Insurance industry like many other sectors has seen a drastic change in procedural techniques, the inflow of claims and investor’s knowledge base. With multiple players competing in the market, every insurance company aims for profitable and sustainable growth. With technological advancement, it has become much easier to penetrate into the targeted market, and with the ease of processing of claims, they can keep their customers satisfied. Another factor which is not very encouraging although, is the increasing cases of accidents and untimely deaths on the road. With increased insecurity and defensive nature, more and more individuals are enrolling for auto as well as life insurance.
Nowadays almost every insurance company have their own website which includes insurance plans offered, procedural details like application, documentation and financial gateway to smoothly transact the premium payment and claim settlement. You can visit their webpage here and just with a click; you can access all details and status of your policy, new plans and get any online assistance required.
You can also explore other financial planning sites and blogs like www.insurancetimes.co.uk to get a crisp comparison of various insurance plans, their features, coverage and premium rates.
Let us now review some current and future trends which auto industry is experiencing.
Digitally connected customers
Digital platform has helped the customer to increase their level of knowledge and information. They prefer to research online about a suggested insurance policy by the company representative or a friend, review experiences of other insurance holders, compare features and price offered and the that makes the buying decision. This mode is much faster, convenient and flexible. Insurance companies, as a result, emphasize on digit marketing to reach up to their valuable and potential customers at the earliest.
Automation and predictive management of work
Technological advancement has also drastically changed the working styles of insurance companies. Now manual and human intellectual jobs have been taken over by sophisticated machines automating the process and rendering more accurate, flawless results. Right from customer interface, underwriting to claims processing, all of it has become fast and user-friendly unlike the olden times involving confusing and lengthy paperwork and approvals process. Predictive consulting offered to customers on a real-time basis, helps the insurance company and insured to analyses and predict the benefits of the insurance policy enrolled in.
Increase in the claims submitted
There are many factors to the sudden increase.
• Increase in density of vehicles on road and maintenance cost: With the improved purchasing power of people, the auto sales have increased drastically. With this rise, the chance of accidents, damages, and repair claims have increased considerably. Car manufacturers have introduced innovative features like auto safety devices, collision avoidance technologies like blind spot detection, parking assistance, self-braking, etc. These systems enhance driver safety and reduce accidents, but the repair and maintenance cost of these devices is much higher which is covered under the claim, drastically increases the payouts by the insurer. Hence, either way, insurance companies are caught up in a very tight situation.
• With the introduction of gadgets like smartphones and other electronic devices, there are greater chances of the driver getting distracted, as a result, end up meeting an accident.
Therefore, going ahead auto insurance industry is going to be very busy.