3 Ways Technology is Changing the Car Insurance Industry

 

You’re probably familiar with the many ways technology is changing how you drive – whether it’s driver assist technology helping you make decisions behind the wheel, built-in cameras giving you a 360-degree view of the road, or energy-efficient advances helping you spend less on gas. But new technology isn’t just changing the way you drive, it’s also changing the way you’re insured. Read on to learn about three advances in technology that are revolutionizing the auto insurance industry.

Telematics devices

What if you could prove to your insurance company that you are a safe driver – and reduce your premium as a result? That’s exactly what insurers are offering with Usage-Based Insurance (UBI) plans. Under this type of plan, drivers install a telematics device in their car to record information about their habits behind the wheel. In return for their data, drivers qualify for a small discount to their premium upon signing up for a UBI plan, and a potentially larger discount when they renew – depending on their habits. If you’re hesitant to share this much information with your insurance company, read these news stories:

  • One insurer reports that 70 percent of drivers with this type of plan earn some kind of discount.
  • A study by the University of British Columbia showed that real-time driving feedback resulted in better habits for most participants.
Something to also be mindful of is that insurance companies are not allowed to use the information they collect to raise your premiums or deny you coverage – only to offer a discount.

Machine learning

Thanks to the internet, shopping for insurance is easier than ever. There are many sites online that will allow you to quickly compare multiple quotes from insurers so that you can find the best – and most affordable – plan. When it comes to servicing clients online, one company that is leveraging machine learning to raise the game is Kanetix Ltd.

Machine learning refers to a type of artificial intelligence in which computers are programmed to “learn” by themselves as they are exposed to more data and new experiences. In this case, Canadian firm Kanetix Ltd. partnered with Integrate.ai to offer customized buying experiences to their users. Leveraging their website’s deep pool of data, they were able to predict a customer’s likeliness to purchase insurance – and tailor the next steps of their buying experience based on the information. The result? A win-win scenario for Kanetix, which saw an increase in lead generation and marketing ROI, and their customers, who benefited from an improved online experience.

Autonomous vehicles

Experts have predicted that self-driving cars could save Canadians $65 billion a year in reduced fuel costs, fewer collisions and decreased congestion, making autonomous driving technology an exciting trend. Even self-driving cars, though, will require human co-drivers who are paying full attention, otherwise, they’ll still be susceptible to collisions – like in this case where a Tesla Model S that was in autopilot mode caused a fatal highway accident. So what does this mean for the auto insurance industry? Insurers will need to have policies in place to determine who is liable for an accident that involves an autonomous vehicle: the maker of the vehicle or the human driver. U.K. lawmakers have proposed a vehicle technology bill that suggests the manufacturer of a self-driving car could be liable in some instances, rather than the ‘driver.’ Under the bill, insurance companies would need to offer two types of insurance for autonomous cars: one to account for when the car is operating on its own, and one to provide coverage when the driver takes over.

For the most part, these trends are just emerging, so it’s impossible to say for certain what the car insurance industry will look like as technology advances. It’s safe to say, though, that as we change the way we drive, there will be many new opportunities and challenges for insurers in the future.

 

 

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Best Methods Of Keeping Your Business Visible

Visibility is one of the Biggest Issues For small business owners

With the over-saturation of so many industries in the current market, visibility is one of the biggest issues stressing small business owners. You need to make your business stand out, and in order to do that, you need to put in a little bit of work and give your business a creative edge.

Social Media

Social media is now used as a vital marketing tool and a business without an active Twitter or Facebook profile might as well not exist. Being active on social media is about more than just hashtagging your business and spamming the site with links; you need to use it the right way to make your company visible.

To make your business more visible on social media, you need to be regularly posting – a minimum of once a day. The best kind of content to post is original, relevant to your business and appealing to your target audience. You can also maximize your visibility by utilizing trending hashtags, responding to viral posts and interacting with current and potential customers. If your business is tagged or receives a message on social media, you should respond promptly, even if it’s just to give them a ‘like’ or thank them for their patronage. People respond to businesses that respond to them and demonstrations of exceptional customer service online has the potential to go viral, increasing your business’s visibility exponentially.

Branded Merchandise

Many businesses have their own kind of branded merchandise; key chains, pens, stickers etc. However, not every business knows how to use branded merchandise the right way. In order to profit off of brand merchandise and increase your business’s visibility, you need to make sure that your customers don’t just through the merchandise in the bottom of their drawers and forget about it. You want them to be able to make use of it and put it on display.

One great example of branded merchandise done right is a food shop having branded reusable printed cotton bags. This type of merchandise is relevant to the business and loyal customers can use it on practically a daily basis, getting you maximum visibility for your brand. However, another issue that some businesses come across with branded merchandise is distributing them. It’s not often that people go out of their way to buy typical branded merchandise, especially if people think that it’s more expensive than it’s worth. Branded merchandise is about making a profit; it’s about visibility and giving back to your customers. So, you need to find ways to make the most of your budget. In regards to printed cotton bags, this could mean going a step further with your design – making it a stylish accessory rather than just something to be used only when going to that shop. You can also award free bags to people that collect loyalty points at your shop or give customers that own one of these bags a small discount on their purchases to promote eco-friendliness and reduce the amount of plastic bags that your shop regularly uses.

Blogs and Vlogs

Much like social media, blogs give you an opportunity to stay in the limelight by continuously creating relevant and interesting content. Blogs and social media go hand in hand and, much like a happily married couple, they support each other and make each other stronger. Blogs provide original, interesting content for social media and social media increases traffic to your blogs and website.

With blogs and vlogs, you can create creative content that draws in an audience and makes your business more visible. While your blogs should stay relevant to your business and/or industry, you can address trending topics in your blogs and create useful guides and entertaining videos that can be easily shared. The more people share and engage with your blogs, the more people will see them and the more visible your business will be.

For more information go to The Printed Bag Shop

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