Insurance has been around since before time can remember, and more accurately the early 1300’s. Granted, it was very rudimentary, whereby traders would split their goods scheduled for travel, in order to hedge their bets that at least some of the goods would arrive at their designated destinations. But, it was a start to insuring goods.
Today, we hand over money every month in order to safe guard our items should an unforeseen catastrophe occur to damage or render them lost.
Today, we have far more complex needs when it comes to our precious assets, and so insurance has to develop and align too.
There are a few areas where insurance will be evolving and for some, have already:
DIGITAL AND ON DEMAND
Consumers want to be able to research and choose what they do and don’t want, in terms of insurance. Having access to insurance options online is essential. This way potential clients can review all the options at their leisure, ask questions where they are in doubt, choose the best tailor-made plan, and click a button to set it all in motion.
SIMPLIFY AND SUPER SIZE
Gone are old legacy systems within insurers walls. In order to optimize and reduce costs insurers must move over to “robot” style software, that is available 24/7 and allows for collaboration. The likes of chatbots and cloud based software are on the up and up. Those insurers that don’t start to move over to these types of processes, will soon fall behind.
SECURITY IS KEY
Clients are becoming more and more aware that their personal security and identity is being threatened. They are not so keen to hand over all their private data to just anyone. Insurers have to look to ways to add security elements to their insurance offering. From Identity Fraud Protection to other protective measures against cyber attacks. Clients want prevention, rather than cures.
FINTECH, BLOCKCHAIN AND INSURTECH
Enhancing data security options and anti-fraud facilities are key. Startup insurers have to consider all the variables that make up a kick-ass insurance offering. InsurTechs and FinTechs are making alarming progress by designing applications that are powerful and focused on specific problems, with high solution-driven outcomes.
Customer experience, achieving lower costs overall and growing profits is all part of the future of insurance.
If you want to be a part of the future of insurance, make contact with us today!