Have Your App Call My App and Let’s do Business

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The financial services industry has embraced technology aggressively to drive customer reach, incremental revenue and branding, the more traditional insurance industry is still behind, but closing fast.

Insurance of all kinds has always been about building relationships one customer at a time and this tradition has deep historical roots

In the “old days” several merchants would band together to share cargoes redundancy across multiple ships. If one ship was lost, the “insurer” still had cargo on one of the other vessels.

Modern insurance started with the Babylonians in 2100 BC, who utilized formal written insurance agreements and “pirate insurance” was part of the package. But an upgrade or “rider” if you will.

And, Ben Franklin here in the U.S. gave birth to the modern insurance industry by forming a mutual benefit society which protected members from loss of fire.

You couldn’t get an online insurance quote via the Philadelphia Inquirer back in the day; but, you may have slept better knowing you had fire protection.

Modern home insurance was created after the Great Fire in London in 1666 – British companies started selling homeowner insurance after the fire ended.

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George Orwell was Right: Technology is Watching all of Us

Insurance of all kinds has always been relationship driven. Some providers think the 1-1 relationship model is in the rear view mirror and they are aggressively embracing technology.

By aggregated data to look for meaningful patterns, using social media profiling and even telematics (onboard monitoring and reporting) to help them drive incremental revenue and reduce the cost of claims.

Britain’s RSA Group has a telematics product and underwrites business for specialist telematics insurer Ingenie, who is targeting young drivers.

But, some consumers are balking at having aircraft style “black boxes” embedded with their vehicles, monitoring data about their driving habits and rewarding those who drive with more caution.

Telematics is here to stay, whether we consumers like it or not. And, that smartphone in your hand will at some point be connected to your car engine and a signal push back to your insurer is just a message away. Get ready.

And, expect Telematics to move into your personal life. It’s only a matter of time until you iPhone talks to your oven or fridge and then let’s your home insurance company know you left the oven on.

Or, the oven may just dial into your WiFi network and reach out and touch your provider or God forbid your spouse. Again, George Orwell was right on many levels.

Why the Web Rocks Your Insurance Research

Of course in this Google drenched world we all live in the web has made a lot of insurance costs transparent to any and all. Meaningful research is just a click away, which is driven by consumers who want 24/7 access to information of all kinds.

Insurers of all types; i.e. home, auto or life are all investing money in technology and snapping up web portals that offer comparison on rates and process.

Expect web enabled insurance processes to at some point overtake how you work with your insurer.

As technology becomes more cost-effective and cloud driven, technology will do more than just let you compare costs.

Much more complex, large scale “direct reach” via mobile phone or devices are on the way, including relationship management and maybe even negotiations. ‘

At some point, it’s going to be “has your app called my app” as a front end relationship starter and qualifier for your insurance provider.

Let’s hope a human is involved in the equation, robots and apps are cool; but, no technology will never replace relationships. #goforth

Nine Practical Ways to Save Money on Car Insurance

  • Think about insurance when you are buying the car: that Porsche has downstream costs.
  • Bundle your insurance with one provider.
  • Let your mileage be your guide. If you drive less let your provider know.
  • Be credit worthy: it’s tough to hear, but good credit can mean lower rates.
  • Safety up your vehicle. These can reduce your premiums.
  • Know an older car doesn’t need as much insurance as a new car.
  • Increase your deductible.
  • Shop around of course and get at least three quotes.
  • Jettison that need for speed. Safe drivers save costs on insurance.

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