Insurance Plans are now tailored according to everyday Consumer’s Technology

One of the most notable changes in insurance is the use of telematics devices in cars. Insurers took a step back and instead of developing an insurance policy that fits into their legacy system, they created a new system that tracks driving. Insureds had the option to install the device in their vehicle or download an app on their phone to track driving habits such as breaking, the number of times they touched their phone, and more. This was revolutionary for the insurance industry because it was one of the first times that insureds played an active role in how much they paid for their insurance. 

More recently, insurers have started to take advantage of smart devices like the Apple Watch and Fitbit. Insurers have gone back to the drawing board and recreated entire insurance plans based on this wearable technology and the question “how does technology allow us to improve?” With these devices in place, insurers can better gauge the health of participating clients and reward them for healthy activities like meeting a step goal every day.

Using everyday consumer technology to tailor insurance plans will allow for more accurate payment and better customer relationships for insurers. Families will not have to worry about expensive insurance coverage and recent programs that are technology-enabled will encourage users to engage in healthy activities and avoid dangerous ones. When consumers are in control of their coverage and what they pay, there will be more emphasis on health and safety to keep costs down.

While dashboards, analytics, and user information are still as important as ever, consumers are no longer impressed by simply seeing this information, they want to be part of the improvement. Insurers need to recreate policies interlaced with technology that allows consumers to take an active role in their coverage. This new way of thinking must focus on how the individual interacts with their technology.

If the insurance industry wants to keep up, it needs to stick to this way of technology first thinking. The industry needs to dive into the technology consumers are using every day and weave it into their coverage options. This way of thinking and improved communication between insureds and insurers will allow for faster resolution of claims and more accurate outcomes.

As insurance policies become more dependent on technology, it will become more important to have a system to accurately track coverage. To learn more about our solution for tracking insurance compliance, check out the rest of our site!