What is the impact of technology on insurance? How will the expectations of customers shape the changes to come in the future? Read on to discover the 5 biggest trends in insurance.


 

Technology is quickly changing almost every aspect of our lives. InsurTech is a response to the wants and needs of the customer. Often not willing to take the time to visit a brick and mortar agency, today’s customer is looking to online or mobile applications for information when they want it and wherever they happen to be at the time. We have become accustomed to instant information and results.

 

Besure Insurance Joined The Field With Technology Already In The Forefront

Besure is a risk-sharing platform developed to facilitate the process of self-insurance among communities through our software. What this means is that you get the best of everything – your personal and individual insurance needs covered along with a like-minded pool of people, and access to the latest technology to make the process not only possible but actually simple.

 

Curious to learn how Besure Self Insurance could quickly and easily cover something of importance in your life?

 

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The 5 Biggest Trends In Insurance

 

Currently, customers expect communication and responses to be both timely and useful. They have access to an abundance of information and are more able to be informed on a wider variety of topics more quickly than in any other period before this. As a result, they have higher expectations of the businesses and services they use.

 

It would be challenging to find a successful industry that has not embraced technology. Today more than ever, it is obvious that the customer is driving the innovation and evolution of the insurance industry.

 

Here are some of the biggest and most recent trends in the insurance industry:

 

1. Data and Analytics

There is an abundance of data available today and both consumers and businesses are eager to use it to make more informed decisions and improve their services.

 
  • For customers: Data can be used to assess and compare companies when making decisions about who to go with for a specific investment or purchase.
  • For insurance companies: Data can be used to evolve and tailor services and products for their customers. In addition, access to detailed customer information, feedback, and personal profiles on various social media sites can help companies target specific groups of people. This same information can be used to discover and reduce fraudulent claims.
 

Tip For Insurance Companies: Customers today are more willing to provide detailed and almost real-time data if it would correlate to reduced premiums. This includes using wearable technology and apps that can communicate data to the wearer and the insurer.

 

2. Swift Response and Communication

When purchasing insurance in 2020, customers want real-time communication. They want answers to their questions and those equipped to provide them promptly will naturally be more likely to receive their business. They expect both virtual assistance and swift personal responses when they engage a company seeking information, to purchase a product, or engage a service.

 

Customers expect easy, efficient and quick application processes and short wait times before receiving approval. They want options for when and where to purchase insurance. Perhaps they forgot to get travel insurance until they were standing at the airport. Today it is feasible to make this purchase before boarding the plane.

 

3. Cost Efficiency

With Cloud-based infrastructure and the use of AI, overhead costs are minimized in InsurTech companies. The savings can be passed along to the customer, making insurance more available and affordable.

 

4. Customer Expectations

Today’s customers know what they need. They are informed and actively seek the option that best meets their needs. Self-insurance is an attractive option, allowing the individual to customize their coverage while remaining flexible and agile as their needs change.

 

More willing to take a chance on start-ups than ever before, equating technological advances with trustworthiness, efficiency and cost savings, today’s customer both embraces and expects innovation and growth.

 

They believe in a sharing economy and value connection to both their local and global communities.

 

Information and referrals are shared through social media. Customers trust those who have tested a product or service and speak positively about it. Reviews are considered valuable and choices are often made after seeking them.

 

Learn More About the Benefits of InsurTech for Customers

 

5. Big to Small Co-branding

There are many well-established companies in the insurance industry. Their need to expand their technological advantages quickly to remain current, as well as newer start-up companies needing benefits that require time to build, lends itself to a trend referred to as Big to Small Co-branding.

 

What The Big Companies Offer

  • Experience in underwriting and pooling
  • A trusted brand
  • Marketing history
  • Data driven business operations
  • An established customer base
 

What the Small Companies Offer

  • Advanced technology
  • Lower overhead
  • Greater agility and higher risk tolerance
 

A union of two such companies can easily embrace the trends in technology for 2020 and beyond, offering the greatest options to meet the needs and wants of their ever-changing customer base.

 

Besure Insurance Self-Insurance a Simple Solution For Your Insurance Needs

Are you curious to know more about how InsurTech works and how it can benefit you? To learn more about Besure, contact us today at 403-460-6961 or fill out our online contact form.

 

Alternatively, you can find us at 1214, 12 Royal Vista Way NW, Calgary, AB, T3R 0N2.

 

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