2019 insurance trends by Mark Bromhead14Jan

The advent of modern times has brought about new workarounds to various issues at hand. However, it comes as a double-edged sword in the case of insurance or business, which are also hounded by new issues of the last decade.

Organizations work like clockwork and will stop at nothing to catch up and still make waves in the modern world. And as modernization goes, there is a need to understand the trends to follow this year to properly take on these newly-presented challenges.

Blockchain and Cryptocurrency explained

The previous year has explored (and exploited) the notoriety behind these two words.

Blockchain often described as a “distributed ledger”, is by literal means, a chain of digitalized information. The blockchain is the main gear that makes “bitcoin” tick. Bitcoin is the very heart of cryptocurrency and is by far, a more familiar term with the masses.

Some corporations are eyeing blockchain as the next form of technology of use. However, some have yet to jump to the bandwagon as it is still slow in traction because of the lack of familiarity and the cost of upgrading systems.

The future: AI and Driverless cars

What was once a mainstay of sci-fi fiction is nowhere. Even if the thought scares you, there’s nothing else to do but to take advantage of what’s already in store.

Automobile accidents and other road-related problems are complicated even after the incident. Insurance companies and manufacturers scratch heads when it comes to the legality of things. However, with the arrival of driverless cars, and the absence of human control that comes with it, there will be a shift when it comes to drafting insurance policies.

Artificial Intelligence has also reached new heights this year. A concept already baked since before the dawn of the 21st century, it has opened new avenues in the industry, such as from customer service and communications to advanced “chatbots” that are all over the web for different purposes.

“New is always better”

Old business may have a few tricks up its sleeve, but technology and the internet will always have their own edge. As for the case of commoditization, for example, there are some net pages called “aggregator sites” which provide the consumer comfort and ease when it comes to comparing prices. The advantage isn’t always with the one who offers the best products: but with the one that provides the best user experience.

As far as globalization trends go, for example, corporate giant Amazon has been involved in rumors regarding discussions with certain insurance executives in the United Kingdom. This move, for example, can cause a big shift as the entry of a big corporate entity when it comes to business may cause changes even in this specific field of insurance.

The gig of the “Gig Economy”

Everything these days comes through an “on demand” service. Airbnb and Uber are just the starts of the many items on this list. The heart of these services rests on the idea of a “gig economy.” It isn’t just them either: Even P2P or Peer-to-Peer based activity of several online based platforms are making waves. The best strategy is to be aware of how services like these can change insurance policies and separate what functions as commercial to personnel policies, and/or to add them as “add-ons.”

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