Time is money. You’ve heard it before, right?
What that somewhat overtraded phrase really tries to sum up is the concept of “opportunity cost”. If I’m doing this right now, it’s taking away from my ability to do that (which might be far more valuable to me).
And if you truly believe that time is a valuable resource, made even more scarce in a world filled with increasing work and life demands, you’ll be glad to know that we’ve tried to take a little admin off your plate.
But before we get into how we are going to do that, let’s draw a comparison between your car and your life insurance policy.
We know it seems strange but bear with us for second.
Owning life insurance is a bit like owning a car.
Once the initial purchase step is out of the way, your car requires an ongoing maintenance plan. Never in the 130-year history of the automobile has anyone, who owns a car, managed to keep it running without servicing it on a regular basis.
Your life insurance policy doesn’t require an oil change, or new champion spark plugs, but at some stage down the line you might:
· Need to update your bank account details
· Update your beneficiary nomination details
· Increase your existing cover
· Add additional benefits like disability, critical illness and salary protection cover
Administering any insurance policy can be tedious and time consuming. It’s a hack!
Take a simple life insurance beneficiary nomination change.
You either need to call through to a call centre, stay on hold listening to elevator music for 5-minutes, before fighting your way through a couple of internal reroutes until you eventually land up in the client services department.
You need to contact your broker and ask them to email you a beneficiary nomination form, which you need to print, sign, scan and return before setting a reminder on your phone to make sure you get a copy of the policy document back to confirm your instructions have been actioned.
None of the above are the best use of your time, are they?
Surely an insurer could find a solution to these insurance admin hacks?
While we can’t help you with a car service, we can help you service your policy online.
Introducing the “My Policy Dashboard”
Once you become a Stangen policyholder, you have access to the “My Policy Dashboard” portal which is positioned on the top right hand side of our website.
Think of it as your online policy servicing centre.
Once you’ve registered and logged in, you’ll have a dashboard view of your policy, including a full-service history of your policy changes and you can:
- Update your bank details
- Update your beneficiary details
- Increase your existing cover
- Decrease your cover
- Remove benefits
- Request additional benefit add-ons
- Get in touch with us
- Use the LiveChat functionality
We aren’t sending anyone to Mars with these innovations, but what it does tell you about Stangen is that we understand what your time is worth, and we are looking to save you some of that precious time.
Until next time.
The Wise About Life Team