Hail an Insurance Innovation

Its rare positive things are said regarding insurance companies. The general perception is that they are a necessary evil. Sharing the risk of an adverse event we all keep our fingers crossed that the particular event falls within the strict guidelines of our insurer’s policies. A situation I’m sure we have all experienced at one stage or another. I have vicariously experienced this via my father, a lifelong insurance user and customer.  With his household insurance fully paid up he felt confident that storm damage that caused tiles to be ripped from his roof, which subsequently caused the ceiling to collapse in the dining room of his house, would indeed be covered by his insurance. Not so, according to the first assessor to inspect the dining room. “Age wear and tear of your ceiling” declared the second assessor after my father had lodged his objections to the first assessment. No wonder people come to distrust and despise insurance companies.

Fast-forward to Thursday February 21st 2013 Budget Direct issues an SMS hail warning for its Port Melbourne customers (Me being one of them). Smart move on Budget’s part. As a long term advocate of Planning, Prevention, Preparation, Response, Recovery, Review (PPPRRR) Budget Direct’s positive action fits right in with good emergency practices. This is also the bit where I send a personal thank you to Budget Direct for the warning. I’m not the only person impressed with receiving a warning from my insurer. Budget Direct has been acknowledged for its innovation. Its own website provides a brief description below…

Hail mobile phone alert the hero of Australian innovation awards
Budget Direct’s Hail Hero, an SMS system alerting Australians to the threat of hail in their neighbourhood, is officially the insurance industry’s most innovative product, winning two prestigious awards back to back.
The latest in hail prediction technology outclassed all entries from competing insurers to take out the Most Innovative Product at the Australian Business Awards on July 31 and the Australian Insurance Industry Awards on August 16.
CEO of Budget Direct, Ram Kangatharan, said the double win was a direct result of the company’s depth of technology and product capabilities both in Australia and abroad

Well done Budget, I’m impressed and thankful. The real test however, comes if I ever have cause to make a claim!