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How Technology Is Innovating The Insurance Industry

October 15, 2020 by Pierce Krol

We’re living in an age of pandemics, flash floods and forest fires. This year has taught us many lessons, one of which is to prepare for the unexpected. And yet, studies show that Canadians are dangerously uninsured. Why is that?

My belief is that the traditional insurance industry is no longer set up to cater to the modern person. It’s no secret that technology has advanced significantly over the past two decades, and it was only a matter of time before traditional brick and mortar services would also go digital. Technology and innovation, in my opinion, is where the opportunity lies for the insurance industry (insurtech).

Consumers are tired of having to leave the comfort of their home only to sit in waiting rooms to meet with someone and fill out a mountain of paperwork. The tip of the iceberg is then having to wait several days for approvals to even get a binding policy. Consumer patience is running thin; from busy professionals to stay-at-home parents who are often multi-tasking and running households, they crave a simpler, faster and convenient way to get things done.

Then COVID-19 happened and we had no choice but to stay home, putting a bigger spotlight on technology and how people purchase everything, including insurance.

RELATED: In an Outdated Industry, Technology can Empower Insurance Brokers

According to EY, consumers have more complex needs and are more knowledgeable about their choices than ever before. They want personalized offerings and tailored communications – that’s why insurers must digitize services and optimize all interactions. Convenience, simplicity and speed are now at the forefront of this otherwise antiquated industry.

In 2019, Circa Factbook shared some staggering data:

  • 73% of Canadians spent 3-4 hours a day online.
  • 1 in 8 Canadians spend more than 8 hours a day online, from retail shopping to email and online banking.
  • 87% of Canadians made purchases online.
  • 51% of Canadians made an online purchase for their home.

The numbers speak for themselves – people want a fast, easier way to do things and buying insurance should not be any different. When banks started to offer online banking in 1996/97, people were trepidatious about online security and how their bank accounts were not at risk of being hacked. Now, in 2020, online technology and security has become our norm.

At Insurely, we accomplish all of this and then some. We’ve made it our mission to make buying insurance easy, fast, convenient and fun.  Our system automates the entire process once a customer has entered their email and address of said insured property. The rest is done quickly, offering up three packages for customers to pick from. They have the option to buy on the spot or save their quote. It’s really one of the most streamlined, efficient and fast ways to buy insurance. Ever.

Pierce Krol is the co-founder of Insurely.ca.

Photo by Scott Graham on Unsplash

Filed Under: Thought Leaders Tagged With: Insurely

 
 

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