, and those of other customers when you are lucky enough to get rid of them. Traffic accidents, stoves burned, lost suitcases … the insurance destines 76% of the price of the insurance to solve the thousands of mishaps that occur daily to their insured (54% goes directly for the clients and 22% for the suppliers, that is, the professionals that solve these mishaps, such as toilets, mechanics, plumbers, etc.).
10.7% of the remaining money goes to the human team that manages the insurance (3.7% is for direct workers and 7% for mediators). Of the money that remains, 6.7% goes to taxes and 6.6% to the shareholders of insurers.
2. How is the insurance price calculated?
What makes us pay 300 euros for a car insurance and 40 for a travel insurance? The statistic is the basis of the calculation to calculate what the insurance price is . Everything is measured in terms of two vital variables: the probability that an unforeseen event will occur and the average cost of solving it or compensating for its consequences. The company must ensure that when the unforeseen event occurs, it will be able to face the costs of repairing it or compensating it, so, in addition to calculating how much it costs to solve something, it calculates what it must keep for future unforeseen events.
3. Who will take care of my mishap when something happens to me?
The insurance industry solves more than 6,000 accidents every hour and for this it has a large team of professionals : 48,700 direct employees, to which are added about half a million induced employees and more than 100,000 indirect employees. All of them are part of the machinery that is activated from the moment you hire your insurance.
4. What happens to my money if I do not use my insurance?
This is a common question that fortunate people can ask themselves, that is, those who, due to fate, almost never suffer a mishap. The answer is very simple: it is intended to cover the expenses of people who have suffered a mishap. This is possible thanks to the principle of mutualization by which insurance is governed, we tell you how it works.
By taking out insurance, we share the risks, that is, we assume that with our money (and that of many others) the mishaps that happen to a few will be covered. It is a kind of group solidarity that allows us to face mishaps (technically “sinister”) that are very expensive. This is how through insurance we can face expenses that otherwise would be impossible. Imagine a high compensation for a death due to an accident: not adding all the fees that the insured paid throughout his life, could be paid such compensation … but for the mutualization.
5. What if I do not agree with the resolution of my case?
The ultimate goal of insurance is the satisfaction of its customers, so the sector has foreseen the mechanisms to achieve it even when the insured does not agree on how his company has resolved his case.
As an insured you should know that many insurers, in addition to a customer service department, also have an independent insurer who acts in case of claims. In addition, once all the negotiation channels with the company have been exhausted, customers can contact the Claims Service of the General Directorate of Insurance and Pension Funds.