Insurance: 5 Common Myths vs Facts

What comes to your mind when the word “Insurance” is mentioned? Do you cringe or smile? There are sets of perceptions in most people’s minds about Insurance, but are these perceptions myths or facts?

There is no denying that insurance can be incredibly complicated, both in theory and practice. So it’s little wonder that sometimes rumors, myths, and untruths can be held as fact and disseminated as such.

In this article, we want to smoothen out some of the twigs from the drink. Here are 5 common myths about Insurance and the facts that prove them wrong:

Long read? Watch video summary instead

Myth 1: Insurance is expensive

Let’s start from where it concerns our pockets shall we? The popular misconception that only the rich can afford insurance is as funny as it sounds.

Let’s face it, that idea is so old and gone. With stiff competition in today’s insurance market, premiums for covers gotten more affordable. For some covers like motor insurance in Nigeria, prices can be as low as N2,500 a year!

The most remarkable of insurance cost is that of health insurance in Nigeria. A 2017 report puts the average cost health insurance plan at N35,000 for individuals and N125,000 for families. While this is affordable considering the cost of medical treatment in the country, you could get top-notch health covers (with private treatments) for even less at VTpass.

Now, imagine having all-round health insurance for only N15,000/year (N2000/month) for individuals and N60,000/year (N5,500/month) for families?

How affordable can that get?

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Myth 2: Insurance companies are fraudsters

I was in a conversation with a friend one Saturday evening when an Insurance salesman walked by. His pitch was about how fast an insured would be compensated after a loss. You should have seen how my friend chased him away.

He did this because of the terrible experience he had with an insurer who refused to compensate him after a loss occurred against his burglary cover.

The mistrusts in insurance companies is perfectly understandable. Agreed, there are fake insurers out there who aren’t really in business to serve but to steal.

However, not all insurers are fraudsters. We have reputable, world-class insurers in Nigeria. In 2019, total claims paid out by insurance companies in Nigeria amounted to N98.9 billion; a 16.5% increase from N84.9 billion paid out in 2017. If all insurance companies are fraudsters, banks and top businesses would not commit hundred of millions annually to insurers to cover potential risks.

The solution is simply to buy insurance from reliable and trusted sources only. Companies that are backed but by NAICOM and duly regulated.

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Myths 3: Is Not Safe to buy Insurance online

For real? Wow.

So we can literally buy airtime and data, work online, transfer money, pay electricity bills, do all kinds of stuff online – but not insurance? Terribly wrong!

Digital technology is the future no one can escape from. Today with reliable online platforms like VTpass, your cell phone, and internet connection; while sitting in your home or office, you can get any insurance you want!

At VTpass, we deliver your policy to you digitally and physically after purchase. When it comes to claims, you can trigger settlement by clicking the claim button on our website. It’s that easy.

Africa and transforming digitally, taking all industries in its whirlwind. A few years from now, there wouldn’t be need for person-to-person interaction before quality insurance is sold.

A word of advice though; only buy from proven and trusted online platforms. Visit www.vtpass.com/insurance today.

Myths 4: Buying Insurance takes a long and tedious process

If you’ve tried buying insurance in the ’90s you would be amazed by the paperwork that goes with it. Then there are the long questionings by medical examiners or risk assessors, etc.

All that is old news now.

Insurance companies have modified proposal forms and other documents to collect only the barest, necessary information (no one is going to ask if your mum had green eyeballs or not). Add that improvement to today’s digital technology and we have an insurance system that delivers covers in minutes!

insurance myths

Today, you can get a motor cover in less than 10 minutes when you buy at VTpass. No stress. We have eliminated the need for tedious processes with our innovative payment solution.

It’s no wonder why Nigerians rely on VTpass to get quality insurance covers day in-day out. Our secret is simply partnering with Nigeria’s top insurance companies with proven track records of prudence and claim settlement.

So if you ever have a need for car insurance, health cover plan, personal accident insurance, or home insurance; simply visit www.vtpass.com.

We’ve got you covered.

FIVE NEW REALITIES IN THE DIGITAL WORLD

Daniel Newman, a principal analyst and a digital expert, talked about the happening digital transformation in one of his articles. And in this article, he went on to mention some trends that must characterise the digital world. And that too in the year 2017.  So, he talked about expecting more of adaptability and top-notch user, customer experience brands.

Also, he advocated for the “Fail fast, succeed faster” mentality. Literally, this is his way of talking about the proactive innovations that will pervade the year. These proactive digital innovations will open the way to being able to work and do things from anywhere and at any time. In the long run, Newman’s model for the year 2017 is this:

An organization that can change both its technology and its culture rapidly

Agile, adaptable and designed to thrive long into the future where change is the only constant.

But the question now is has Newman’s model materialised over the months this year? Rather than give a conclusive answer, you would like to check up on www.vtpass.com to see for yourself. The adaptability, user-friendly nature of this online payment platform is on par with Newman’s model.

And there are more.

NEW REALITIES IN THE DIGITAL WORLD

Cryptocurrency

Cryptocurrency has been in the jig for a very long time now. But it seems to only have very recently garnered a wide interest in all spheres. And even in the most remote part of the world. This is because it has stepped on just the right buttons in the digital world. The transparency, workability, and adaptability of Bitcoin, for instance, has made it a wild card. Right now, Bitcoin as a digital currency is competing on the same level with physical currencies. If not, on a higher level.

Driverless

At a point, people thought it was impossible to have a driverless car. But just this year, a lot of driverless innovations have emerged. Ford is one of the powerful forces when it comes to the invention of driverless cars. This innovation meant to make life easier has Uber and Google incorporated this as one of their goals . And in fact, these driverless cars are slowly emerging out of the works to be a new reality

Bad-ass iPhones

It is no news that Apple has released its new line phones- iPhone 8 and iPhone X. The exquisite features on these devices are relatable to Newman’s words. Presently, these iPhones are rocking the world.

VTPASS

newman stated a point that was really punchy. According to him, “digital transformation isn’t only about technology. It’s about bringing together the power of technology with a culture that embraces the change.” And believe it, Vtpass, as an online payment platform has arisen to this task- merging dynamism with technology. In responding to the needs of people across the country, it has now been made possible to make bills anywhere and anytime. You can now pay your electricity bills, phone airtimes, cable tv subscriptions, data subscriptions and much more in 3 easy steps. All you need do is log on to www.vtpass.com, select your service and pay. It’s as easy.

Inevitably, this puts this service as one of the new digital trends that is in not time bound to break barriers.