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August 2019

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Technology has a huge impact in our lives and if you look back at how things were fifteen years ago, you will truly appreciate how life has changed. Traditional systems such as banking and insurance that seemed settled by operating in accordance to the legacy principles have been forced to adjust. Cars are being made green as new technologies are helping the producers to create impressive automobiles. Motor insurance has been stable for many years but technology has affected it in no small way, especially with traders-insurance.com insurance. Read on and find out the impact of technology on the motor insurance niche.

Recently, firms have been forced to alter the way they sell insurance cover owing to how customers prefer to buy these policies. People no longer want to go through the lengthy and hectic paperwork when buying cover. They need a faster and more convenient way of doing it through the smart devices. Motor insurance firms need to invest in big data and top notch user experience to customise policies that suit a specific niche of people. This way, you are no longer forced to stick to the traditional polices as you can state out your needs and let the firm craft an insurance policy suited for you. These firms are always looking for useful customer feedback that helps them to improve their services and increase their opportunities.

Cars are being used for different needs since apps such as Lyft and Uber have changed the way people are using them. Someone can enjoy the comfort of a car by just sharing one or calling for an Uber. These new ways of doing things powered by technology have created a shift in the insurance needs of people using or sharing these cars. For instance, the regular comprehensive policy cannot be enough to cover the needs of someone who lets people share their car when they are not using it. An Uber driver will have different needs compared to someone who uses their car for personal needs.

Such shifts have led to many scenarios that might not have been accounted for by companies. For instance, it is hard to understand who will be compensated when someone gets an accident with a car they rented out for a few hours and thus the actual driver who bought the policy was not driving it.

On the positive side, technology has improved car safety with features such as blind spot detectors, sensors and cameras that reduce the probability of accidents occurring. This way, companies are comfortable reducing the policy prices since the chances of accidents are very slim.

Lastly, agencies are getting smarter and use big data systems to gather more intelligence regarding aspects surrounding car cover. Insurance job descriptions are also changing as new recruits are expected to conduct extensive analysis and provide useful insights that will help the agencies to make better decisions in regards to the services offered to customers. Things such as claims adjusting and risk analysis are being conducted more intelligently, which promises to bring a whole lot of great things for the motor insurance industry.