20 Apr Growing Trends in the Insurance Industry
In the wake of innovation and new experiences, the diverse industry of insurance has to steadily deal with evolving risks. In 2017, the continuous revolution of customer expectations, digital connections and emerging technologies is expected to change the way insurers create policy language, provide excellent coverage, as well as address any blurred lines between certain coverages, including general liability, cyber insurance and commercial packages.
Although people, technology and the market are all moving forward with new, unintended consequences ahead of them, here are three growing trends we’ve recognized that you should be aware of in order to stay on the cutting edge of your success.
Customer Expectations
The need for creating a competitive customer experience is imperative. Now, more than ever, customers are expecting a company to focus on faster and easier interactions that will find them the best coverage, quote and service available. This trend is growing daily, and in turn, this means you and your team must stay equipped in order to keep current clients and attract new business.
Digital Transformation
As people are becoming increasingly connected with each other through the digital world, the insurance industry must continuously adapt. This digital transformation is reshaping how insurers are now expected to approach their strategy. Digitizing certain processes will remove a great percentage of your human service costs while helping you gain a better customer-experience reputation.
Emerging Technologies
Along with emerging, interconnected technologies there will come new risks, because they magnify the impact of intangible property damages, individual losses or unexpected liabilities that were not listed under policies before the incidents. Interconnected technologies, including drones, autonomous vehicles, 3D printing, genetically modified organisms, shared-economy business models and variations of artificial intelligence, have transferred and generated a number of exclusions for insurance liability.
At Lane and Associates, we’re committed to evolving with trends in order to deliver the best packages and experiences to our customers.