Recent surveys suggest that people are more likely to stay with the status quo than ever before, especially when it comes to plans that operate without requiring their attention. Examples of this range from gym memberships to health insurance. People are content with keeping their current plans and would rather stay rather than shop for new and better deals.
Is this a good thing?
Getting Too Comfortable
There’s a level of laziness involved in propagating this kind of situation, because stopping a plan involves several clearance steps and paperwork to get done. This doesn’t involve the research and comparisons people have to make when choosing a new plan to use. Businesses recognise this common trait in people, and have auto-renewal features to make staying even easier.
It’s not necessarily a bad thing to stay in plan, especially if it’s one that’s working well for you, but it narrows the options of what you can do. Taking health insurance for example, an old plan may offer all the things someone needs, and competing providers will see this. Bupa health insurance distributor in Hong Kong pacificprime.hk noted that this is where extra benefits are valuable.
Keeping Competition Alive
There will be some people who’ll see those rewards and still choose to stay with their company out of loyalty. Now, while loyalty is appreciated in many things, business – especially health insurance – shouldn’t be one of them.
The reason people get health insurance is that they want to look out for themselves. If another company offers what you’re already getting with more bonuses, that company would allow you to achieve the goal quicker. Better services only come from competition, so when providers feel the competition is getting too close, they’ll beef up their own offers to keep their members.
It’s that competition that people want to stimulate in their providers. No matter whom you end up with, in a competitive environment, the guaranteed winner will always be you.