While there is scarcely an industry or marketplace that has not been impacted by innovation and technological advancement, it is fair to say that some have been influenced to a more noticeable degree than others. The insurance industry is one that has benefitted from a series of understated changes, for example, as technological changes both on and offline have changed the way that customers source and shop for financial products. This applies across a host of sub-sectors, from home and auto insurance to specialist commercial coverage.
How Innovation has Driven Change in the Insurance Industry
Perhaps the single most obvious innovation to impact on the insurance industry is the development of price comparison sites. This impact has also been furthered by the emergence of real-time browser extensions, which can be utilised to compare live prices, trace historical shifts and identify applicable discounts or promotions. These resources have incredible benefits for consumers, primarily because they enable individuals to quickly determine the most cost-effective deals across the breadth of the market. There is also an opportunity to make additional savings by accessing real-time promotions, which is crucial in the current economic climate.
Another key development is the innovation showcased by insurance market leaders, with companies such as AXA having blazed a creative trail for others to follow. This company was one of the first to create a series of customisable policies, which were designed to suit the needs of individual customers and save them significant sums of money. This flexibility has also been applied through the diversification of financial products available, with AXA offering a number of individual policies across numerous sectors. As a result, customers can utilise companies such as this to combine multiple insurance products under the banner of a single policy.
In Summary: How Innovation has Altered the Course of the Insurance Industry
Thanks to the efforts of companies such as AXA and wider technological developments, the insurance industry has evolved for the benefit of customers. Primarily, service providers have developed methods of maximising profitability whilst also affording their customers’ financial savings, and this will reap even further benefits as the British economic climate becomes increasingly gloomier.
In terms of technology, there are also numerous independent resources that can be used to compare price and identify real-time promotions. Given the ease of use and accessibility of these online resources, it has never been easier for customers to save money and tailor their coverage when shopping for insurance products.