Most of us understand the importance of investing our money wisely. Maybe you have many current cash flow needs and are also saving for large expenses in the next 5, 10, or even 30 years. Of course, we need to make bill payments, our monthly mortgage and car payments, as well as save for large expenditures like a car, a new home, college, and retirement. Hopefully there’s also a vacation somewhere in there!
It makes little sense to choose an amount to invest and how to invest it by focusing on one of these goals or constraints in isolation. We may quickly find our choices – which seemed reasonable on their own – lead us to a portfolio which does not allow us to reach our goals and possibly exposes us to more risk and volatility than we can bear.
Some of us are lucky enough to have an adviser who can help us take a portfolio or holistic view of all our investment goals and constraints. Such an approach allows us to optimize our portfolio in a way that meets our upside goals for saving, as well as our need for protection against the downside. And we all experience downside events in our finances at some time or another.
Insurance is another financial necessity and we often make significant premium payments for our various coverage, including health, auto, homeowners, and life insurance. Ironically, in this situation where we aim to protect what matters most, we seldom use that same portfolio approach that we do for asset investments! Whether this is a bad habit, laziness, or lack of resources, this is a situation that must be addressed.
Today’s digital savvy consumer wants a fast and intuitive online experience when shopping for the right insurance coverage, and certainly would welcome a painless comparison shopping experience! There is also a lot of talk about Data and Artificial Intelligence these days…couldn’t we put that to work for us so we can indeed approach our insurance choices with the correct view: the portfolio or holistic approach?
Portfolio-level Insurance Management
While we have previously known portfolio-level asset management is the right way to go, we must now move to the similar approach with insurance management.
Fortunately, there is a common need for both you, the consumer, and the insurance companies to come together in a digital marketplace that can easily, and free of charge, allow us to choose the best suite of policies. In short, it will allow us to truly use insurance management system to yield that optimal portfolio of insurance coverage based on our needs and resources.
You may be thinking “I don’t know much about insurance but I know my budget, my risks, and want to choose the right policies.” This is all you need!
Insurance companies are thinking: “I know the needs of the digital consumer and we will reach those who need us the most and ensure they may easily shop around to find the right insurance portfolio.” Here’s where Insurance Management Software can help to fulfill the needs of both the parties.
At InsuredMine, we have anticipated this organic need on both sides of the transaction and we have created the frictionless, online market place to make this happen. Now all parties can look forward to a simple and beneficial experience in their quest for the right insurance coverage through an easy-to -use Insurance CRM Software. And the best thing…there is no math required!
