How can you explain deductibles to clients?

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As an insurance agent, you know how important deductibles are for your clients' coverage and costs. But do your clients understand what deductibles are and how they affect their claims and premiums? If not, you might face confusion, frustration, or even complaints from your customers. To avoid these issues, you need to explain deductibles clearly and simply to your clients. Here are some tips on how to do that.

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Prasath Parthiban CSPO,CBAP,AINS,ITIL,AIS,Lean Six Sigma Green Belt

Assistant VP @ Sompo | Guidewire Implementations
Christian Sili

CEO bei Deutsche Kautionskasse AG mit Expertise in Surety Insurance (Private & Commercial) sowie Onlinevertrieb und…
RICHARD GUILLERMO PARDO BELTRAN

Gerencia l Salud l Vida l Arl | Seguros de Personas l Seguros Generales l Producto l Coaching l Canales |

1 What are deductibles?

A deductible is the amount of money that your client has to pay out of pocket before their insurance policy kicks in and covers the rest of the claim. Deductibles can vary depending on the type and level of insurance, the policy terms, and the client's preferences. Generally, the higher the deductible, the lower the premium, and vice versa. Deductibles are a way for insurance companies to share the risk and responsibility with the policyholders, and to discourage unnecessary or fraudulent claims.

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Christian Sili

CEO bei Deutsche Kautionskasse AG mit Expertise in Surety Insurance (Private & Commercial) sowie Onlinevertrieb und Kundenbeziehungsmanagement
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Stell dir vor, du hast ein Lieblingsspielzeug. Aber eines Tages geht es kaputt. Du bist traurig und m?chtest, dass es repariert wird. Deine Eltern sagen: "Wir k?nnen es reparieren lassen, aber du musst ein wenig von deinem Taschengeld dazu geben." Das ist, weil sie wollen, dass du lernst, auf deine Sachen aufzupassen.

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Prasath Parthiban CSPO,CBAP,AINS,ITIL,AIS,Lean Six Sigma Green Belt

Assistant VP @ Sompo | Guidewire Implementations
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Deductible help Insurers to avoid lot of miscellaneous Admin charges.Example : If there a slight scratch in your car that will cost $200 we dont want Claim Adjusters to review those claims and make payout so most of the personal lines policies like Homeowners and Personal Auto will have standard deductible as $500 or $1000.

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2 Why are deductibles important?

Deductibles are important for your clients because they affect how much they have to pay when they file a claim, and how much they pay for their insurance policy. Deductibles can also influence your clients' decisions on whether to file a claim or not, depending on the cost and severity of the loss. For example, if your client has a $500 deductible and suffers a minor damage that costs $600 to repair, they might decide not to file a claim and pay for the repair themselves, to avoid affecting their premium or losing a no-claim bonus. On the other hand, if your client has a $500 deductible and suffers a major damage that costs $10,000 to repair, they would likely file a claim and pay only $500, while the insurance company pays the remaining $9,500.

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RICHARD GUILLERMO PARDO BELTRAN

Gerencia l Salud l Vida l Arl | Seguros de Personas l Seguros Generales l Producto l Coaching l Canales |
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El deducible en una póliza de seguros es una herramienta clave para equilibrar los costos y beneficios. Aunque implica un desembolso inicial - Descuento- en caso de un siniestro, contribuye a hacer que el seguro sea más accesible al disminuir las primas de igaulforma permite razionalizar los usos de la poliza . Es una forma de personalizar la póliza de seguro según las necesidades y posibilidades económicas de cada asegurado,

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3 How to choose deductibles?

When choosing deductibles, it's important to consider the individual's personal and financial situation, risk tolerance, and insurance needs. Factors like the value and condition of the property or asset, the likelihood and frequency of potential losses or damages, the budget and cash flow of the client, and the savings and emergency funds of the client should all be taken into account. Additionally, you should help your clients understand the benefits and trade-offs of lower or higher deductibles. Ultimately, you should work with your clients to find a balance between deductibles and premiums that suits their goals and circumstances.

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4 How to explain deductibles?

Explaining deductibles to your clients can be challenging, especially if they are not familiar with insurance terms and concepts. To make it easier, you should use simple and plain language, avoid jargon and acronyms, and provide examples and scenarios that illustrate how deductibles work in practice. You should also use visual aids, such as charts, graphs, or tables, to show the comparison and contrast between different deductible options and their impact on premiums and claims. Moreover, you should be patient, attentive, and respectful, and answer any questions or concerns that your clients might have.

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Heidi Beckett

Executive Advisor (Non-Life)
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in the context of insurance, refers to the amount that the policyholder must pay out of pocket before the insurance cover kicks in

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5 How to handle deductible disputes?

Sometimes, your clients might disagree or complain about the deductibles that apply to their claims. They might think that the deductibles are too high, unfair, or not what they agreed to. In these cases, you should handle the deductible disputes professionally and diplomatically. You should explain the reason and the basis for the deductibles, and refer to the policy documents and the terms and conditions that your clients signed. You should also empathize with your clients and acknowledge their frustration, but avoid making promises or concessions that you cannot deliver. If possible, you should offer some alternatives or solutions that might satisfy your clients, such as payment plans, discounts, or referrals to other services.

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Prasath Parthiban CSPO,CBAP,AINS,ITIL,AIS,Lean Six Sigma Green Belt

Assistant VP @ Sompo | Guidewire Implementations
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It is very important for insurers to educate Customers on how deductible will work for each scenario to avoid any misunderstanding or disagreement during Claims process.

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6 How to follow up on deductibles?

After you explain deductibles to your clients and resolve any disputes, you should follow up with them to ensure that they are satisfied and informed. You should send them a confirmation email or letter that summarizes the deductibles and the claim process, and provide them with the contact details and the next steps. You should also check in with them periodically to update them on the status of their claim, and to ask for their feedback or suggestions. By following up on deductibles, you can build trust and loyalty with your clients, and improve your customer service and retention.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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RICHARD GUILLERMO PARDO BELTRAN

Gerencia l Salud l Vida l Arl | Seguros de Personas l Seguros Generales l Producto l Coaching l Canales |
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Para elegir una poliza siempre debes tener presente el comparar tres aspectos que se encuentrna en una oferta comercial , las Coberturas -Amparos y sus deducibles , las Garantias y la prima - ademas recuerda que existen seguros invisibles que permitiran no sobreasegurarse y ahorrar mucho dinero estando siempre protegido

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Rajesh Sundaresan

Expert in P & C Insurance | Leading product solutions (Guidewire), Functional Optimization, People Management | Cultivating Talent | Innovation
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Deductible - applies to different types of insurance. We should be cautious about examples to be used based on the following categories - Auto Insurance (Based on the damage value, the insured should pay the deductible first and the rest paid by the insurer based on the limits chosen) - Homeowners Insurance - Health Insurance (we must first pay the deductible amount before the insurance company kicks the payment part)

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How can you explain deductibles to clients?

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1 What are deductibles?

2 Why are deductibles important?

3 How to choose deductibles?

4 How to explain deductibles?

5 How to handle deductible disputes?

6 How to follow up on deductibles?

7 Here’s what else to consider

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