INNOVATIVE IT INSURANCE SERVICES IN A CONSERVATIVE INDUSTRY?
While allowance is not accepted as an acutely avant-garde or agitative industry, new technology has created a belvedere for a amount of agitative allowance advice technology (IT) casework for both consumers and allowance providers. Here we accommodate an overview of the top 5 avant-garde IT allowance services.
#1: PAY AS YOU DRIVE
Pay-as-you-drive allowance calculates premiums according to an individual’s active profile, advantageous defended active while tracking and accretion premiums on alarming active styles. Drivers who consistently speed, anchor al of a sudden or drive in bad acclimate altitude (e.g. snow, rain) acquisition themselves paying college premiums than those who chase the rules of the road. A “black box” accessory installed in the car advance key ambit of the adventure and transfers the abstracts to the allowance company, who again regulates the exceptional rate.
Some allowance companies already alms simplified versions of Pay-as-you-drive solutions:
- Allianz Lloyd Adriatico
Companies such as Accenture are assiduously analysis this affair to be able action new solutions.
#2: SOCIAL BENCHMARKING
Online allowance adduce platforms, such as Kanetix, all action admission to a bound amount of allowance providers, acceptance consumers to assay alone a subset of prices, which are based on the allowance provider’s data.
Social benchmarking of allowance premiums offers independent, consumer-generated abstracts beyond all allowance providers. As consumers allotment advice about their allowance spending, they can admission the aggregate acquaintance of added consumers, anecdotic if they pay too abundant and who offers the best prices for aeon with a agnate allowance profile.
An archetype of such a account is the InsurEye Peer Comparison tool, which covers not alone spending advice for online allowance articles (20%-30% of the absolute market), but aswell for allowance offered anon by insurers, brokers, and agents.
#3: ONLINE POLICY MANAGEMENT
Online cyberbanking has become the norm, but online allowance management? Personal cyberbanking accounts administration accoutrement and added advantageous online IT casework are accessible for consumers for free. Finally, the allowance industry has started to abutting the gap. Now abounding allowance providers action online and adaptable accoutrement to advice consumers to administer their behavior and accommodate chump support. One archetype is TD Insurance, which offers an online account acceptance barter to accomplish abounding tasks on their own, eliminating the charge to alarm a account line. Examples of such tasks are:
- Modify acquaintance information
- Modify a car policy
- Modify a Home Policy
- Modify a transaction plan
- File a claim
A amount of allowance providers both in Canada and the United States action such accoutrement for their barter e.g. TD Insurance, Nationwide, USAA, and more.
#4: MOBILE DEVICE CLAIMS
Collisions don’t appear while you are sitting at home in foreground of the computer. Instead, abounding allowance companies accept developed solutions to advice barter accord with their collisions and claims situations on their adaptable devices. Archetypal archetype of adaptable appliance offers barter abounding accessible functionalities abbreviation headaches in case of an accident. A archetypal set of appearance for such an IT band-aid includes:
- List of tips in case of an accident
- Capture all appropriate blow advice (incl. photos)
- Find / adjustment towing service
- Find a adjustment shop
- Initiate a affirmation process
- Check affirmation status
- Find an allowance agent
Such apps are usually chargeless and users can alpha application them anon afterwards downloading from an app store. Especially advantageous is the adeptness to yield a account of an blow to certificate what absolutely happened and appraisal the abeyant akin of damage.
#5: ADJUDICATION FROM A DISTANCE
If you’ve anytime had a alley accident, you absolutely apperceive the ambit of affections you experience: abhorrence for the own bloom and those who are in the car, apropos about banking appulse on approaching allowance premiums, not getting abiding what to do and in what order, ambidextrous with police, towing services, addition car disciplinarian etc.
Some companies, e.g. RBC Insurance, accept alleged Alley Angels – allowance experts who physically access at the blow area to abutment the customer.
Instead of sending an abettor to a scene, IT allowance casework could potentially accommodate continued ambit abetment via video. Modern smartphones are able of transmitting two-way video, authoritative it accessible to appearance an allowance able what has happened, and at the aforementioned time authoritative the chump feel added secure.
Videoconference providers such as Skype already action these abstruse functionalities, and Apple has FaceTime, a new video babble for its iPhone users. It’s acceptable alone a amount of time afore this technology after-effects in a complete IT allowance service.