The Advancement of Technology in the Insurance Industry

The Advancement of Technology in the Insurance Industry

Technology is certainly pushing the insurance business in some interesting directions, and just when you thought social media interaction was enough to keep connected with the modern consumer, something like this crops up. According to this article that originated in the Chicago Tribune, buying insurance will soon be as much of an intricate and multifaceted process as calling a ride on Uber.

Of course, insurance companies using apps to offer a wider range of services and advertisements to their customers is nothing too new, but what is particularly interesting is a peek at the drawing board of a company you may have heard of known as Allstate. Rumor is the insurance giant is tinkering with ways to allow their policyholders to adjust their coverage on the fly, adding protections and such on the fly as their needs change. 

Even though it qualifies as little more than whispers, I’m sure you can see why technology that could create such a profound shift in the way our product is marketed and sold is a grape juicy enough to pluck from the vine. In a day where some providers are already making products like temporary travel insurance and insurance on specific items available through smartphone applications, it’s not exactly farfetched…I can’t wait to see how this a la carte insurance concept shakes out.

While we’re on the subject of decisions, the decision to upgrade to Windows 10 is apparently one that 60 percent of users have not made…in fact, that’s just the percentage of users still running Windows 7 (or earlier!). 

Not that there’s anything wrong with that in and of itself…the network nightmares that can come with an upgrade to Windows 10 have been well-documented here, and even though time is running out to get the upgrade for free with the promotion ending at the end of the month, if you’re still getting along just dandy with Windows 7…well, you know what they say about fixing unbroken things.

One thing that’s certainly not broken around these offices is our WiFi connection, and it’s chiefly thanks to the Eero range extender system we use here. Eero is perfect for offices with multiple users on a single modem or to make sure your connection reaches that one spot in your home that you accidentally wander off during long phone conversations. I have to say, being able to access your WiFi anywhere on your property is one of the most convenient things since…WiFi.

Technology is advancing in wildly unpredictable ways, and the effects on our industry are difficult to predict even for the experts. An analytics organization by the name of Strategy Meets Action is attempting to estimate the disruption that emerging technologies could have on what we do, and although they seem to have a general outlook, the results of their study leave a lot of room for interpretation…yet another reason why we all picked a very exciting time to be in this business.

About the Author:

This article was contributed by our industry partner, Brad Ruben. Brad is President of Archway Computer, Inc.  He can be reached via email at brad@myarchway.com or phone 888-361-9995. If you're a member of the American Agents Alliance, Brad offers a generous discount on IT services for your agency. Log on with your username and password and see the details here.

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