It was 6.00 pm evening, I was at the Chi at Lounge sipping couple of Beers listening to chill out tracks before the night is yet to begin. I heard an angry man, shouting on his blackberry to a Customer Service Representative of some ABC Insurance company for not approving his claims. As a true Professional from Insurance Co., I was wondering what went wrong…I waited for the gentleman to cool down. He was frustrated, but yet approached to the bar tender for a glass of Martini.

I joined him and asked about his profession. He worked as an Architect with Dubai’s Biggest Developer. Building a conversation, I realized he owned a Yacht which was wretched by the captain couple of days back. And he is being fighting with an Insurance Company to recover his claim for the damage.

Surprisingly, the Yacht was Insured …but then why so many hassles?

When any company sells its Product or Services, It will sell it at its own Interest and not at Buyer’s Interest. Whether it’s a Fruit Vendor, Bank, Airline Co. or Insurance Co., profit maximization, loss reduction & increase customer base are 3 basic objectives that they are looking for. Insurance Documentation & Policies are so complex, that even we have time we would love to read gossip columns than over viewing your policy document. So we never know what we are actually missing in Policy Documents. What we are suggested verbally are never found in our policies when we actually apply for claims. So what? Do we blame the Sales Agent? Or do we say Insurance Company is cheating you? Or is your own Mistake for not reading the Policy before accepting it?

I guess it’s not anyone’s fault. Everybody is right at its own place. But Insurance Company could have helped you in terms of coverage but then why would they do? There are around 50 Insurance companies in UAE each one at its Best but none will assist you right in terms of Claims. Why would any company focus on making losses for themselves? I guess not even you…

As a Market Observer from Insurance Background, Insurance Service Providers have seriously hit by Recession. All they could do is to squeeze you in policy documents and charge you competitive premiums. You would be happy to save few hundreds for your evening buffets or couple of drinks at the Bar. But losing huge thousands at the damages like the Architect I met could be much more frustrating than what you saved. Business Is Business everybody wants to make profit, so do your Insurance Company. So why blame it?

Blame yourself for compromising with your premiums.

Blame yourself for not reading your policy documents carefully.

Blame yourself for not referring to the Industry experts.

Insurance in today’s Crisis has been a good medium to safe guard your future, but it’s your duty to safe guard yourself and make use of right opportunity and benefit in undue circumstances. So next time when it comes to Insurance, make sure you understand your policy documents carefully before accepting it at first place. Or when that’s not possible from your busy schedules, hire an expert to do that for you…and they would do it for free.