When systems go bad
It certainly is. I remember a manager of mine a long time ago telling me that he was yet to find a mistake made in the statement for his main bank account, and yet he knew that the company he worked for made mistakes all the time with their policies.
It might be tempting to say that was a rare point of reflection, but insurers do, in fact, spend a great deal of time, effort, and money, making systems good, and better.
But unlike the banks clients don’t check their insurance monthly, or even more frequently. In fact some clients will never notice an error with their insurance between taking it out and cancelling it – even if the error were one they would spot within minutes of checking their statement with the bank.
I am convinced that a direct result of this reduced scrutiny, and the lower number of transactions processed, insurance systems will never be as robust as bank systems.
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