The property and casualty insurance landscape today has certainly seen some big changes over the past decade as new players have entered the market. And just when we thought it wasn't possible for the insurance space to become more competitive, rumor has it that Amazon is considering offering homeowners' insurance. Considering the impact that Amazon has had on retailers, many insurance carriers view the possible entrance of the e-commerce behemoth as a threat.
Thanks to advancements in inspection technology, insurance carriers have more access to data than ever before. However, with the Internet of Things (IoT) making this wealth of data possible and so many sources to choose from, it can be overwhelming for insurance carriers to know how to put the data to good use.
The 2018 Atlantic hurricane season officially began on Friday, June 1. Considering that 2017 was one of the costliest years on record for hurricane damage, most people are hoping that Mother Nature will offer a calmer 2018 hurricane season. However, based on the forecasts, experts are anticipating that 2018 will be another active year for storm activity.
With a desire to maximize efficiency, squeeze out savings, and provide convenience to insureds, a number of InsurTech companies have been making their way into the market. The influx of InsurTech companies in the property and casualty space started about five years ago, and some of the more popular InsurTech startups include Trov, Goji, and Lemonade. These companies streamline the insurance process and allow consumers to quickly receive insurance quotes, acquire policies, and file claims all by using their mobile devices.
The property and casualty insurance marketplace has become incredibly competitive, and some carriers are choosing to use less stringent underwriting practices to win new business. However, a smarter approach to gain a competitive edge and build a loyal customer base is to take the time to educate insureds about how to maintain and protect their properties. Not only will this help insureds to mitigate the risk of a devastating loss, but it will also minimize the number of claims that insurance carriers receive.
The arrival of summer has many of us thinking about days of leisure and vacations to the beach. However, insurance carriers have something else on their minds this time of year: the arrival of hurricane season.
It's hard to ignore the growing demand for voice-controlled consumer devices such as Amazon's Alexa and Apple's Siri. Today's consumers crave convenience, and voice technology allows them to perform searches online using their voices instead of needing to use a keyboard.
Today's insurance carriers are facing an increasingly competitive marketplace. Consumers have so many options to choose from, which leaves them impartial to one particular company. While the increased competition is good news for policyholders, insurance carriers struggle with retaining their customers.
The insurance industry has been notorious for being late to the game with adopting technology. However, given the growing number of InsurTech companies entering the marketplace, traditional property and casualty insurance carriers must embrace technology and data to be able to compete.
With increased competition from other property and casualty insurance carriers, you must be focused on providing a superior customer service experience to win over and retain insureds. Unfortunately, insurance carriers typically have little to no face time with insureds, which makes it difficult to build a relationship and establish loyalty.