Do We Want An Insurance App For That?
Technology is always changing. It seems to change just as I was getting used to how to do things! There are many differing viewpoints on whether this is a good or bad thing. But one thing is for sure; the one thing you know about technology is that it keeps changing. There's an app for just about everything. There are self driving cars (be careful with that one!) There are computers that calculate everything. There isn't much guess work in business these days. Technology has turned the business world upside down and the insurance industry has become a part of that shift. Underwriting:
What used to be several people in a back
office crunching numbers is now an algorithm that takes several hundred data
points (like age, zip code and history to name a few) and determines what your
personal rate is. Ironically, it isn't done by a person any more.
The latest and newest companies are using AI technology, to
do the quoting. Some will go so far as to have their AI have the conversation
with you, ask the necessary questions, and send you the quote. Insurance now
uses data analytics, a large pool of data, to determine how much of a risk you
will be on a policy. And it can be done in a matter of minutes, if not seconds.
And there is a new way to assess your driving in real time called Telematics
devices. These devices look like a flash drive, plug directly into your car and
will track late night driving, mileage, high speed driving and hard breaking,
all of which are indicators of risky driving. It is a tool meant to keep rates lower for the
targeted risk pool. It is beneficial (discounts!) for those you drive safely.
If you don’t drive safely, it’s not so beneficial. Many people are still wary
of the devices. “I don’t want Big Brother watching me!” is a common comment.
But you may want to get used to the idea of these devices. I believe they are
here to stay (and track).Sales:
Today the advertising is geared towards getting you a quote
you like quickly. You can compare online in a matter of minutes. Gone are the days of taking your agent's word for their policy being the best for you.
Progressive Insurance came out with an ad where Flo claimed
you had the right to Name Your Price. While you cannot just name your price, you
do have so many choices out there, it makes good sense to not shop around. It
can be done online, if you don’t want to talk to anyone. You can call and/or
email if you want to deal with a rear person. The times of meeting at your
agents office are coming to an end. Many agents don’t even have physical
offices. Everything can be done by phone, fax or email (sometimes with a real
person and sometimes with AI). It’s become very impersonal even though the
policies are written based on more of your personal information than ever
before. If your personal history is stable, this works in your favor. If you
have a credit issues, adverse payment or driving history, this doesn’t work in
your favor. But it is the way of the future, so again, you need to get used to
the way things work now.
Claims:
Many carriers have mobile apps now for processing claims.
Many carriers will not require you to call in the claim. Just process it
online, take it to a body shop, have them scan the invoice to the carrier, they
pay and you are done. Now that is only
in the most basic of claim scenarios. If there are any questions about who is
at fault, the mobile app may not be good at determining the fault. But for open
and shut claims, technology can help streamline the process, close out the claim and take care of the
customer very quickly.
Technology is meant to improve things. Insurance is no exception. I know it can be hard to change with the technological times, but it can make your insurance experience easier and quicker. Whether it makes it less expensive usually depends on how good a risk you are.
There are
three ways to request a quote for your insurance needs:
* Call Brockman
Premier Insurance at 877-987-8683
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