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Insurance Masterclass: Understanding marketing terms

Choosing insurance can be tricky as providers try to dazzle you with marketing terms and impressive statements


Whether you are buying a house, car or insurance for your practice, the same principal applies. You will be looking for the quality product that fits your requirements and your budget. It is that simple…or so it would appear.

If only all providers of, say, surgery insurance had the same product with the same policy wording it would be quite easy to choose – the lowest premium wins. Job done until next year. Let’s now step into the real world of marketing. First of all forget the idea that all insurers/providers offer the same policy wording – they don’t.

From now on insurers/providers will be trying to prove several things. Firstly, that their product is cheaper than you have at present. This is quite easy to establish so long as the cover that they are providing is the same as you currently have and fits your requirements. The only way that you will know is by reading and comparing the policy documents of the company’s from whom you have obtained a quotation. You can of course take the other option - wait until you want to make a claim.

Next, they want to prove that their product is better than you have at present. The cover offered for your practice buildings is roughly the same with most insurers. But do look out for the following classic phrases which are used by sales people: “our cover is better” -“our policy also includes...”; “the policy that you have at preset does not include…” These are all phrases that do not mean very much but which may get you to question the decision that you made when originally arranging the insurance cover.

Here are just a few further examples of how sales people try to get your attention and interest in their product.

• “Unlike other policies in the market we cover…” This implies that no other companies offer cover for the particular event or condition mentioned which is highly unlikely and relatively easy to disprove – just take a look at your current policy or put in a quick call to another provider to check the specifics of their policy.

• “We deal with all providers of xxx insurance”. This is often used by larger organisations and suggests they can offer you the best of the market, but again it’s unlikely to be true. Ask your provider if they are involved with the organisation, to verify the claim.
• “We are the leading provider of xxx insurance”? In what way is the company the leading provider? How can it be proved? Vague claims like this are rarely an indication of a reputable company.

When starting to look for providers for your surgery/locum insurance see if any of your fellow practice managers can recommend a company or tell you who to avoid. You need to deal with specialist insurers who understand what medical practices need and who will not only provide the cover that you are looking for also an ongoing advisory service. The last thing that is needed is for a company to sell you a policy and then “walk away” when you have a problem or want to claim.

Next time I will be looking at Discounts and Offers on practice insurance premiums. Are they really that good a deal?

Author: John Downing (Managing Director - MIC)

Publication: Practice Business May 2010