Top 5 Insurance Trends

What’s to come next?

The insurance industry has never been much of a leader when it comes to technology. But finally — after decades of working with clunky workflows, outdated software, and lots of paper — many insurance companies are starting to get a taste of the tech bug. Whatever the case, there’s finally forward movement in the insurance sector, and customers are rejoicing that companies are jumping into the digital age.

The following are a few ways insurance providers are making life easier for customers through the digital transformation.

Self-Service Dashboards
We’ve seen it in grocery store lines and restaurants — and now we are finally seeing it in insurance. As we’ve learned, people want to use their phones to get “life” done as quickly and easily as possible. They’ve also started to get more comfortable with doing serious things — such as taking out mortgages and buying cars — at the click of a button. It makes sense they’d want to do the same thing with their insurance—managing everything from finding the right policy and making a claim, to tracking their car repair all from one place.

Easier — Faster — Claims Process
In the past, when we got rear-ended, we’d have to move to the side of the road, fish out our insurance and AAA cards and start the agonizing process of informing everyone under the sun about our accident. Today, we can do all of that via mobile, all without ever needing to talk to an agent.

And Purchase Options
What Kayak has done for plane tickets, companies like can do for insurance customers — helping to compare often complicated policy coverage and costs at the click of a button. Even better: you can enroll on the spot, having insurance in minutes without ever needing to speak to a sales agent.

More Seamless Experience
We’ve all had the excruciating experience of explaining our accident to one service agent, and then getting transferred to another agent, only to tell the same story all over again. Now, insurance companies are making better use of technology to store customer history and data so all agents.

Insurance As A Service
Insurance as a Service (IaaS) allows people to insure expensive items like cameras and jewelry only when they are in use. This service is a prime example of using technology purely for customer experience: it allows people to keep their goods safe as needed, rather than forcing them into a long-term policy for items they rarely use.

There are so many possibilities, outside of saving money and increasing efficiency — the question now is only a matter of time.

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