HOW TO CHOOSE INSURANCE COMPANY IN TANZANIA? ~

Tanzania now days have many insurance companies. There are insurance industry giants with many of policies to sell and then there are small companies that only manage to sell a few hundred in a year.

There are a lot of factors to think about when choosing for an insurance company, given that they are the ones that are going to help you in case the need arises in the future. Below are some pointers on how to choose the best insurance company for you:

Insurance Agency or Brokers in Tanzania

Seeking assistance from agents or brokers is beneficial as they help in guiding about the kind of insurance to buy and how much it should be. Buying insurance is one of the most important financial decisions one will make, so it is important to seek help of someone who can run some analysis on your needs and provide some recommendations.

Research

Doing some research is always a good idea. Insurance companies are required to maintain huge reserves to make sure they can meet the future obligations. So do the research if the companies you are leaning towards have enough reserves to meet the needs, if need be.

Insurance Company Credit Rate

Check out a company’s credit ratings. It is a great way to check the financial health of the company. The ratings might differ depending upon the criteria each company follows. This is not the ultimate factor to judge a company’s ability; it is just one of the many factors to consider.

Size of the Company

Size of the companies’ matters sometimes and not in all the cases. The huge companies that have been in the insurance industry since decades know the workings of the industry and they are the best shot for anyone seeking a safe insurance policy. But then there are many small scale insurance companies, which have been in the business for decades too did not expand their business. These are equally creditable too. A little background check and history check does not hurt anyone.

Complain and Claim payment record

Another factor to consider is the number of complaints against the insurance company. These are easily searchable by looking up at the database of the Tanzania Insurance Regulatory Authority (TIRA).

The perfect insurance company for anyone is the one which has great customer service, services and price for your particular requirements and the financial ability to meet the obligations in case the need arises.

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