A New Phase

Human beings are a complex species. The stuff they do might not seem purposeful on the outside, but there is always some concrete or abstract idea driving them forward. If that’s how the humans function, then needless to say, their societies also function in the same vicinity; therefore it’s critical that these societies remain progressive in nature. We know we cannot reach the point of perfection, but one thing we can do is strive towards the next step, maybe just a notch up, but nonetheless better. This progressive nature of ours and our societies seeps into almost everything. Hence, change isn’t left with any option but to become the only constant. Furthermore, ever since technology became a part of our lives, this cycle of change has only accelerated. Almost every day we are being introduced to a new tech-driven tool that has been created to improve some or the other part of our lives, and while we have to continuously adapt to such tools, the truth is they are also helping us in becoming a better version of ourselves.

With such serious potential in its bag, it would have been one major waste, if we hadn’t integrated technology into the business world. Fortunately, we did that, and now we are reaping benefits of it in the form of solidified revenue streams, organized operations, and just an overall better experience. For achieving this, businesses and sectors had to go through a series of transformations, and insurance sector was no different.

Insurance has been on the upwards trajectory for a while now. The sector has seen its investments bumping up from $0.3 billion in 2003 to $5.8 billion in 2019. This has been down to 2 key elements. Firstly, the increased customer leverage has done wonders for the industry. With customers now having real knowledge of all the insurance plans within their reach, they are able to conjure up greater confidence while making the purchase.  The introduction of comparison rates has added a sense of transparency to the whole procedure, making it suitable all sorts of customers.

The second key factor to insurance’s success has been the concept of embedded insurance. Gone are the days when selling insurance was just the domain of the agent or a carrier. Non-insurance providers packaging together insurance plans with other products has added value to customer’s experience, thus enhancing the overall proportion.