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Show HN: Software to give insurance advice like an agent would

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Re: Show HN: Software to give insurance advice like an agent would

#61

Post by smarri »

lucasjans wrote: post #44

If you focus on the risk management side of personal lines I think you're going to have a hard time to scale. The problem is most consumers don't care enough about coverage to shop for it. What attracts new clients is price, price, price. Clients unfortunately won't worry coverage until they really need it. The problem with focusing on price is you'll attract clients who won't renew after 3-5 years, messing up the re…

I couldn't agree more, I've been in personal lines (consumer) insurance for more than 10 years - price is king for the vast majority consumers. The issue this causes is insurers tend to discount new business premiums heavily and make a loss in years 1 and 2 (at least). The follow on problem for an insurer is the ease at which consumers can shop around, so retention rates are dropping - especially as the insurer will attept to regain some of that lost income at renewal by increasing the price. It's a buyers market. However cross selling add on cover is a common way to regain income. In any case, it's great to see innovation in insurance, and good luck for the future! (PS. are you intending to be a broker or actually underwrite the insurance policies?)

Re: Show HN: Software to give insurance advice like an agent would

#62

Post by mgkimsal »

SOLAR_FIELDS wrote: post #60
cosmie wrote: post #29

Earlier quoted context omitted.

I've moved about a dozen times over the last decade, and all but one rental required me to have a renter's insurance policy as part of the lease terms - most of whom also required me to list them as an interested party[1]. A renter's policy is ridiculously inexpensive for what you get. Because it only covers liability and personal property, and not the full breadth of coverage a homeowner's policy would have, it's ea…

My wife used to be a leasing agent for an apartment complex. One day a tenant from her complex started the dishwasher, something broke and it flooded the entire apartment and the apartment below it. Had tenant paid the $13 or so a month for renters insurance it would have been nothing or only a few hundred out of pocket for a deductible. Instead, tenant was looking at over $20,000 in repairs.

Any reason the landlord wouldn't just build a $13/month policy premium in to the rent and purchase the insurance themselves?

Re: Show HN: Software to give insurance advice like an agent would

#63

Post by sethammons »

dyim wrote: post #7
sfbay wrote: post #3

Earlier quoted context omitted.

Hi Chris, This is a great service for almost 70% of the population who don't know what events are not covered and the fine print gotchas from the insurance companies. This should be a really helpful service, kudos on the idea. The only concern I have here is, privacy. Most of the home owners are not comfortable to upload docs that includes their names or property details (easy to know their net worth) from this. Also…

Man, I bet it's even higher than 70%. I was in the hospital in February, and I asked the nurse how much it would cost to drain a subungual hematoma. Nobody knew! Maybe it would've been free; maybe it would've cost $1,000 - it definitely doesn't feel good to decline a procedure because you have no idea how much it'll cost.

While this post thread is fire and casualty insurance, when you look ad medical insurance, it is just insane.

I had an appointment at a specialist and I am on a high deductible plan. I called up and asked how much I would be spending. They refused to tell me. I tried this again, and another person refused. "We can't know how much it will cost."

So I went in and asked. Same line. "It matters what happens in the appointment and if you have any treatments." "Sure, but what about the base cost assuming nothing else happens?" "We can't say." "Look lady, I'm needing to know if I can afford this. I don't need exacts. I need ballparks. $100? $500? $1000? $5000?" "Oh, i can't imagine it will be that much?" "Which?" "I can't say."

I needed the appointment, so I went in blind. Came back out, and they literally couldn't figure out what to charge me. "We don't see a deductible..." Yeah, I am from an HSA and have a high deductible plan." "Um, no change at this time. We will send you an invoice." Turned out to be $50.

With such price transparency, we will never fix things in the US.

While the problem is not as crazy on property insurance, it is still subject to complexities. Different policies have different exclusions and different riders. You can't just compare apples to apples. Heck, even auto insurance has nuances. Some only pay out if you are driving your own car while others will pay out for any car you happen to be driving.

Re: Show HN: Software to give insurance advice like an agent would

#64

Post by pluto9 »

SOLAR_FIELDS wrote: post #60
cosmie wrote: post #29

Earlier quoted context omitted.

I've moved about a dozen times over the last decade, and all but one rental required me to have a renter's insurance policy as part of the lease terms - most of whom also required me to list them as an interested party[1]. A renter's policy is ridiculously inexpensive for what you get. Because it only covers liability and personal property, and not the full breadth of coverage a homeowner's policy would have, it's ea…

My wife used to be a leasing agent for an apartment complex. One day a tenant from her complex started the dishwasher, something broke and it flooded the entire apartment and the apartment below it. Had tenant paid the $13 or so a month for renters insurance it would have been nothing or only a few hundred out of pocket for a deductible. Instead, tenant was looking at over $20,000 in repairs.

Wasn't the dishwasher owned and installed by the complex? Why was the tenant responsible for damage caused by a failure of the complex's equipment?

Re: Show HN: Software to give insurance advice like an agent would

#65

Post by DoreenMichele »

mgkimsal wrote: post #62
SOLAR_FIELDS wrote: post #60

Earlier quoted context omitted.

My wife used to be a leasing agent for an apartment complex. One day a tenant from her complex started the dishwasher, something broke and it flooded the entire apartment and the apartment below it. Had tenant paid the $13 or so a month for renters insurance it would have been nothing or only a few hundred out of pocket for a deductible. Instead, tenant was looking at over $20,000 in repairs.

Any reason the landlord wouldn't just build a $13/month policy premium in to the rent and purchase the insurance themselves?

I'm not firsthand familiar with property insurance, but there are restrictions on who can purchase insurance. You have to have fiduciary interest.

So, for example, you can't buy a life insurance policy on a random stranger. That can go bad places and be an incentive to commit murder.

So it is possible the landlord cannot buy this specific insurance themselves and the coverage they can legally purchase does not cover the instance in question.

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