- PPF Points
- 2,888
In the past, you would only consider insurance once a year, usually when a bill came in. But because of something called Insurtech, I've seen a significant change in the sector over the past few years. That stands for insurance technology, which is essentially a wave of inventions that are making insurance much more intelligent, quick, and easy to use. Just by using a few new apps that allow me to manage my health insurance and car with a few taps, I have personally witnessed this change.
Personalized pricing is currently one of the most popular trends. Companies are using data to customize your premiums based on your actual behavior rather than charging a set rate. Usage-based auto insurance, for instance, uses a tiny gadget or smartphone app to monitor your driving habits. If you drive carefully, you may be able to save a significant amount of money. Last year, I participated in one of these programs, which not only increased my awareness of my behaviors but also resulted in a nearly 15% decrease in my rate.
The application of AI to claims processing is another trend that excites me. In the past, submitting a claim was a tedious and frustrating process. However, some businesses now use artificial intelligence to expedite the entire process. I've read accounts of people using an app to upload a photo and a few details, and having their travel insurance claims accepted in a matter of hours. That is a huge improvement over the previous, paper-heavy approach.
Chatbots and virtual assistants are also making customer service more efficient. I was skeptical at first, but when I had a billing issue last month, a chatbot on my insurance app solved it faster than any human rep ever had. These tools are learning to handle more complex questions and are available 24/7—which is a blessing when problems pop up outside office hours.
Insurtech isn’t just for convenience either—it’s helping more people access coverage who might’ve been left out before. With simplified apps, flexible plans, and real-time data, the whole process feels less intimidating. It’s amazing how technology is turning an old, often stressful industry into something that finally feels like it’s working for the customer.
Personalized pricing is currently one of the most popular trends. Companies are using data to customize your premiums based on your actual behavior rather than charging a set rate. Usage-based auto insurance, for instance, uses a tiny gadget or smartphone app to monitor your driving habits. If you drive carefully, you may be able to save a significant amount of money. Last year, I participated in one of these programs, which not only increased my awareness of my behaviors but also resulted in a nearly 15% decrease in my rate.
The application of AI to claims processing is another trend that excites me. In the past, submitting a claim was a tedious and frustrating process. However, some businesses now use artificial intelligence to expedite the entire process. I've read accounts of people using an app to upload a photo and a few details, and having their travel insurance claims accepted in a matter of hours. That is a huge improvement over the previous, paper-heavy approach.
Chatbots and virtual assistants are also making customer service more efficient. I was skeptical at first, but when I had a billing issue last month, a chatbot on my insurance app solved it faster than any human rep ever had. These tools are learning to handle more complex questions and are available 24/7—which is a blessing when problems pop up outside office hours.
Insurtech isn’t just for convenience either—it’s helping more people access coverage who might’ve been left out before. With simplified apps, flexible plans, and real-time data, the whole process feels less intimidating. It’s amazing how technology is turning an old, often stressful industry into something that finally feels like it’s working for the customer.
