How overpaying claims leads to product innovation
Most of the mainstream news media delight in telling people about when an insurer declines a claim. They love it. Insurers are just moustache-twirling financial villains in their eyes.
The truth is that most insurers pay out an awful lot of money to an awful lot of people – faithfully executing their contractual obligations over and over again.
What few know is that sometimes they pay more than they need to. Not by accident, but by choice. It can be the right thing to do.
Why do insurers pay more than their policy wordings require?
That is an especially...MORE»
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