Insurance with me. OUTsurance

[ovisser1]

If you can't beat my current premium, do I get R500 cash?

AFAIK; you only get it if they're more expensive and you do take put the policy.

So you'll be paying that R500 back in no time.

 

[Trompie67]

Clieck the link posted in my OP. The breakdown is in there.

Can read more here:

Outsurance delivers on brand promise, ranked better than ever by Ombudsman for Short-Term Insurance

Last year, when Outsurance announced a record low number of complaints referred to the Ombudsman for Short-Term Insurance (OSTI), the insurer committed to doing even better in the future...

www.bizcommunity.com

Older one, but same stats (or method) used:

OUTsurance comes out tops in the short-term insurer stakes

Short-term insurance Ombud's report shows OUTsurance has the lowest referral and overturn rates

mg.co.za

As a matter of interest, OUTsurance was one of the few insurance companies that paid out claims under Business Interruption during Covid.

OUTsurance pays out Covid-19 business interruption claims

OUTsurance CEO Danie Mathee: Why we pay Covid-19 business interruption claims

OUTsurance CEO Danie Mathee told BizNews that its brand and reputation is more important than fighting against the business interruption claims.

www.biznews.com

Outsurance stance on business interruption payouts puts other insurers to shame

No-one saw it coming. As the hospitality industry reeled from the news that the business interruption policies — even those with “contagious disease” cover — would not cover its massive Covid-19 lockdown-related losses, Outsurance revealed that it had been honouring those claims since April...

www.heraldlive.co.za

You linked news reports from 2015 and 2020.

We are now in 2023 & the 2022 report I quoted is the current one. Paints a very different picture to the news reports. Unsurprisingly there is no advertorial news article for 2022........

Adding other info regarding Covid claims, whilst nice for the media hype, has nothing to do with the OSTI report, nor the claim by outsurance that it has the lowest number of claim referrals to OSTI.

 

[∀Z‾soʇɐuɐɥ┴]

@StangV2_0 Do you deal with vehicle insurance too?

 

[chriswp]

I'm curious as to how this statement is justified. Please can you enlighten us as to how that statement is proven?

If I look at the OSTI 2022 report I see that outsurance has 7,16% of claims referred to OSTI. That is certainly not the least amount of referrals.

Digging a little deeper show that out of the 51 insurers listed, 47 of them had a lower percentage claims referral rate to OSTI, and only 3 had a higher percentage claims referral rate to OSTI. By my rudimentary math skills that makes outsurance the 4th WORST insurer for claims referred to the ombud.

Taking absolutely no sides here, I reckon you are using the wrong metric to judge the companies performance at the Ombud.
Surely you should be using a per-capita metric, like the one conveniently coloured in gold.

If I had to wager a guess on the car brand and model with the highest number of accidents in SA, I would say the VW Polo comes out ahead (or last). Now is that because it is a shitty car or because it is one of the most popular? Equally you can say that to own a Tesla in SA is the safest car, as there's never been one hijacked.

 

[goldfritter]

@StangV2_0 Do you deal with vehicle insurance too?

👇

I can also do personal insurance for your home, content, theft and of course vehicle. Basically any insurance excluding long term or life insurance.

 

[StangV2_0]

You linked news reports from 2015 and 2020.

2021. Didn't search through all data and sites. Shared what I found quickly.

We are now in 2023 & the 2022 report I quoted is the current one. Paints a very different picture to the news reports. Unsurprisingly there is no advertorial news article for 2022........

does 2023 count?

News24 Awards: OUTsurance wins Short-term Insurer of the Year | Business

OUTsurance was named News24's inaugural Short-term Insurer of the Year at a gala event in Cape Town on Thursday evening.

www.news24.com

 

[goldfritter]

Taking absolutely no sides here, I reckon you are using the wrong metric to judge the companies performance at the Ombud.
Surely you should be using a per-capita metric, like the one conveniently coloured in gold.

If I had to wager a guess on the car brand and model with the highest number of accidents in SA, I would say the VW Polo comes out ahead (or last). Now is that because it is a shitty car or because it is one of the most popular? Equally you can say that to own a Tesla in SA is the safest car, as there's never been one hijacked.

Good point. You can also compare the % of total claims to the % of total complaints. In that regard Outsurance does quite well - they have 7.2% of all claims but only 3.7% of complaints. Compare this to e.g. Old Mutual which only has 4.2% of all claims but a whopping 11.7% of all complaints.

Outsurance looks better than a bunch of the retail insurers if you look at it that way. Not clear though if they are definitely the best.

 

[StangV2_0]

Taking absolutely no sides here, I reckon you are using the wrong metric to judge the companies performance at the Ombud.
Surely you should be using a per-capita metric, like the one conveniently coloured in gold.

If I had to wager a guess on the car brand and model with the highest number of accidents in SA, I would say the VW Polo comes out ahead (or last). Now is that because it is a shitty car or because it is one of the most popular? Equally you can say that to own a Tesla in SA is the safest car, as there's never been one hijacked.

Good point. You can also compare the % of total claims to the % of total complaints. In that regard Outsurance does quite well - they have 7.2% of all claims but only 3.7% of complaints. Compare this to e.g. Old Mutual which only has 4.2% of all claims but a whopping 11.7% of all complaints.

Outsurance looks better than a bunch of the retail insurers if you look at it that way. Not clear though if they are definitely the best.

Fair points both and I welcome anyone to openly discuss these stats.

If I look through some of these figures, I can see some with lower number of referrals. Some of these are small players in the field and handle a lot less clients. If a broker has only 10 clients with no complaints, can they really compare to a broker with 2000 clients and 1 complaint? I think I saw somewhere that their claim was when compared to the top insurers in South Africa.

I have edited my post.

 

[RS1989]

This is a very interesting development and only time will tell how this pans out.

Specializing in Insurance Law, I can tell you most insurers are rejecting claims at a rate we haven't seen before. In such an instance your broker (or us) would fight the battle on your behalf. The question is, if OUTsurance do reject a claim, what position does that place their internal brokers in? Will you advocate for your client against your paymasters?

That being said, my experience is that OUTsurance generally do the right thing and pay. We have had few fights with them in the past.

 

[StangV2_0]

The question is, if OUTsurance do reject a claim, what position does that place their internal brokers in? Will you advocate for your client against your paymasters?

I for one will. However, many things come into play when paying or rejecting a claim. Is the claim within the policy schedule? Was any prevention of loss measure taken by the client? Was there any information withheld by the insured? Even public perception of OUTsurance is taken into account. There is not necessarily a blueprint.

This is why the total honesty of a client is vital when requesting a quote. If you are going to underinsure your building by 50% to save on a premium then dont get upset if you get paid out 50% of its value when it burns down. If you dual insure your phone with two insurance companies, then don't get upset if your R12000 phone is only paid out for R4000 and you have to pay dual excess. They have formulas to work this out. You will get paid proportionally and will then pay two excesses. It will actually cost you more.

Be honest. And you will be treated as such.

That being said, my experience is that OUTsurance generally do the right thing and pay.

Thank you!

 

[Areola Grande]

Even public perception of OUTsurance is taken into account. There is not necessarily a blueprint.

Please explain this statement.

 

[oHm_29]

This is no different to any other broker. The only difference is that our claims department is the same company as me. Imagine for a second your broker is "Piets Brokers" insured by Santam. You log your claim with Piet. he then contacts Santam. Santam is still going to call you to confirm and assist with the claim. No difference.

No broker is ever responsible for the claim, or the decision made to pay or not. If they were then every claim would be paid out every single time in order for the broker to keep the business. Insurance companies would all go bankrupt.

This is unfortunately not entirely true, the bigger “Piets” out there have mandates with Santam, Hollard etc. which effectively means they are running their own show that is backed by the insurer. I worked for a very successful brokerage and we had our own inhouse claims and underwriting departments, we determined our own rates and issued our own policies. Claims (to a certain amount) was also paid from our offices and we accepted / rejected claims based on the policy wording. Sure we had a lot of grey areas that we had to refer to our broker manager that usually sorted it out within a day or two (not always favourable). Brokers (the good ones that care about their business) don’t just approve any claim, they also have a responsibility to the insurer and not just to their clients. Insurers can very easily cancel your mandate if you “burn” them year after year with rubbish claims and then we are not even talking about the audits.

With that being said, I wish you all the best. Insurance is a cut-throat industry but it can be very rewarding if you have a passion for it, six years was more than enough for me

 

[StangV2_0]

Thank you for the support, guys. I have received quite a few messages with members requesting quotes.

One carb member has been quoted so far with quote emailed to the member.

Please remember guys, that I cannot quote and assist in anyway without the signed LOA in the email I sent you.

 

[StangV2_0]

@StangV2_0 Do you deal with vehicle insurance too?

Sorry I missed this. Yes, I do. I see Goldfritter already pointed this out to you.

 

[Joe Banker]

Death to insurance.

I have a spreadsheet running. So over the last 10 years I have spent R168400 on insurance. Total claim to date - Zero

 

[Dom]

If you deal with their Call Center and not a broker, you can migrate your policy to me and I will then be your broker.

Would their not be a cost difference (due to comm)?

 

[Dom]

Death to insurance.

I have a spreadsheet running. So over the last 10 years I have spent R168400 on insurance. Total claim to date - Zero

In all honesty - R 1403.333333 is not bad (without knowing your escalations).

You seem to misunderstand how insurance works - risk spreading.

 

[Joe Banker]

I understand that i have thrown 168k into the water. Risk is a man made word

 

[BlueCrayon]

Death to insurance.

I have a spreadsheet running. So over the last 10 years I have spent R168400 on insurance. Total claim to date - Zero

Interesting.

How much would you pay for a car you currently drive if you had to buy it again right now?

 

[goldfritter]

I understand that i have thrown 168k into the water. Risk is a man made word

This may come as a surprise to you, but it turns out that all words are in fact man made.

 

[Joe Banker]

I am surprised

 

[Dom]

I understand that i have thrown 168k into the water. Risk is a man made word

Assuming here - you understand what risk, probability & mitigation are then?

Get a damn policy with a no-claim bonus & stop whinging like a baby that is upset that they have shat their own pants.

 

[PJtheKILL3R]

I have a spreadsheet running. So over the last 10 years I have spent R168400 on insurance. Total claim to date - Zero

But in that whole time you were covered so you didn't get nothing, the insurance just rolled double 6's with your policy.
I also claim very seldomly, I did however recently strike a massive win, my mountain bike was insured for about 3 months with Discovery and I had a claim that totaled R21.5k and they paid out no problems after only receiving like R300 in premiums...

 

[StangV2_0]

Death to insurance.

I have a spreadsheet running. So over the last 10 years I have spent R168400 on insurance. Total claim to date - Zero

Not taking price increases into account. If you were with Outsurance:

First three Years cash back: R5052
Next 2 Years Cash Back: R3367
Last 5 years Cash Back per year: R 1683

Total amount paid back to you in cash last 10 years with no claims: R 16,837.00

Would their not be a cost difference (due to comm)?

Possibly, but not guaranteed. If the call center agent applied maximum discount then I cannot do more than what they have already applied.

 

[el_guapo3291]

The only problem I have with Outsurance is the premiums are sometimes insane, When I bought a Kia Koup 1.6t they put me on R1800/pm just took it without shopping around because I needed to drive +-250km from dealer to my house. Shopped around the next month and got quotes everyhere else for between R630 - R900... Assuming I went with the R900 Santam were offering I would have saved R32700 vs R6480 Outbonus I would have got after 3 years. When I called to cancel and they put me through to the Retentions department magically they were able to offer R1300 pm 👀

 

[𝐹𝓇𝒾𝓀𝓀𝒾𝑒𝒮𝓌𝒶𝑔]

Well that's what I am. A broker. You wont have to call the call centre. I will tell them to call you instead. You call me and I then log it with the claims department, and they will then contact you. I will then assist wherever needed should you not get the service you should get. However, our claims dept is sharp and we hardly ever step in. Hence the Obudsman ratings.

This is no different to any other broker. The only difference is that our claims department is the same company as me. Imagine for a second your broker is "Piets Brokers" insured by Santam. You log your claim with Piet. he then contacts Santam. Santam is still going to call you to confirm and assist with the claim. No difference.

No broker is ever responsible for the claim, or the decision made to pay or not. If they were then every claim would be paid out every single time in order for the broker to keep the business. Insurance companies would all go bankrupt.

If Outsurance's claims department is so sharp then I wonder why I'm still waiting after 2 years for them to conclude their investigation on my accident

 

[ThatGuyJD]

If Outsurance's claims department is so sharp then I wonder why I'm still waiting after 2 years for them to conclude their investigation on my accident

Sounds like you should have contacted the Ombudsman 18 months ago.

 

[Dom]

Sounds like you should have contacted the Ombudsman 18 months ago.

Sounds like you should have been swallowed.

 

[ThatGuyJD]

Sounds like you should have been swallowed.

If only I were the world would be a better place unfortunately for all you fuckers I wasn't. So get bent.

 

[Dom]

If only I were the world would be a better place unfortunately for all you fuckers I wasn't. So get bent.