As in many other industries, the insurance market has had to adjust to new trends and difficulties. A big catalyst for these changes is the Covid-19 pandemic and the strain it has put on agencies, but new technologies and their benefits have also expedited change. The changes have affected every part of the insurance industry including companies, employees, and customers. I believe it is very important to understand how the insurance market has changed and the causes of the changes made to it. With this in mind, let us take a look at how the insurance industry will be different in 2021.
The first change to this industry that I will discuss is the new and more flexible work environments afforded to insurance company employees due to the Covid-19 pandemic. This change is one that has been seen in almost every company due to the risks of close contact and strict social-distancing protocols that came with the pandemic. With most offices and workspaces closed, remote work has become extremely common. While not wanted by many, this change has allowed for more flexible environments for employees. They can work from the comfort of their home and always have their work available to them. This is great for insurance companies because the next crop of college graduates is good with the technology used to make remote work possible. I can personally attest to that after spending the last two semesters in school, remotely. It is now something that will look attractive to recruits because they are used to it. It can also help reduce costs for companies.
The other big change I will discuss is the implementation of new insurance technology that will provide benefits for both insurance companies and their customers. In the past, companies had been wary of implementing new technologies, but with their benefits now proven, we will see many more companies choosing to take the plunge. For companies, insurance technology can provide better risk determination for customers and process automation due to artificial intelligence and machine learning. Customers now have access to 24/7 digital service that makes insurance applications and maintenance much easier. With these benefits in mind, it is easy to see why more companies are adopting insurance technology. The insurance industry will look different in 2021, but it will be better because of the changes made.
Written by Kourtney Manley, Business Analyst at OnlineApplication