Although the industry has been around for centuries, don’t think that insurance is an old fashioned market that can’t fit the lifestyle of 2016. Insurance companies are determined to stay up-to-date and trendy with their accessibility, information gathering, discounts, and marketing.
Insurance companies have begun to use technology to connect with and educate their customers. Facebook, Twitter, email, and phone apps allow customers to access policy information, ID cards, submit claim reports, and even make payments without directly contacting their agent. Although this independence is a benefit to the consumer, this lack of contact with the agent can leave gaps in education. Consumers who take the time to self-educate through company blogs, news updates, Facebook posts, Twitter feeds, etc… will have a much more well-rounded insurance experience than those who disconnect from the agent and seek no alternative information sources.
Another way that insurance companies are trying to connect with their customers is to offer a “plug-in device” that can track vehicle functions, location, and offer a variety of consumer benefits. Donegal, Penn National and Progressive are just a few carriers who now offer a plug-in device that can be utilized as a means of attaining additional discounts based on accumulated driving behaviors. Although the devices have unique features provided by each insurance carrier, benefits include GPS tracking, route monitoring, poor driving alerts, driving improvement tips, and discounts for your good driving habits! How could insurance get any more personal than being rated specifically for your driving habits and your vehicle type? These devices allow the insurance company to see data pertaining to insured driving habits and it allows the driver to learn from their driving mistakes by offering the driver step by step driving tips.
Not only are insurance companies getting more mobile and personal, they are also getting more technical! Some companies are offering coverage for things like cyber protection, information exposures, identity theft, and extra coverage for expensive auto parts that may be after market or custom. A few carriers are even extending the personal injury coverage for libel, slander, and bullying to cover actions that occur throughout the social media realm — up until now this coverage was basically unheard of!
As the coverage and companies continue to adapt to the high-tech world we live in, so do the discounts! Most companies offer discounts for electronically drafted payments, paperless billing methods, using green energy methods, having a backup home generator, and for smart home security systems. Other tech savvy discounts include the aforementioned plug in devices, monitored positive driving habits, and top of the line safety features.