Many industries have undergone massive changes due to the COVID-19 pandemic, and the insurance industry is no exception. In the last year, buying insurance has changed significantly with a shift to online research and purchases. The pandemic has also opened the eyes of many, causing more people around the world to consider their unique insurance needs. Those who put off buying insurance or evaluating their coverage are now taking a more critical eye to their policies.
Digital Trends in Insurance Buying
In decades past, insurance buying was done in person. You would visit your local insurance office, discuss your needs and your assets, and purchase a policy during your visit. The insurance industry was already shifting towards digital and online shopping, but the pandemic has accelerated that process.
Today, it is more common for people to search for insurance online, comparing prices and policies across dozens of companies. From your computer, you can request a quote, chat with an insurance agent, pick a policy, and more. Many companies are even retaining their personal touch by utilizing video calls over the internet.
In some cases, you can purchase an insurance policy online without having to speak to an agent or request a quote. Some policies are fairly cut and dry, offering specific parameters and coverage. If you are happy with the available policy, you can set up your account and purchase coverage directly from home.
Buying Insurance by Generation
When it comes to buying insurance, the needs of each generation have also caused some changes. While older consumers were more comfortable with in-person interactions in the past, the pandemic has led to an increase in trust for online shopping among older generations. Younger generations, including millennials, are already used to online shopping, so the transition is one that makes sense.
The challenge faced by insurers during this time is increasing trust in a digital world. With a lack of human interaction, consumers may be wary to purchase insurance coverage over the internet. You can expect a rise in personalized offers that target specific consumers in the future. A personalized insurance policy can help make a consumer feel heard and valued, increasing trust.
There will also be an increased mix of humans and machines in an effort to improve trust. Insurance companies are learning how to utilize technology to accommodate online shopping while still being available for their customers. From online chats that answer basic questions to online video calls for more in-depth conversations, you can expect to interact with your insurance company across multiple digital platforms.
Benefits of Online Insurance Buying
Buying insurance online is certainly convenient, saving you a trip to the office. However, it offers additional benefits that may not be as obvious. With increases in cybersecurity and digital privacy laws, purchasing your insurance online can be very safe. If you shop with a respected and reputable company, you can provide your information online without concern, trusting that it is properly encrypted and stored.
Online insurance shopping also offers quick access to your policy and coverage details. Instead of calling customer service or visiting your insurer’s office, you can find the answers you need with a click of a button.
