Between never-ending advancements in technology and ever-changing consumer needs, staying up to date on the latest in insurance trends is a must. Not only does doing so help you better serve your clients, but it can give you a competitive edge over other insurance agents, increasing your leads as a result.
If you’re wondering which trends will be at the forefront of the insurance industry this fall, here are three we’re expecting will make a big impact.
The Rise of Smart Homes
One of the biggest trends influencing the insurance industry right now is smart home technology. In a perfect world, these technological advances would make our lives easier, but as smart home technology evolves, it presents unique challenges when it comes to insurance coverage.
Currently, smart home technology is available in many forms—like the handful of apps that allow you to lock your door wherever via your phone. But beyond this, smart home technology is capable of much more. We may eventually see smart homes that are capable of issuing alerts when something is wrong (such as a fire). If the smart home has the ability to automatically dial 911 and inform the insurer, significant damage could be mitigated.
While smart homes have incredible potential, they also present security challenges (more on that later) insurance agents need to be cautious of as this technology becomes the norm.
Did you know by the year 2020, there will be more than 20 billion connected things worldwide? If it seems like companies everywhere are rushing to create the latest and greatest connected device, it’s because they are. But while our devices can make our lives a smidgen easier, we can’t forget about the importance of security.
Currently, there is a shocking lack of standards when it comes to making sure networks are secure. Unfortunately, few of the thousands of new connected devices produced each year are designed with security in mind.
This presents a slew of issues when it comes to insurance. Take for example the smart homes we were just talking about. While smart homes boast amazing potential, there needs to be adequate security in place too. If smart home technology continues to advance but security lags, it could lead to hackers targeting a homeowner’s house and causing damage. This presents an interesting situation when it comes to what would and wouldn’t be covered.
More than 43 percent of employed Americans reported that they spent at least some time working remotely last year. Moreover, more industries than ever are embracing remote work and are allowing employees to work flexible hours. As an increasing number of homeowners are rejecting the traditional 9-to-5 and opting for remote work opportunities, being available during non-traditional hours is something to consider. While this doesn’t mean clients will expect you to be on-call to answer them 24 hours a day, but having increased flexibility when it comes to communication is a trend that is here to stay.
Learn More About ASI
ASI is one of the largest homeowners insurance carriers in the United States. Through a network of independent agents, the company offers home, condo, renters, dwelling fire, and flood insurance in more than 40 states. Find out more at AmericanStrategic.com.