2021: Custom and personalized car insurance
2021: Custom and personalized car insurance. An atypical year has just ended, from a health, economic, and social point of view. A terrible pandemic affected all spheres of life, including the insurance industry. In 2020, many insurers, faced with the reality of a world that closed in on their homes, chose to lower the price of their premiums and thus benefit customers who barely moved their cars. The reality is that the risk of accidents decreased and insurers had the ability to reflect it in their clients’ contracts. An initiative that reinforced the idea that places the insurance industry in the field of statistics.
The year of the pandemic turned us all headlong into new technologies. A reality that the insurance industry took advantage of to personalize contracts.
Analysts believe that throughout 2021, insurers will incorporate new points for risk assessment. They will be assisted by devices linked to the Internet of Things (IoT), social networks, and credit reports. With all that data they will be able to establish fully personalized contracts, in which they will agree on everything measurable.
For example, many insurers, in order to adjust the price of their coverage to the needs and behavior of their clients, could choose to use trackers. These devices allow the insured’s driving quality to be evaluated as they detect sudden braking, rapid acceleration, are capable of calculating the miles traveled, the idle time of a car, and the hours of night driving. 2021: Custom and personalized car insurance.
Thus, they will be able to create personalized, more flexible products that will undoubtedly bring them closer to younger customers. A generational sector closely linked to technologies. In short, the auto insurance industry predicts a more technological 2021, with policies tailored to customers.