“Buying insurance cannot change your life but it prevents your lifestyle from being changed. An illness can wipe up an entire family´s savings that they saved for decades by medical bills. You will not turn bankrupt because of buying insurance but you will cause your loved ones to turn bankrupt if you don´t” ~Jack Ma~
- Name: Pasquale Specchio
- Nationality: Danish mother / Italian father
- Lives in Pamplona
- Works in All of Spain
- Profession: Insurance Agent
- Signature phrase: Service, Service and Service
Pasquale Specchio is the owner of a small insurance agency servicing Scandinavian, Italian, American, English and Spanish customers. His focus every day is on his clients, what they need, and what will bring them one step closer to reach their overall goals.
In collaboration with Generali Seguros and his clients, Pasquale obtains the absolute best solutions to cover their personal or private interests against financial loss. Every solution is based on a professional consultation which is carried out by phone or in person and later you continue with the same assistance in further consultations or in episodes of claims. This gives you a fast and correct assistance in all cases.
A Purposeful Life #
How do you relate your work to your life?
Being your own boss has always attracted me a great deal, it occurs that the days are busy and long. I still keep the mentality staying on top of my tasks and cleaning my desk before going home, which makes my life very pleasant when I'm not working.
What attracted you to a career in Financial Planning?
Planning for the future is something I enjoy a lot, whether it may be planning for a nice family holiday, a sports event where you wish to perform your best or having enough for retirement or a rainy day. When planning, you should always make sure that the downside risks have been evaluated.
Your Professional Life #
How did you decide to work in insurance and financial services?
I began working as an insurance agent in Italy and, later, in Denmark, where I saw many people obtaining better value for money on their financial instruments.
With Italian and Danish roots, what brought you to Spain?
I was actually first in Italy, as an insurance advisor, then I moved to Denmark to continue studying. I had more time in my day and wanted to work to fill my time in working with insurance. My wife is from Spain. So, I moved here after studying and working in Denmark.
Some insights about the insurance industry in Spain #
In Spain, an agent can either work as a broker for several companies or a franchisee of just one. I have experience in multiple countries in the EU, the UK and the United States of America. When beginning insurance work in Denmark, where a large proportion of the small and medium size businesses with the private clients selecting a service provider for their insurance needs, many tend to choose just one company. Why?
- It's easier for the client to process claims. When having policies from multiple companies, the process can feel cumbersome and confusing.
- The insurance company has the possibility of diversifying the risk if a client has multiple products; therefore, the company will offer a pricing discount. Banks that offer various services also have this same economic benefit if a client uses multiple products. All this provides a cost savings for the client.
With this in mind, I thought I would be able to service my clients better as a franchisee. Therefore, I had to find a insurance agency partner that met some specific criteria.
- It had to a large and solvent company. Generali has a better solvency than the average companies on the market and Generali is one of the world’s five largest insurance underwriters.
- It had to be a company that was implementing programs to meet clients in the new age of tech and social media. We have recognized tools such as our mobile APP which allows us to accompany our clients at all times and when they need us most.
- The company should be able to provide one of the best packages with high quality coverage in health, life, accident, home, liability, transport and for small and medium sized businesses under 150 employees.
After my research Generali proved to be the best option for the client in most scenarios.
What are some of the insurance policy options people need most? #
- The Personal property insurance is divided in two parts:
- One part is coverage for property claims for weather, fire, breakage or other events.
- The other part is the liability side where the claims derived from the owner damages a third party. Further than that is the possibility for coverage outside the home - including robbery.
- Renters insurance is divided in the same way as the personal property; however, liability issues can vary. If the property has a tourism license, a specific liability insurance is needed.
- Health insurance: There are different coverages and we have a module that illustrates the specifics in each individual policy. Also, our policies satisfy requirements for non-EU citizens when applying for residency.
With COVID, do your policies cover voluntary testing in case one thinks they have been exposed? #
The health-insurances in Spain will only cover testing if the treatment center requires a test in combination to a treatment or consultancy. In general, private health insurances do not cover pandemics. It is important to remember during a pandemic the waiting period has increased for surgery and treatment in the public system. Therefore, to get fast treatment the private sector is the best option in many cases.
Do your policies handle squatters?
This is not an easy issue. The best way to prevent longer term financial damage from squatters is by installing an alarm system that triggers a call to the police. When the squatters are breaking into the property, the police can kick them out immediately before the issue gets worse.
How do you see servicing clients on Mallorca?
We have a large number of clients on Mallorca already and I'm visiting Mallorca on a regular basis because my clients are here. Most consultations on smaller packages are done by phone to save the clients time.
What is the one need that is most overlooked?
One of the things that are really becoming popular is 24h doctor on your phone, which is included in all the health insurances we provide. Another is that a big proportion of clients in Spain have chosen to divide their insurances between companies. My experience says that this is a bigger hassle for the client, it is not necessarily a benefit in price either.
Pasquale’s Other Projects and Initiatives #
With constant increase in demand on our core business it has been challenging to find time for non-related projects. But I am convinced that if you give, so shall you receive. I am m sure we will find a good place to help in December when we usually make goodwill contributions for the season. Regarding travels it has been quite restricted as we speak, but still hope to get the chance to visit places where we haven´t been. We will see how things come along soon and how travel will change in the future. I think a big part of finding your way in life, is by trying something new. Whether it be tasting a misplaced orderBy in a restaurant, experiencing a new culture, or simply just walking into the bank across the street from your own to get a second quote. Unfortunately, many people don't give themselves this luxury to welcome exploration.
What is the most important advice you give to clients? “Burn your boats not your bridges.” The phrase, ‘Burning your boats’ dates back to 1519 when Hernán Cortés burned his own boats, thereby sending the message to his men that there was no turning back. If you want to change country, I always find it easier when telling myself that there is no turning back. Your personal relationships and your network however might help you to prosper in the new environment and one should not be confused to burn the bridges too.
What is your secret to a meaningful life? Do what makes you jump out of bed every morning. In my case, I've been very lucky to find out what I love doing in an very early stage of my life.
For More Information #
Check out Pasquale's website in English for more information and to contact him directly >> Healthy Insurance
- Personal Interview
14 septiembre, 2020