Buying insurance requires considerable paperwork. Brochures and key-feature documents need to be read, illustrations and declarations signed, and financial and Know Your Customer information submitted. The most important document, however, is the humble proposal form.
This proposal form comes in different shapes and sizes. In many insurances, it is paper-based and needs to be filled by hand. Sometimes, the information can be provided electronically, and in a few cases such as motor insurance, the proposal form may not even be required.
The form is important, obviously because that’s where you provide information that is the basis of your insurance. But equally valuable is the fact that completing a proposal form requires putting pen to paper or fingers to keyboard. The act of writing forces mindfulness. The few minutes when a proposal form is being completed are when buyers understand the product best, specifically the features they get and the claims that will get paid.