Ethics, defined as the ability of a person to differentiate between good and bad, is as vital in the insurance industry as in other fields. Ethics is the unwritten moral code that helps a person decide his course of action when confronted with ethical issues and situations that require moral judgment.
Professionalism, on the other hand, can be defined in various ways. It can mean a person’s capacity to comply with the duties and responsibilities dictated by his profession.
For instance, in the case of insurance providers and agents offering Key Person Term Life Insurance Policy, professionalism dictates that they don’t speak ill or berate their clients even after numerous sales calls and consultations that were eventually rejected.
Clash of Ethics and Professionalism: Is it Possible?
While both concepts are equally valuable and sound, many suggest that there are instances where one’s ethical standards are challenged by one’s code of professional standards. Is this innately possible?
Going back to the case of insurance providers and agents offering Key Person Term Life Insurance Policy, their code of professional standards may dictate that they maintain their client’s medical records and history. However, if the same client commits large-scale insurance fraud, they can be sued by the authorities. While the professional standards call for absolute secrecy, ethics suggest that it’s right to make an exception in the interest of public justice.
While both moral compasses look like they’re clashing, they’re actually not. The moment the professional standard agreed to the exception, it agreed with the ethical standards of “doing good and avoiding evil.”
Unacceptable Insurance Firm Practices
Insurance firms sell trust, confidentiality, and a better future to their customers. While some insurance firms firmly adhere to a strict ethical standard, others are very good at persuading clients to invest in insurance. But after the clients sign up, they leave the client high and dry.
An example is when an insurance firm is so good at providing insurance products but is abusing client confidentiality. In this case, no matter how good that insurance company is, if it can’t be ethical about its means, it should be regulated and sanctioned accordingly.
Aside from that, there are times when insurance companies tend to cut down on the budget for their staff to maximize profit. As a result, even the working conditions of their field agents are poorly made. Even resting areas of staff are in decrepit conditions. These are simple things that can generate positive results when given favorable attention, not only for the employees but also for the clients and the organization in general.
Why You Should Go for Ethical Insurance Companies
For the simple fact that you’re putting your future in their hands is a good enough reason for seeking the services of an ethical insurance firm. If they can’t be honest and trustworthy about policies and possible sign-ups, how can you trust them with your insurance premium?
Not all insurance companies commit unethical practices. In any industry, there are ethical practitioners as well as unethical ones. The main point being driven here is for you to choose your insurance provider carefully. Your relationship will go a very long way so it’s great to start on the right foot.
If you’re looking for a reliable, trustworthy, and reputable insurance policy provider, look no further. Talk to the team of experts at Special Risk Term and explore your insurance options. They have been in the insurance industry for quite some time, and they’re known for their reputation of putting their customers’ interests ahead of theirs.