Will the Ruling on Gender Based Pricing Change Insurer's Practises on Income Protection?

The European Court of Justice in Luxembourg decided to ban gender-based pricing on the 1st March 2011. The court made it clear that companies all over Europe which also includes the UK should discontinue the gender based pricing approach. This ruling comes into force from December 2012. The product categories that the court has explicitly included in its ruling are motor i.e. car, medical insurance and pension schemes.

In the car segment, many women only brands such as Sheilas Wheels have accepted the reality and are aggressively pursuing customer acquisition strategies. They have not only started selling to men but also cutting prices to ensure that they have a more balanced gender split by December 2012. However, the views of insurers and underwriters continue to be split over this issue. Some of them feel that the European Court has gone a bit too far in terms of legislating and has not kept in mind the commercial realities.

Women in general are safer drivers and in general have lower medical claims and more diligent in terms of savings and it made pure business sense to offer lower prices to women. Other underwriters feel that the whole idea of insurance is to allow people to offload their risk at affordable prices. If insurers are selective about segments that interest then, by default they are penalising other people and excluding the benefits.

The debate does not stop just there. Increasingly, insurers are worried that other products like income protection insurance will also be targeted by the courts. Several leading insurers and banks including some of the main stream ones such as Barclays offer preferential pricing for women. There is increasing reluctance amongst the underwriters of income protection insurance to allow newer products with preferential pricing for women. Some underwriters argue that if the preferential pricing is removed for income protection, the product will become unaffordable to women and the overall volumes will reduce. These reductions in volumes will in-effect push-up the overall pricing for these ranges of products.

Over the next few months, it will be interesting to see the views of major players such as Aviva, RSA and some of the Lloyds underwriters who tend to focus on these products. It is certain that gender based pricing will impact Income Protection Insurance. It is more a case of when and not if, so all that can be said is - watch this space.

Kesh Thukaram is an insurance specialist in the protection insurance and property insurance sectors of UK. Well respected for his hands-on knowledge and product innovation skills, Kesh is invited by several insurers to assist them in designing products and insurance customer acquisition and management processes. Kesh is a reputed public speaker and a founder member of the landlord syndicate.

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Benefiting From the Resources Created Through Tradesman Insurance

There are many trades that individuals take advantage of, in order to pursue the unique opportunities that exist with achieving financial gain. Not only are trades a unique opportunity to develop a financial living, it also serves as a unique field of resources that individuals rely on in order to take advantage of repairs, construction, and maintenance opportunities. If you are an individual who is pursuing the unique opportunities of following a specific trade, one of the greatest investments you can make, in order to protect your personal and business interests, is found with investing in tradesman insurance.

There are many fields of trade these insurance policies can be customized to, in order to protect your financial interests. If you are a plumber, you can take advantage of insurance that will help to protect your interests, as you enter the households of various individuals and do your best to accomplish repairs or upgrades, in order to satisfy your consumer base. Construction related fields such as bricklayers or roofers can also benefit from the unique opportunities that exist with tradesman insurance, as they rely on their skills to accomplish the various tasks they are being hired to complete.

An individual in any trade often has to rely on high quality tools to help them accomplish a wide variety of different tasks. Any tradesman knows that having the right tool at the job will allow them to complete their desired project sooner and develop the best results. Tools are expensive, so when pursuing the opportunities that exist with protecting your businesses interests, it would be advisable to make the investment into tools insurance. This insurance policy will help to protect your investment in the event of a wide variety of different occurrences such as full damage, breakage, or theft.

When looking into all the different opportunities that exist with tradesman and tools insurance, any policy investment is specifically created to help the client, as well as the constructor. Clients have a unique interest in companies that carry vital insurance, so that they know they are protected in the event of an accident or circumstances that have led to discrepancies between the two parties. Carrying insurance will help to provide clients with peace of mind and increase your appeal, when trying to capture new contracts.

In addition to the opportunities of increasing your attraction with consumers, another primary reason to pursue the resources that exist with tradesman insurance, is to simply protect yourself. There are a wide variety of unforeseen circumstances that an individual in the construction business can run across. Having resources that will protect your businesses interest is crucial, so that you can remain successful and continue to pursue your specific field of contractor expertise.

Are you in search of Insurance Brokers? Then Imar insurance answers all your queries about construction insurance and many more. They have developed products designed specifically for business, occupation or special interest, it works on behalf of thousands of clients Australia wide. By simply visiting http://www.imar.com.au/, you will be directed to the perfect policy at the best price.

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What Is The Best Way To Buy Insurance?

What is the best way to buy insurance? Online? Directly through a broker? Directly from the insurance company? Millions of policies are purchased in the US every year utilizing all of these delivery systems. In fact, sometimes, consumers utilize all three methods. We'll let you decide which method is best for your specific situation.

Buy Insurance Online

When you purchase a policy online, typically there is less interaction compared to the buying process directly with the insurer or broker. However, less interaction does not mean you are not getting a "good deal." You can view your options at your own pace, compare the plans that you think best fit your needs, and buy when you're ready...whether that's immediately or in a year.

With the online method, you can quickly compare 2 or 20 policies, download brochures and applications at your own pace, and have access to dozens of different plan options. And, you can also generate hundreds (maybe thousands?) of different rate possibilities since you can change deductibles and other policy features to your liking.

You can buy your policy without talking to a live person, although usually, someone is available. Of course, the experience and knowledge level of that person may be questionable. Ultimately, you want to work with someone with at least 20 years of experience. Sometimes you don't.

Buy Insurance Directly Through A Broker

Buying a policy from a broker can be done in a number of ways. Brokers often have websites although many times, you can not apply for coverage through their website. Most often, you will speak to a broker face-to-face or via phone and/or email. You can choose the method you prefer. If you are working with an experienced broker (20 years in the business is always a plus), you'll receive valuable and unbiased information that will be very helpful. And brokers should not and very rarely charge a fee.

A broker can usually assist you with the application process, even if you are applying online. While he/she cannot answer any questions for you, a broker (or agent) can help interpret what information is needed and what is the best way to provide that information. If medical reports, driving record or other required documents are needed, the agent/broker has probably gone through the process many times already and can help you shorten the time frame it takes to gather that information.

Buy Insurance Directly From The Insurance Company

Buying "direct" from the insurer is still popular. However, more consumers are utilizing brokers and websites because they realize that rates are almost always identical, regardless of where the coverage is purchased. However, a few auto insurance carriers may charge a lower rate if you buy directly through them.

A common complaint among consumers is you tend to rarely build any type of personal relationships with the company you buy direct from. That is, typically, when you contact the carrier, you are likely to talk to someone different each time. Turnover among customer service representatives can be high and you are likely to wait longer for an answer to your question or a solution to your problem.

And of course...when you deal directly with an insurance company, you are buying the policies from that company only...not the rest of the marketplace. Therefore, you aren't really "comparing," and any suggestions or recommendations you receive will tend to be a bit biased. And that should be expected.

Perhaps the most important factor when buying insurance is to find a reputable experienced resource that you can trust. This person should be able to clearly understand your needs and make specific recommendations that are the best options for you and your family.

Ed Harris specializes in Pennsylvania Health Insurance for residents of Pennsylvania. He also provides affordable Individual Ohio Health Insurance rates to Ohio residents.

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