The days where customers would call an insurance company and get a quote over the phone are going further and further into the past. Today, customers are much more tech-savvy and want to be able to find and compare the best rates from every insurer in just a few clicks. And if they can do all this and find the right insurance for them without having to make a phone call, that’s even better.
With a large majority of the Virginian population living in rural areas – with the exception of Richmond and Charlottesville, to name a few – the ability to access information with the click of a button is paramount.
Insurers are definitely aware of this, and many are investing a huge amount of money into various platforms and startups that are changing the industry for the better. Paperwork is fading away and technology has begun to take a lot of the headache out of the insurance buying process for a lot of customers.
Big Data and AI
Repetition is quite standard in insurance, making it a prime industry for artificial intelligence to take on customer inquiries, data analysis and claims reports. AI in insurance will not only make it easier and faster for customers to purchase policies or make claims, but it can also easily use historical and behavioral data to create more tailored packages for customers.
And this translates into more savings for the customer since using AI assistance often helps insurers save a lot of money by reducing tasks that are given to brokers. With some of the largest AI corporation in the states opting for Virginia as the location for their headquarters, there is no surprise this part of the industry has been boosted.
Internet of Things
The Internet of Things (IoT) is yet another example of improved new data sources, automating a lot of the process of sharing data. Insurers are now able to use data shared by their customers from IoT devices to help them get a better understanding of clients’ needs and make better decisions when it comes to deciding policy premiums, preventing losses and mitigating risk. First-hand data from IoT devices improves risk assessment accuracy and impacts policy pricing, something that has played a key role in the transformation of the insurance industry due to tech.
Tech is creating more security for customers in the insurance industry. The total cost of non-health insurance fraud on a yearly basis is a massive $40bn, according to the FBI.
Tech has made it possible to reduce this by using AI to spot unusual patterns that might be linked to fraudulent claims, ultimately saving the industry – and the customers – a lot of money in the long run, along with speeding up legitimate claim processing.
With several government and authoritative bodies based in Virginia, having adequate levels of security is important.
Tech has made the insurance industry much more convenient for customers to deal with. Depending on where you are based, in the US you will be able to find services anywhere. A lot of small businesses are thriving. In Virginia alone, there are around 700,000 small businesses.
When starting your own business and based somewhere in Virginia, you’ll need to look into Virginia business insurance to protect your assets; no need to take the time out of your working day to make a phone call to get a quote.
Customers can now use a range of websites and apps to get insurance quotes from several insurers at the same time before comparing them to choose the one that they prefer. This service is available around the clock online and can be accessed from anywhere with an internet connection, giving customers much more control and flexibility.
In addition to getting quotes and buying policies, customers can now easily manage their own policies thanks to technology. Most insurers, whether based in Virginia or beyond, will have a website. Some even have handy smartphone apps that customers can download to keep their policies up to date, learn about any changes and even make claims.
Since it’s important to keep your information updated with any insurance policy, this has helped to reduce errors by making it easy for customers to quickly update important changes to their details like a new address or contact number.
With insurance fraud statistics on the rise across Virginia and the states, it is critical that you do what you can to minimize the chances of this happening to you.
Some insurance companies are leading the way in safety, saving lives and preventing injuries along with saving customers time and money. This is especially true in the auto insurance industry, with technology like telematics boxes that are often useful for new teen drivers to track their driving habits and help them learn safer driving over time.
By tracking driving habits and offering rewards to the safest drivers, these insurers are able to incentivize users to implement safer practices on the road, improving road safety overall. With the Virginia Department of Motor Vehicles estimating that there are 180 people injured on the roads everyday, this should be something you consider.
Technology has changed many aspects of our lives and several industries, including insurance. Today, tech has made insurance more accurate, and easier to buy and manage for customers.