INNOVATIVE IT INSURANCE SERVICES IN A CONSERVATIVE INDUSTRY?
While insurance is not known as an extremely innovative or exciting industry, new technology has created a platform for a number of exciting information technology (IT) services for both consumers and insurance providers. Here we list the top 5 innovative IT insurance services.
#1: PAY AS YOU DRIVE
Pay-as-you-drive insurance calculates premiums based on an individual’s driving profile, rewarding safe driving while tracking and increasing premiums for dangerous driving. Drivers who constantly speed, brake suddenly or drive in bad weather conditions (e.g. snow, rain) pay higher premiums than those who obey the traffic rules. A “black box” device installed in the car tracks the main parameters of the trip and transmits the data to the insurance company, which then regulates the premium.
Some insurance companies already offer simplified versions of Pay-as-you-drive solutions:
- Alliance Lloyd Adriatico
Companies such as Accenture conduct intensive research into this subject in order to offer new solutions.
#2: SOCIAL BENCHMARKING
Online insurance quote platforms, such as Kanetix, all provide access to a limited number of insurance providers, allowing consumers to analyze only a subset of prices, which are based on the insurance provider’s data.
Social benchmarking of insurance premiums provides independent, consumer-generated data for all insurance providers. By sharing information about their insurance expenses, consumers can access the collective experience of other consumers, identify whether they are overpaying and who offers the best prices to peers with a similar insurance profile.
An example of such a service is the InsurEye Peer Comparison tool, which contains information about expenses not only for online insurance products (20%-30% of the total market), but also for insurance policies directly offered by insurers, brokers and agents. offered.
#3: ONLINE POLICY MANAGEMENT
Online banking has become the norm, but online insurance management? Financial management tools for personal banking and other useful online IT services are available to consumers for free. Finally, the insurance industry is starting to close the gap. Now many insurance providers offer online and mobile tools to help consumers manage their policies and provide customer support. An example is TD Insurance, which offers an online service that allows customers to perform many tasks themselves, eliminating the need to call a service line. Examples of such tasks are:
- Change contact details
- Customize a car policy
- Change a house policy
- Change a payment plan
- Submit a claim
A number of insurance companies, both in Canada and the United States, offer such tools for their customers, for example TD Insurance, Nationwide, USAA and more.
#4: CLAIMS FOR MOBILE DEVICES
Collisions don’t happen while you’re sitting at the computer at home. Instead, many insurance companies have developed solutions to help customers handle their collisions and claims situations on their mobile devices. Typical example of a mobile application provides customers with many useful functionalities that reduce headaches in the event of an accident. A typical set of features for such an IT solution includes:
- List of tips in the event of an accident
- Record all required accident information (incl. photos)
- Find / order towing service
- Find a repair shop
- Start a claim process
- Check the claim status
- Find an insurance agent
Such apps are usually free and users can start using them right after downloading them from an app store. Particularly useful is the ability to take a photo of an accident to document exactly what happened and estimate the potential damage.
#5: ASSESSMENT FROM A DISTANCE
If you have ever been in a road accident, you are no doubt familiar with the different emotions you experience: fear for your own health and that of those in the car, worry about the financial consequences for future insurance premiums, not being sure what to do and in what assignment, dealing with the police, towing services, other motorists, etc.
Some companies, for example RBC Insurance, have so-called Road Angels – insurance experts who physically come to the site to support the customer.
Instead of sending an agent to the scene, IT insurance services could potentially provide remote assistance via video. Modern smartphones can transmit two-way video, making it possible to show an insurance adjuster what happened while also making the customer feel more secure.
Video conferencing providers such as Skype already offer these technical features and Apple has FaceTime, a new video chat for its iPhone users. It is probably only a matter of time before this technology results in a mature IT insurance service.