Future of innovative insurance

Innovative Insurance Products in India

Innovation has become very common nowadays. Ten years back did you ever imagine the concept of touchscreens in phones and computers? Did you believe that you can monitor and control your home even when you were at your office?

Technology has changed the way we live our lives. Everything has become simple and automated. Nothing is beyond reach when bullet trains, Hyperloop and automated cars are being designed. With these innovations going on, the future of the insurance industry is also set to change. Do you know what the future of innovative insurance has in store for you and your clients? Let’s find out –

    • Change in customer demographics

      The first and foremost change is seen in the customer demography. Youngsters are becoming more active in contributing towards the society and are the component of the new workforce. They are the new customers of the insurance industry as they are very much aware of the importance of the different types of insurance plans. However, their mind-sets are different. They are more technology driven and want easy insurance solutions. Insurance companies are, therefore, changing the design of their products and offering them online to appeal to youngsters.

 

    • The popularity of autonomous vehicles

      The concept of driver-less cars is steadily gaining momentum as technology companies are successfully testing the viability of such vehicles. As vehicles get autonomous in the future, car insurance companies would have something to look forward to. Accidents would reduce and the risks faced by motor insurance companies would be lowered. This would help in promoting lower premiums and better developed car insurance policies.

 

    • Riding the tide of smartphone revolution

      Smartphones have become the most common and essential possession of a majority of the population all over the world. Everything is now being done through smartphones thanks to the different apps being developed every day. Whether you want to connect with friends and family, buy things or make financial transactions, your smartphone has an app for the same. For insurance companies too, apps are being developed which let the company connect with the policyholder. Through the app renewal reminders, new product launches and even policy servicing is being facilitated by insurance companies.

 

    • Telematics in cars

      The concept of telematics in cars has become common. This feature lets the insurance company track the usage of the car to determine the driving pattern, possible accidents, safety of use, etc. Through this data the insurance company can analyse the risk presented by a particular policy and fix premiums accordingly.

 

    • The advent of smart homes

      How wonderful it would be if you can monitor your home even when you are on a vacation! Or you can make the home theft-proof by installing advanced security systems?
      Smart homes have become a common occurrence among many individuals across the world. People are making their homes automated to prevent thefts, fires and other disasters from causing a loss. As the home is being monitored all-round the clock, the risk under home insurance policies reduces making premiums cheaper.

 

  • Pay per use car insurance

    This is a relatively new concept which is being launched in USA, UK and other developed countries. Under this concept, the car insurance premium is charged on the miles actually driven in a year. These policies are also called pay-per mile or pay-as-you-go car insurance policies which are still in their nascent stage. The biggest advantage of these policies is a major reduction in the premium amount which benefits policyholders.

New changes are on the horizon and it is time that insurance companies adapt to the same. With changing times, change is required whether it is in our lifestyle or in insurance products. You should be in tune with the latest developments in the insurance industry to keep your clients updated about the same. It would also help you in changing your sales pitch and handle customer queries with ease.

Read more about Qualities of a successful insurance agent

Read more about Why Insurance agents need to have strategies in place for customer retention

Read more about Things an insurance agent can do to make a new client feel welcome

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