In many ways insurance has been around since the very first economies in human society, although it may not always have been in a financial sense. It was more likely the case that goods or services acted as a pay-out in the event of an accident, rather than actual money.
Image by GotCredit
The insurance industry has undergone many changes since then and especially after the turn of the millennium it has expanded massively. There are many benefits to consumers because of some of these changes, while others are helpful to insurers, banks and other lenders.
The Influence of Technology
Technology has changed many industries in a number of ways; some for the better and others for worse. Insurance has benefitted in that technology has made the abundance of data and information involved for those working in the sector a lot easier. Managing such important information is now simpler than ever for consumers as well.
Smartphones have also changed the way insurance is purchased. Many transactions are carried out on this platform, such as getting last minute travel insurance when people are at the airport. Social media’s rise has also had an effect, with insurers advertising and communicating with consumers through it. For example, in the USA natural disaster insurance is often promoted when a storm is on the way.
There has been a notable increase in the number of insurance companies and other businesses that offer insurance emerging in recent years. Comparison websites have made many of the smaller ones a lot more prevalent, with cheaper companies doing more business this way.
For consumers the higher number of insurance companies and competition is a good thing, as it means lower prices. Though it has meant certain insurance companies have had to branch out to stay afloat, so many offer insurance for home, vehicles and more.
Insure Almost Anything
As well as being able to insure cars and other vehicles, your home, holiday and other everyday activities and items, there is a trend to insure against almost anything these days. From celebrity body parts to supernatural events, many weird and wonderful things have been insured.
For companies this can be a good bit of PR even if it sometimes does border on the ridiculousness. However, insuring against potential events like flooding, storm damage and more is becoming more popular and useful, with specific policies having many benefits and the gamble sometimes paying off.