Insurance is one of those things that many Filipinos don’t think about until they actually need it. More often than not, Filipinos find the terminologies and the industry as a whole to be complicated, simply for the reason that it’s a topic that is neither discussed regularly nor taught in many schools.
In the Philippines, there are two options for securing insurance:
While they seemingly sound familiar, there are clear differences between the two. So, how do you choose the one that is right for you? In this blog, we will compare and do a quick breakdown of an insurance company and an insurance brokerage in the Philippines.
Insurance Company in the Philippines
An insurance company is referred to as the insurer. This simply means that the insurance company is your primary source of insurance coverage. Think of them as a department store that sells policies covering a wide range–from family health plans, motorcar, and medical to home and condominium, travel, and more.
What’s beneficial about going to an insurance company is the familiarity and direct access to the company that holds your policy. However, insurance companies only offer the products they have designed, limiting your choices. You will also have to research on your own to compare policies between different companies.
Insurance Brokerage in the Philippines
Meanwhile, an insurance brokerage in the Philippines is like your personal insurance advisors and advocates. If the insurance company is the department store, the insurance brokerage is the personal shopper. Like ourselves at IUBI, we are the representatives between you and the insurance companies. While we are unique from most insurance brokers in the Philippines because we package some pioneering policies ourselves, the typical insurance broker doesn’t. The benefit that one gets from an insurance broker is that it consolidates everything, helping you find the right coverage from a list of different insurance providers. We got your back and will work on your behalf by analyzing, negotiating, and comparing policies that best suit your situation.
An advantage that insurance brokerages in the Philippines have from insurance companies would be the time you can save because brokers do the research, the communications and the administrative work for you.
Now the question is: how does one choose the best way to get insurance in the Philippines? It all boils down to your needs at the moment. We would suggest going to an insurance company if you don’t mind researching and comparing policies on your own. Insurance brokers are especially useful in cases where one needs multiple risks covered (e.g., home, car, health, etc.) as they can bundle these policies for you in one neat cost-efficient package. If you prefer personalized guidance, an insurance brokerage is a valuable choice.
Most importantly, when you need to make a claim, having an insurance brokerage like IUBI on your side means that you have an independent party with the expertise to advocate for you. We will go the extra mile for you!
If you are looking for an insurance brokerage in the Philippines to simplify insurance for you and to guide you, contact us at _________________________ now.
Insurance Made Simple
