The 4 Biggest Trends in Insurance in 2020

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In recent years the landscape of the insurance industry has been constantly shifting and evolving. At Allsafe, we’re willing to bet this progress is about to gain huge momentum in 2020. We’re all for change, especially when it’s for the better, so we’re very excited about some of the trends that are merging across the industry. Below are the biggest 4:

Insurance will Become More Customer-Centric than Ever

In 2020, customers and consumers are more knowledgeable and informed than ever, which means their expectations and standards have been raised. Insurance companies can no longer just expect brand loyalty as a given; they must earn it. We are in an age of immediate information and choice which means if you aren’t able to provide your customers with the options and standards of service they need or expect, they will quickly find those things elsewhere. Customers have become a major disruptive force in the insurance industry and this force will continue to grow throughout 2020. 

Preventative Measures Need to be Taken

Traditionally, insurance companies have relied upon simply taking a protective approach. They have sold themselves as companies who will protect your business whenever damage, risk or costly events occur. However, in order to survive in 2020 insurance companies must be more innovative with their approach. Rather than simply protecting your business after the fact they must also be able to include preventative measures in their policies. I mean, why wait for the problem to come to you if you can prevent it happening in the first place, right?

An Emphasis on Communication

Long gone are the days where people would tolerate being on hold for over an hour while they attempt to talk to someone at their insurance company. Or where people will accept waiting “up to 10 business days” for a response. In 2020, your customers expect answers to their questions and they expect to get them promptly and even in real-time. While it’s important to incorporate things like virtual assistance into your website, it’s also crucial you prioritise efficient, personal responses in the form of phone calls or emails. With all of the technology available to us in 2020, this level of communication really shouldn’t be too difficult to provide.

Big to Small Co-Branding

Big to small co-branding refers to the practice of larger insurance companies joining forces with smaller ones. This relationship usually turns out to be pretty beneficial for both parties since the small insurance company can benefit from the experience and reputation of the larger insurance company. It helps by parting the larger firms knowledge and experience to the smaller with the more advanced technologies and resources, which are required to survive within the insurance industry today. 

At Allsafe Insurance Brokers, we make it our business to keep our fingers on the pulse of the insurance industry which allows us to provide all of our clients with up to date and relevant advice. What’s more, we make it our job to understand the nuances of your business and your industry in order to provide you with tailor-made insurance plans and solutions. To learn more about our services get in touch with us today!