In almost every meeting with a client Aharon Shimshi manages to save them a lot of money. His experience, deep knowledge of the field of insurance and concern for clietns at the critical moments in which they need an agent to accompany them, are the basis for the winning mixture that is at the heart of the longstanding family agency, which has been active for more than forty years.
In keeping with the professional family tradition, Shimshi Insurance Agency does not stop innovating. Three years ago, the agency moved to a new office in the new Horovitz Park in Rehovot, which today is headed by Aharon, the second generation of a family that has worked in insurance. “We have been in the insurance business for more than 40 years,” says Aharon, “My father, Rahamim, founded the business in 1976 and since then the agency has grown and become a family business; my wife Orit who manages the elementary department, our daughter Yuval who manages the agency, our son Raz who is now entering and is starting his path in the agency and my sister Miriam who manages the field of life insurance and health insurance claims, work together with me in the business. We have clients who have been with us for decades and we feel like one big family.”
Shimshi Insurance Agency today consists of a professional team of 13 employees who know the clients well, after they analyze the client's needs in depth, according to the family, employment, health and financial situation. In this way the team headed by Shimshi manages to build them a formula that gives them a full package and coverage at the most important times.
“In the first meeting with the client, we ask about their financial ability, their needs and their medical and family situation. In this way we decide how much money will be paid for each component of the coverage, and we build the right pension coverage for the client,” explains Aharon. “Our advantage is our professional ability and reliability, thanks to which many clients join us. At the end of the day, an agent who does not cover their client from all sides and does not learn their portfolio is liable to give a partial and unsuitable package. It is vital that the client has strong support from their agent.”
As an example of the importance of professional responsibility, Aharon notes that “There are cases where insured people who have changed their job receive an offer to change their insurance. However, insurance clients have no idea what a pension fund is, what managers’ insurance is and according to what criteria they should choose a suitable package. Here we come into the picture and carry out full matching for them according to their needs.”
Experience is an outstanding advantage not only in building pension planning, but also in the ability to save money. “There is hardly a meeting in which I do not discover that a client has unnecessary double insurance cover. Clients come to us and after checking, we in the agency discover that they are paying twice for the same product, or they are paying for a product that is irrelevant because since it was introduced it has undergone upgrades and changes,” Aharon explains. “Over the years the clients’ pensions have become scattered in different places and we concentrate the funds in one place.”
Insurance tailored to the needs of each client
Shimshi Insurance Agency manages to provide a package for clients both thanks to their extensive experience and also because the agency works with all leading insurance companies in Israel. Thus, Shimshi manage to offer their clients the most suitable and worthwhile insurance coverage package.
“We work with Phoenix, Migdal, Hachshara, Menorah, Harel, Ayalon, Clal, Shomera and others,” says Aharon and adds that “we always check with all the companies what the most attractive offer for the insured person is, before we decide what policy is most suitable for them. It is important to us to enable the client to choose the coverage that is most suitable for them, and to provide them with the most comprehensive service. Clients are liable to encounter a situation where they are presented with partial offers only, and where they are offered policies from certain insurance companies because a thorough and comprehensive check is not carried out beforehand.”
On this matter Shimshi says that more than once clients have come to him who say that they bought insurance after a phone offer or from an agency that they do not know well, and at the moment of truth when they needed compensation and an agent who would assist them, they were on their own. This, as opposed to an agent who remains with the insured party for years and provides a solution on the “day of reckoning.” “With me, as a longstanding agency, clients receive the coverage that was promised when there is a claim, whereas other insured people are liable to find themselves helpless when they rely on the promises of a telephone representative who persuaded them to sign a policy years ago – and today is no longer in the field of insurance,” explains Aharon, and emphasizes: “It’s worth paying attention who you bought the policy from, and making sure they will be there for you at the moment of truth.”
“Two years ago, a client with senior status in the medical field came to me for a meeting. He told me that someone who identified himself as ‘an expert in insurance for medical personnel’ approached him. We discovered something amazing in his coverage. The insurance agent sold him the same kind of policy four times,” says Shimshi, “For example, the same person bought health insurance, critical illness insurance and personal accident insurance four times. Each time the insurance was through a different insurance company. After we removed the duplication, we saved him some 11,000 shekels a month.”
How well do you know your policy?
To provide an optimal package at the moment of truth and avoid double insurance, you need to be fully aware of the kinds of policies and coverage being provided. “A life insurance policy, for example, is standard and uniform in all the insurance companies, but the client needs to know that there are significant differences between the basic price and the discounts that are given by the insurance companies. Since the basic price decreased two years ago, first you need to find out if the old policies have the discounts that were given in the past, assuming there are any, and you need to check whether it is worthwhile to change the existing policy,” Shimshi explains and added: “There are other things that are important to check, for example, companies that market policies in the event of death that pay out a monthly sum and not a one-time payment.”
Also on the subject of health insurance, sometimes clients who come to Shimshi discover that the policy they bought does not provide them with the full coverage that they expected. According to Aharon, after the supervisor of insurance issued a general instruction, health insurance policies became significantly cheaper and many people rushed to buy these less expensive policies, without being fully aware of the advantages of the existing policies. Thus, many people received a cheaper product that does not take into account the medical situation of the insured, the age of the policy or its terms, or all aspects of the coverage it provides.
Aharon gives an example of components that existed in the old policies: “If in the past a person had private insurance for an operation in Israel but decided not to activate the insurance but relied on a surgeon in a public hospital, they would receive a certain compensation such as a percentage of the surgeon’s fee, payment for hospitalization days in a public hospital, etc.,” Aharon explains. “Over the years, the supervisor of insurance saw fit to remove the component of compensation for operations since the policy is intended for indemnification and not for making a supposed profit. Therefore, it is necessary to check with the clients professionally what their needs are, and to break down their needs so they can understand what they have in the existing portfolio and what will be missing if they change the policy. It is very important to examine the details and to find the correct package for each client.”
Aharon adds that one of the main aims of the health policies is public welfare, and a lot of what is covered by them is not provided by the health services, including medicines that are not in the health basket. “Sometimes entire families are sucked into a financial whirlpool because of a family member whose medical situation deteriorates and the family members are forced to cover the cost of medications, which can reach tens of thousands of shekels a year, if not more. Therefore, it is important and worthwhile to be insured in a health policy with a reliable and professional agent,” Aharon explains.
The ability to understand and analyze the fine details, as well as knowing the needs of the client in depth can ensure solutions and coverage in every area of life, not just health and life insurance. In conclusion, Aharon Shimshi, a highly experienced insurance agent, says: “Like every professional whom you consult, make sure you receive recommendations for your insurance agent. It’s about your life.”