Since the founding of the insurance industry, the most successful method of converting a prospect into a customer has been establishing a personal relationship with that person. This used to be a delicate process that took a considerable amount of time, as you had to do it one person at a time.
Modern technology can appear to be a double-edged sword at times. It may be able to reach more people at once and do so on a slightly smaller budget, but it is hard to really differentiate your brand and stand apart from the thousands of others online.
The technology in the insurance sector is constantly evolving these days, having a successful business in any industry can seem daunting. In order to be successful, you must generate interest in your product. If you want to make it in the insurance business, the key is to constantly drum up new leads and then close them.
Telematics and Usage Based Insurance (UBI) are among the modern trends in auto insurance this technology promises the ability to create more granular pricing segmentation and improve the accuracy of pricing by using a customer’s actual driving behavior as the basis for generating rates. The feedback provided to drivers also has potential for actually changing driver behavior to safer levels.
Liability coverage protects a business in the event a third party gets injured and files a claim against the business. Fidelity coverage, also known as employee dishonesty coverage, reimburses the business owner and not a third party. Both coverages protect the business entity, but they each pertain to a different aspect of the business.
In many respects, the property-casualty industry is slow moving when it comes to new technology. However, the industry is on the front line of societal and business change and must develop and launch products that meet specific needs in the marketplace. Although many of those changes are difficult to quantify and administer, technologies exist that will make administration easier, more reliable and deliver information and service where it is required.