Technology is beginning to play a major role in the lives of people everywhere. People are beginning to use mobile devices and traditional computers more frequently, and this is having an effect on their daily lives. Businesses are also beginning to become more reliant on various forms of technology, including those in the insurance industry. The advent of technology is having a major impact on the industry and how it operates in three ways.
Technology is making information much more accessible than it has been in the past. Those looking to purchase insurance now have a vast wealth of information available to them through the Internet. People are becoming more informed and more social about the information that they discover. As such, they are becoming more flexible within any given insurance market and insurers are having problems adapting to this trend.
Online resources are making it easier for consumers to connect to insurance agents. Mobile apps, in particular, are proving to be quite useful in this regard. Mobile technology is also making it easier for people to document accidents and damage that they are submitting claims for. This documentation can expedite the claims process, ensuring that a policyholder receives compensation faster than they would have in the past.
Traditionally, there has been a division between insurance companies and their customers. Within the insurance business, companies have had little need to engage consumers beyond traditional marketing strategies. Technology has changed the way people view companies they deal with, however, and faceless organizations are beginning to be targeted by more criticism than ever before.
New services are emerging that are breaking down traditional barriers separating consumers from insurance companies. E-signatures, for example, are making the interaction between these two parties much simpler than it was in the past.
Technology is changing the way society operates and this is having an impact on how businesses function as well. In the coming years, insurers that do not adapt and embrace technology more aggressively could risk becoming obsolete.