Insurance in India

On my recent trip to India I thought about insurance & how it works.

This picture of a farmer taking his produce to market led me to think about the early types of insurance, where farmers would share their produce on different boats, so that if one sank, no single person would lose their entire produce.

This is how insurance still works today - where we pay a small amount to protect a much larger amount.

Who needs insurance?

When the vet told me that I was looking at a bill between $600 and $1,200 for our $65 kitten I had to consider my options.

Smudge had survived a dog attack with a punctured lung, punctured diaphragm and broken ribs. Being a confident little guy, he probably didn't appreciate the danger he was in.

Even though we hadn't owned him for long he was a lovable member of the family and the thought of putting him down wasn't pleasant - I'd probably have to spend thousands paying for my family to have grief therapy, and then when that didn't work, it would be thousands more at the drug & alcohol rehabilitation centres (just kidding)!

So we got him fixed up.

With hindsight, I wondered whether we should have considered pet insurance. I'm in the insurance business, so you would think it would be top of mind - but it wasn't. Insurance is rarely bought - it's normally 'sold'.

The pet shop that sold me the kitten didn't mention insurance & the vet hadn't previously mentioned insurance when Smudge had vaccinations or got neutered.

With the advances in veterinary care, animals have a greater chance of survival - often at great cost though, so insurance for pets should at least be recommended.

I know I should've bought it - but hindsight is a wonderful thing!

Protecting the biggest asset

Did you see the news story about Eddie Griffin, a comedian from the U.S., who wrecked a rare Ferrari Enzo estimated to be worth NZ$1.69 million?

It made headlines around the world.

A person who owned something worth NZ$1.69 million would insure it right?

Wrong!

There are many people who will earn over $2 million in their lifetime and haven’t protected it with insurance. For instance, a 40 year old on $55,000 p.a. whose salary increases by 3% p.a. will earn over $2 million by the time they turn 65.

The biggest reason people don’t insure their income is the perceived cost. However, using a small percentage of the income to protect future income is a much smaller cost than losing future earnings due to sickness or injury.

Like the owner of the Ferrari Enzo, you never know what’s round the corner.

The magic of WHY

I have been phoned every week for the last month, asking for a voluntary blood donation. I don't mind giving blood, I just haven't given it a priority, until ...

The last time they rang I was told they needed the donation for a girl who was having an operation. Suddenly giving blood moved up my priority list because I felt that it was important, almost life and death important.

If you have customers who aren't buying, you probably aren't using the magic of WHY.

For example:

• Your tyres/ tires need replacing because the next time it rains you face the risk of crashing.


• This insurance will mean you don't have to wait for an operation if you get sick.


• Putting this savings plan in place means you can live your retirement dreams.


• This new pair of running shoes will save your knees from wearing out too soon.

Next time a customer says they'll think about it, or puts you off - back up & use the magic of WHY!