One of the reasons I enjoy what I do is because I get to find mistakes and fix them. It’s the research, the puzzle, and finding the right answer that provides the greatest job satisfaction for me. And I’m fortunate to be able to apply these elements for the benefit of others. Stewardship is my motivator.
Fortunately (or unfortunately, depending upon how you look at it), I see LOTS of mistakes in how my industry relates to consumers, so I always have a lot to do. And since I enjoy the projects of research so much, I keep statistics on what I find. Here are the big findings covering the last 1,000 insurance reviews I’ve conducted:
- 951 families had material, yet fixable, errors in their insurance
- 853 families had unnecessary, duplicated, or wasted coverages and premiums
- 747 families had under-insured net worth by an average of just over $2M
- 705 families had under-insured real estate
- 403 families had under-insured tangible assets
- 261 families had risk exposures completely missing from their insurance
- 168 families had prior claims with no help or advocacy from their agent
Not everyone wants to believe that problems exist in their insurance, and not everyone is motivated to fix them, but I like investing in my education and experience for those who are.
One thought on “Fixing things is my fun”
[…] reviewing a family’s insurance portfolio. I reported those last year in two earlier posts (Fixing Things and Annual list of insurance Red Flags). It’s frustrating because it’s been the same […]
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