In somewhat ways, life insurance is a guarantee for our health. It is with almost all the current population and also a huge business. The insurance industry had been working as a guard to our life, however not for free. Life insurance nowadays is undergoing a severe change which can make huge differences in the future. In some countries, it is a must to have a life insurance. You can learn more about these in www.forbes.com. Not only life insurance other insurance such as vehicle insurance, accidental policy insurance etc. When new changes take place, it is sure that there will be enormous changes in the insurance industry which could be of better help to the insured, we wish. The possible changes that can affect the life insurance industry are given below.
Social media will play the part of the agents or brokers, who used to sell the policies to us. Through social media, people will be able to buy the policies online and in real time. They might require the application facility in their mobile phones. It will be quite simple. Initially, you will need to find a person who needs the insurance and then give them the application forms, gets them signed and assign them to an underwriter. The underwriter will then make the policy, set the premium and the payment method and then pass it to the client. In the coming years, no one will have time for all these, and all the transactions will be through social media which will create a change in the purchasing process.
There may arise technologies which can find diseases you get in future and you may able to take an insurance according to that. Sounds Interesting, isn’t it? The same formula can be applied to life-threatening diseases such as cancer etc. Not like these days, wherein the insurance gets rejected saying you have not informed them about the disease while you took the insurance. We may get hospitalised thinking that the insurance will cover us. But the truth is they find ways to the maximum level to reject the insurance claim. In future, it might not happen.
This is the time for the Digital world and insurance is, of course, a part of it. The insurance industry has been not so welcoming to the new technology. However, with digital formats and cloud technology, they will be forced to use digital technology. The customers can be identified with the help of these technologies like who can have diabetes in future or who can have a blood pressure hike in future etc. In the future, the insurance industry might not have to update the customers about what they do; the customer will select one according to their wish.
There could be a possibility of seeing robot- advisers or insurance agents in the future. It is sure that the buyer experience will change in the future about the insurance. The different face of life insurance can be seen in nearly twenty years, as per the experts and we hope that it can do good to the people.