Some “new” technology is actually several years old, but is only now really catching on. For instance, although only slowly accepted, UBI, or usage based insurance, gained traction in recent years.
UBI uses small telemetric devices connected to insured’s cars to track their mileage, driving habits and usage.
In most regions of these insurance technology trends increase the ability of insurers to provide the correct protection at the proper price.
Whether worn on our bodies, incorporated into our homes, or installed in our cars, technological gadgets permeate our everyday lives.
What types of gadgets are at issue? Everything from Google glasses to automobile computers, all of which provide a huge amount of information about the people who use those devices. All the data gathered eventually affects even the smallest insurance agency.
Mobile Produced Data
Computing moved up and off desktops years ago. Smart phones track individual’s purchases and GPS systems report on their whereabouts.
New technology items excite consumers because of the applications they offer, and to businesses because of the data they provide.
Insurance Technology Trends and the Insurance Agent
Tips on new insurance gizmos and innovative ways of collecting information about insured are terrific, but how do they affect the agents out there selling the insurance products? There is a definite trickle-down effect.
Many tech savvy consumers are drawn to companies that utilize innovative methods for determining how their business functions. Many other are purely price driven.
The important thing is to be aware of how insurance technology trends play a huge part in the insurance industry, so that when your clients ask about these insurance trends, agents are ready to respond.