Trends for the Insurance Industry in 2020

In this growing world where technology is seeping through every industry, it should be no surprise that technology is working its way deeper and deeper into the world of insurance. As you know, our company is dedicated to creating custom software solutions for companies in the insurance industry. Insurance companies need just as much protection as they give their clients. That’s what we are here for. Insurance companies are now going above and beyond protecting your homes, cars, and families. They are protecting your companies from some of the most dangerous and frighteningly intelligent criminals out there. Hiding behind their computer screens and lurking through the internet are your hackers. These faceless foes are taking down multibillion-dollar corporations without even blinking. With that being said, early in this new year, technology both good and bad continues to grow and change. We will be seeing so many trends that will be shaping the future of the insurance industry. That is what makes what we do for our clients very exciting. This growth will allow our business to keep growing too, and help the industry as it finds new footing. The industry needs to keep growing as fast as it can to keep up with this face-paced world. As 2020 begins to kick into high gear, here are some of the top trends we could be seeing this year and into early 2021.

By using your smart devices and physically plugging into them, you might start to receive a huge break in your payments and start to build an insurance plan that is perfectly tailored to your life. This will mean letting your insurance company into some more private parts of your life, but it could improve your life dramatically, too. Allowing your insurance company to connect to your smartphone, the smart devices in your car, your Fitbit and health trackers, and even your smart toothbrush (yes, this is a real thing!) it gives the agency an in-depth look into how you’re living your life. They are tracking right along with you. They will see right away how you’re driving, caring for your teeth, exercising, and what your natural habits are. From these results and seeing how you live day to day, insurance companies will be able to offer you a perfectly tailored plan to what you need. If you care for your teeth, your plan might not include the expensive bells and whistles that appear on the plan of those who don’t care for their teeth. This trend is putting the customer at the center of their plan. It will make them an individual and not just a number on a roster. That’s how customized they will be!

It might be a scary and controversial topic, but technology might be taking an even bigger leap into the insurance world than we expected. AI (artificial intelligence) along with other machine learning technology could be making its debut into the insurance industry before long. This technology in all aspects is very new, and a human hand is still needed in the industry. But, the AI world is rapidly growing, too. If this technology officially steps into the insurance world, it could mean making every part of it more efficient and safer than ever before. It could help prevent, catch, and eliminate fraud, money laundering, and underwriting. It could help create a fair and perfectly adjusted rate of pay for every customer. All while doing these things, the technology could learn and collect data from each client to continue to better and personalize every plan. This will also be seen with the implementation of a chatbox. Don’t worry, this won’t be like the early chat boxes of the early late 1990’s early 2000’s that could only give you answers based on FAQ information triggered by a keyword in your question. These chat boxes will be able to have a more personal experience with you and be able to answer questions in real time. This will help with response times and allow the more complex issues to be handled by human interaction.

If we like it or not, social media has and will continue to impact the business world and the world around us for years to come. This does include the insurance industry. Social media is a great tool that collects information about your clients and future clients and allows you to target your audience and speak to them directly in a way that will genuinely catch their attention. It also helps to improve risk assessments, helps fraud protection, and it creates a whole new experience for the customer. Some companies around the world recognize that their clients are so connected to their social media accounts, that they only use social media to interact and do business with their clients and customers. Social media can be used to look into fraud, and offer protections on a whole new level.  Discrepancies or strange activity on your account can be caught sooner by allowing your insurance company to monitor your social media accounts. The insurance company would be able to keep you safe from those trying to abuse or break into these important and private parts of your social life.

Technology is an exciting thing. Using it to help protect you in this world is very real and necessary. Letting your insurance company grow along with you and protect you beyond home and car is a really exciting opportunity. Our world and lives are being so wrapped up and connected to the digital world that protection is needed. We hope these digital trends excite you as much as they do us. Put your trust and hope into the insurance industry. With these trends, they’re going to become an important part of your life and treat you as the unique individual that you are.