2018 has proven to be an exciting year. Whether it was politics, the economy, or pop culture, the last several months have brought forth an explosion of changes. The same is true for the insurance industry, which continues to evolve dramatically with the times. Here are three important insurance trends to watch carefully as 2018 comes to a close.
Insurance Goes High-Tech
2018 is the year that everyone recognized the insurance industry as a leader in tech innovation. New tech advances have made it easier than ever for insurance companies to serve current clients and reach new ones. It has also enabled the development of great new products and services. VerifiaBill is a perfect example of this trend. Our high-tech auditing and consolidation services have revolutionized the industry and helped businesses avoid millions of dollars in uninsured employee liability.
Macro-Insurance is Getting Closer
New technology is also helping to make a long-theoretical risk management concept a reality: macro-insurance. Macro-insurance is a concept wherein a single insurance policy covers all matter of risks for an individual. Powerful logarithms and cloud computing are helping to bring macro-insurance forth as a mainstream insurance product. One high-tech insurance company, Sherpa, is even starting to offer its customers underwriting services that approximate a macro-insurance approach. As the year closes out, watch for more and more insurance companies to begin offering these services.
More and Older Cars on the Road
Car companies keep improving the quality of their vehicles. So now there are way more cars on the road, and they are older than ever before. While this may be good news for consumers, it will dramatically affect the way insurance claims will be handled. Most analysts predict that this older car trend will lead to more accidents resulting in total loss claims. This will increase overall insurance payout costs and require a requisite adjustment in auto insurance premiums.
The insurance industry changes rapidly, just like everything else. These three trends and others will affect the way people buy and use insurance. Pay close attention to them as 2018 draws to a close, so you’re ready for whatever comes next.