The Explosion of Technology in the Insurance Industry

A decade ago, you need to meet with insurance agents and listen to them talk for hours about the benefits of buying an insurance policy. Some of them will even go so far as to visit you in your homes, so they can convince you to buy a policy for you and the rest of the family. You will work hard to pay off the premium every month. Some insurance policies go as high as $70 to $100 a month, depending on the coverage you seek.

Technology today is reshaping the industry. From buying policies, claiming benefits, to upgrading beneficiaries, virtually every aspect of an insurance policy can now be accessed via the Internet. And what more, it has become easier for insurance companies to assess the insurability of a person and property. Amid the pandemic, inquiries about insurances increased as people realized the extent to which a crisis of this magnitude can affect them and their families.

Shopping for Insurance Policies

You only need to visit an insurance company’s website to get to know more about their products. Buying an insurance policy is now akin to buying a pair of shoes. You can inquire, sign up for, customize, and pay for the insurance policy online. Then, wait for the copy of the policy in your registered address or email address.

Are you worried that you might not be maximizing the coverage of the policy for your home insurance? You can compare the best homeowners insurance policies via comparison tools on the Internet. The tools will give you a rundown of the scope and limitations of the policies you are eyeing for your home.

Aside from that, home insurance policies also became more affordable because of the existence of smart home systems and monitoring systems. Through these, insurers can assess the risks of the homes being insured. It’s a win-win situation for both parties.

Customizing Insurance Policies

Another thing that technology brought to the insurance industry is the ability for clients to customize their policies according to their needs. Similar to shopping for clothes and food, you can choose some “add-ons” for your policy. Do you want an additional beneficiary? All you need to do is pay extra every month. Click on that extra feature. How about a stock or mutual fund option for your life insurance? You can customize the policy with this, too.

Most insurance companies have mobile apps and e-commerce platforms wherein policyholders can tweak their policies. They can pick the nitty-gritty of the insurance policy down to the most basic coverage and limitation. The power is now in the hands of the insured.

Accessing Policies Is Now Easier

Insurance policies can now be wrapped with your credit card statement and other utility bills. You can get insured for various aspects of your life-whether it’s COVID now or sudden death or unemployment. Even retail businesses are partnering with insurance companies to offer their clients an easy way to access policies. You can get everything insured nowadays-your phone, car, home, buttocks, jewelry, paintings, and many more. A quick search on the Internet will give you plenty of insurance options. You don’t even need to look too far.

Wearable Tech Gives Accurate Assessment

In the past, insurance companies will require policyholders to undergo medical assessments, so they can make the appropriate adjustments in their policies. This is mostly for the protection of the insurer. Today, with technology ever-present in the industry, insurance companies use wearable devices with biometric sensors. These devices will measure and monitor real-time heart rate, blood pressure, oxygen, and glucose levels. They can provide coaching and incentives.

But Competition Is Also Tougher Now

Of course, the advent of technology also brought with it a massive competition. With virtually every fly-by-night insurance company offering all types of coverage, it is easy to hoodwink people into signing up for an insurance policy with more affordable terms and premiums. While there is a campaign against such practices, many still fall victim to these illegal operations. Aside from fly-by-night insurance companies, competition is even tougher among legitimate agencies as all are vying for clients.

Technology reshaped many aspects of many industries. It offers convenience, customization, and above all, innovative ways to serve the clients. And although there are still a lot of apprehensions within the industry and among the clients about the presence of too much modern tech in something as personal as insurance policies, this has been embraced time and again. It has also proven that its benefits far outweigh the risks of privacy issues.

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