Insurance Trends to Watch in 2022

It’s time to get ready for what lies ahead in the insurance industry. 

 

Every industry changes due to economic conditions, customer demands, new market trends, and more. All these things prompt industries to adapt to survive. Here are some trends you need to know to ensure that you’re keeping up with the changes in the insurance space. 

Going digital

We live in a digital age, and it’s now the primary source of growth of industries around the globe. The same is true for insurance. Deloitte reports that 33% of premium insurance volume will be from new propositions by 2024. The aim is to improve and encourage a holistic customer experience using technological innovations such as artificial intelligence. 

 

These approaches effectively bring in more customers and help them get the best policies fit for their needs. 

Personalization

Clients want to feel valued, and this is what personalization does. It’s what you do to keep your clients and get new ones. The information available today across networks allows you to build your strategies and personalize your customer experience. More personalized service means having the ability to tailor your products and other offerings. This generally increases customer retention and sales. 

Build trust 

Trust between clients and businesses is essential. Clients expect nothing short of respect from you to protect their information and assets. Along with this, trust helps clients make their decisions. Although you provide advice and insights to help them pick the best choice based on their needs, at the end of the day, you can’t force them to enroll in a policy they don’t want. While seamless processing is appreciated, it’s also important to provide the solutions efficiently and securely. 

Automation and use of AI

Processing takes a lot of time when done manually, which impedes customer satisfaction. Automation and AI address that issue, and these two are used for updating client profiles, information, settlement, assessment, and more. Statistics show that workflow automation cuts paperwork time by up to 80% and speeds up processes by 50%. 

Customer interaction

Engagement is now part of the customer journey. This means that any kind of communication is taken as a part of the process. Engagement and interaction are possible via your active social media presence, your email campaigns, and using various mobile communication platforms. Connecting with clients has never been easier. Being visible and knowing that you’re always ready to help with questions and concerns is a great advantage. 

 

People need insurance coverage. Whether it’s for their homes, for their family’s financial security when they pass, for their car, for their business, or something else. They want to get these policies from an insurance company that offers the best for their needs and ensures safety, builds trust, and makes sure they’re always in the loop. Insurance trends continue to change but regardless, it’s essential always to put your clients first. 

 

At London Insurance Agency, we put clients first every day. Call us today! We’d be happy to answer any insurance-related questions you may have.