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The insurance industry isn’t an obvious character career choice or plot topic when you think of the silver screen but dig a little deeper and Hollywood has a surprisingly long and sometimes unglamorous relationship with the sector. Oscar winning films like Erin Brockovich, have offered audiences a glimpse behind the curtain of the insurance industry, but many others have tried and failed. With the 95th Academy Awards next week, some of our movie buffs at Honan have shared the popcorn and sat down to critique some of Hollywood’s biggest misrepresentations of the insurance industry!
The 2004 Pixar hit, The Incredibles, got a lot right raking in US$631 million at the box office. Yet, when it comes to portrayals of the insurance industry, it fell into some well-trodden stereotypes. The film sees Bob Parr aka “Mr Incredible” forced into redundancy from his beloved job as a superhero, now working as a claims assessor for corrupt insurance company Insuricare. Working in a typically bland grey partitioned office, Bob is frustrated with the drudgery of his job and secretly helps deserving clients find loopholes so they can successfully make claims, much to the dislike of his supervisor Gilbert Huph.
Honan Client Executive, Bryce Yeo says: “Hollywood loves to portray insurance companies as blood sucking corporations that don’t care about their clients, but that could not be further from the truth. I can tell you that our claims teams are always working to do right by the customer, fighting for them when it comes to claims. And there’s no need to hide that from the boss, like Mr Incredible. On the contrary, client-first is part of the ethos at our company and is mostly echoed across industry.”
“While it’s true most people fall into working in insurance from other industries and many are motivated by a passion for helping people, the Incredibles characterisation of day in the life of an insurance professional is way off. Our offices are far from dull and boring, our team are diverse and with an average age of just 30, bring a vibrancy and energy that would probably suit Mr Incredible quite well."
Heat is a cult classic crime film with one of the best bank heist scenes of the era. Neil McCauley (Robert DeNiro) masks up and has bank hostages at gunpoint. He proclaims to his heist victims: “we are here for the bank's money, not your money. Your money is insured by the Federal Government”. Is that right?
Honan Client Executive, Nick Squillari, says: “Surely banks must take out their own terror insurance, with the cost of that policy coming off their balance sheet and passed back via fees to customers. Whether it’s Australia, the US, or any other Western Democracy - it’s unlikely that this would be underwritten by any Federal Government.
“Taxpayers wearing the cost of a bank potentially having poor security measures always felt a little farfetched to me. Even more so now I am in insurance. The lesson here? Make sure you’re covered, even when it might seem a larger organisation - in this instance the government - has your back.”
Ocean’s Eleven is another film that gives insurance the Hollywood treatment. In the film, Tess (to Danny) laments “see the people you steal things from, they have insurance to compensate them. They get made whole again”.
Nick Squillari, shares: “It’s not always the case that insurance “makes people whole again.” Insurance is not always capable of covering a loss in full, despite people’s misguided expectations. This leaves Directors liable to class actions, when people feel as though insurance has not delivered on its promises. The lesson here? Don’t assume you’re covered and always read the fine print.”
And how can we forget when Terry Benedict in Ocean’s Twelve comes for revenge against the crew that robbed him in Ocean’s Eleven - not because of his loss, but for interest he lost on the money.
“Is there really an insurance policy in the world that is covering the entire contents of a safe from three Vegas casinos? Let alone willing to pay out on more than $150 million of cash losses. Let’s not forget that $150 million in 2004 is worth a lot more today, so a policy that would cover losses of this scale is unlikely. The lesson here? Keep cash and valuables on-premises to a minimum. And don’t make an enemy of Danny Ocean.”
Rudy Baylor (Matt Damon) is a young lawyer who takes on a case against an insurance company that has denied a claim to a family in need. While the film does portray the insurance company as corrupt and unwilling to pay out the claim, it also highlights the importance of insurance in providing financial protection and peace of mind. Rudy fights for justice on behalf of the family and ultimately helps them obtain the coverage they are entitled to under their policy.
Honan Claims Executive, Kamil Osbual, says: “This is a classic example of the old Hollywood trick that paints insurers as the bad guy. In reality, insurance companies strive to fairly assess and pay out claims in a timely manner. Overall, insurance can be an invaluable tool in helping people cope with unexpected events and financial challenges.
“Having said that, it is always a good idea to carefully review the terms and conditions of your insurance policy to make sure you have the coverage you need and understand your rights and responsibilities as a policyholder.”
Danny Zuko’s offsider and bad boy Kenickie has an interesting take on insurance policies in the movie musical classic Grease. In a typically cocky move, Kenickie pulls out a condom and refers to it as his “25-cent insurance policy”. He is then suitably shocked when it breaks.
Honan Client Manager, Shelley Thompson (not to be confused with the Canadian actress) says: “Kenickie expected a 25 cent “insurance policy” to see him through. The real truth is that you get what you pay for at the end of the day. No matter what form of protection you are seeking – if you pay a cheap premium, you can’t expect a quality product.”
