2017 is here and insurance companies are changing how they manage your policies. This means that pricing and services for business insurance and personal insurance is changing, mostly for the better. We have compiled a list of trends that you may find interesting. These trends will also influence how claims are handled, what kind of coverage is offered, and how the insurer services your account.
Trends That Will Impact Business and Personal Insurance
- Use of Drones – Drones may be used to collect information on your building and will be used to collect real time information on large losses.
- Google and Zillow – Underwriters will use information on these sites to verify information on personal lines applications.
- Social Media — Social media data provides real-time information about claims severity and localization and helps prevent fraud.
- Homeowner’s Insurance – Coastal claims will continue to add pressure to increase rates in many areas.
- Real Time Sensors — Factory and home sensors and telematics systems on cars and trucks will increase and add value to the underwriting process. This will give the better risks more discounts. For example, having vehicle sensors will allow personal lines insurers to offer discounts to drivers who follow traffic laws.
- Digital Engagement – There will be greater opportunity to manage your business insurance or personal insurance online 24/7.
With over 40 years of experience in the industry, Brad Runnebaum and Jeff Hartman established PlatinumOne Insurance Agency in 2008. We have established relationships with some of the top carriers in the industry including Travelers, Allied, Kemper, Encompass, Progressive and many others.