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Insurance Trend Check-In – What Are We Learning in 2023?

Insurance Trend Check-In - What Are We Learning in 2023? - To men standing at a desk counting money with a graph imposed over the photo

The insurance industry is changing as new technologies and ideas emerge. Now that we are halfway through 2023, there are several important trends we would like to review that are affecting the insurance world.

1. Smart Computers and Learning Apps:

Many of our insurance companies are using artificial intelligence, smart computers, and learning apps to make things easier for customers. These computers can answer questions instantly, so you don’t have to wait on hold. They also help companies make better decisions about insurance prices. In the future, these technologies will improve even more, help detect fraud, and offer personalized insurance plans.

2. Devices that Talk to Each Other:

More and more devices like cars, homes, and health devices are being connected to the internet. Insurance companies are starting to use this technology to create better insurance plans. For example, if your driving is safe, the insurance company will give you a discount. The technology can also help prevent accidents and keep your home safe.

3. Insurance against Cybercrime:

Insurance will help protect people and businesses as online attacks become more common. So far in 2023, we’ve noticed insurance companies offering coverage for losses caused by cybercrime and data breaches. They will also help prevent cyber threats by giving advice and assessing risks. This means that insurance will play an even bigger role in keeping you safe online.

4. Paying for What You Use:

Insurance is changing from fixed plans to plans that adapt to your needs. It’s becoming more and more common for consumers not to have to pay for insurance that they don’t need. For example, if you don’t drive your car often, you can get a discount on your insurance. The same goes for home insurance which considers how much time you spend at home. This way, you’ll pay a fair price for the coverage you actually use.

5. Insurance with Friends:

In the future, you might be able to join a group with people you trust and create your own insurance community. This is called peer-to-peer insurance. With this kind of insurance, you can pool your resources together with your friends and share the cost of insurance. It’s a more transparent and cost-effective way of getting coverage.

It’s an exciting time with insurance becoming more accessible and tailored to your needs. That’s why it’s even more important to work with an experienced agent who can help you navigate the ever-changing landscape. If you would like to set up a complimentary evaluation, give us a call today at 859-317-2217 or email us. We’re here to help!