Written By: Amy Morin
As insurance companies scramble to keep up with today’s changing technology, consumers are reaping benefits such as reduced rates, increased efficiency in processing claims and greater ease with making policy changes.
Insurance Apps for Customers
In the past, obtaining insurance was an arduous process.
It involved calling a company, spending a great deal of time on the phone and then waiting for days or even weeks for an insurance quote. Customers looking to shop around could easily spend days contacting each company.
Today’s insurance apps allow customers to obtain insurance rate quotes from multiple companies in a matter of seconds. Customers can easily compare prices and see which company will best meet their needs.
Individual companies also have their own apps that allow customers to view their policy, evaluate new options and check their payments all from their smartphones or tablets.
Insurance Apps for Agents
Insurance companies are also designing apps to help their agents sell their products and process claims more efficiently.
John Hancock, for example, provides its agents with an iPad and a mobile app called “Illustrate.” This app allows the agent to provide potential customers with a variety of visual representations which can help boost sales.
Aflac provides its agents with an app called “Launchpad.” This app integrates animation and video with calculators and regulatory information to create an easy-to-understand sales presentation.
Online Availability
Most insurance companies are expanding to allow customers to do almost all of their insurance business online. Most company websites allow customers to do anything from shop for policies to electronically sign forms.
Many insurance companies are increasing insurance agent accessibility by allowing customers to reach them via online chat features. This can ease the wait many customers dread when calling an insurance company and can allow representatives to provide information quickly and efficiently.
Social Media
Insurance companies are also using a variety of social media tools to market their services and retain their customers. Some companies have also used social media to reach customers following a catastrophe.
For example, after a natural disaster such a hurricane, insurance companies have made announcements via Facebook to help customers proceed with processing their claims.
Social media is often used for marketing. Many insurance companies are harnessing the power of social media sites, such as YouTube, to create video content that appeals to its viewers.
For example, some car insurance companies have created videos about the dangers of driving while text messaging in an effort to spread the word about unsafe driving habits.
Future Possibilities
There are a lot of possible ways in which the insurance company could use technological advances to change the insurance industry in the future.
One possible way companies may be headed is to use technology to completely personalize a person’s insurance rates. For example, car insurance companies could offer options that would allow them to monitor a person’s driving habits.
Technology could allow an insurance company to monitor how fast a person drives, how quickly they hit the brakes and how many miles the person is typically driving with the use of GPS technology and sensors.
Of course, this would raise issues about privacy, but it could reduce rates for budget-conscious customers.
It’s likely that within the next few years, technology will completely revolutionize the way we currently handle everything from car insurance to health insurance.
About the Author: Amy Morin writes about psychology, business and insurance topics such as burial insurance.