Home Service Insurance

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Home Service Insurance Form of insurance distribution system in which all aspects of insurance provision (marketing, sales, premium collections, claims verification and distribution) are performed by a roaming agent who visits customers in their homes or place of work. Home service distribution was popular in North American and Western European countries in the early 1900`s. Still practice in developing countries. Notwithstanding with the advent of technology (InsurTech) this market distribution is not practice fully. Payment can be made in cash or by mailing checks. This is what leads industry experts to call it a "no-technology system." Due to its affordability, this policy is popular among a low- and middle-income demographics. It does, however, have its critics, who point out that it often appears to be inexpensive only because the cost is divided into monthly payments rather than a one-time sum. Home Service Insurance is very typical with the sales of life insurance products. They also note that the coverage it provides may be lower than the accumulated premiums paid. Similar financial aspect to micro-insurance. #benewinsurance #insurtech #inclusiveinsurance #insurance #reinsurance #takaful

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