Trends in the Insurance Industry for 2019 that You Need to Know

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When you hear the word insurance, what usually comes to your mind is added expenses. This is true for millions of Americans who are either underinsured or had no coverage for a part of the year 2018, according to a study from The Commonwealth Fund. With an annuity that’s too high for a price for some individuals, annuity marketing departments in insurance organizations may have to take a look and see what approaches they need to use in order to change this mindset. Here are some trends that you need to watch out for in the insurance industry for the year 2019.

Personalized Choices

More and more people right now want to have flexibility and more personalized choices in their purchases, especially when it comes to insurance. For example, car insurance companies are offering options for their clients to choose whether they’d only want to have their cars insured when it hits the road. For health care, there are also options wherein one can include a dental package for their healthcare insurance. This way, individuals are given the freedom to make their own choices according to their own needs.

Savings and Insurance Tie-ups

It cannot be denied that people would really want value for the money they invest. This is why there are other insurance companies that do savings and insurance tie-ups. It is in this way that individuals are enticed to get an insurance policy if they reach the maturity period. They do not only get to enjoy what they have saved up, but they also earn from the interest incurred while they pay the monthly premiums.

Claims Settlement Speed

List of insurance benefits

This is probably the most crucial part when it comes to insurance policies. This is the make-or-break deal for any insurance companies. If the customers are not satisfied with your processes, they will not likely recommend your insurance company to their friends or their network. At this age of digital transformation, people hunger for faster and better services from their service providers. Thus, you should better your game if you don’t want to get left behind.

Reimagine your strategies and products right now and take into consideration the inclusion of digital transformation in your company. Yes, it cannot be denied that this has paved the way for businesses to really build a deeper and meaningful relationship with their clients. You may want to take a look at your customer experience and improve it even more with the help of digital technology.

You can also hire a digital marketing team or a company to help you out in your digital collateral and deliverables. It is in this way that you’ll get to reach out to more clients that are always online. Lastly, take into consideration the data that you have gathered about your existing and potential clients. Get to know them even more and see where you can help out. What potential insurance buyers need right now is for someone to be there for them when they need help. Be that helping hand to your insurance policyholders.

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