The Allure Of Customization
Customized insurance policies are one of the many positive features that make Insurtech popular and customer-friendly. While a basic, inclusive coverage policy is certainly the norm across the insurance industry due to ease, offering a degree of customized protection is attractive to insureds. Rolling out new policy options that deliver the customized feel while utilizing a commercial inspection to mitigate risk, can be the option that keeps your business competitive. Even in the event of an ultimate rollout of Insurtech devoted to commercial insureds, by offering similar benefits you are likely to remain ahead and achieve a degree of customer retention.
Insurtech companies often beat out traditional insurance providers on price, which is the result of digitization and the usage of technology. Automation removes much of the costs associated with the process, but it is not the only contributing factor. Tech can become a part of every step in the process, from new tools to use to advanced inspection management systems. By investing more into implementing technology into the services you provide, you reduce your risk of falling into an unattractive category with commercial insurers when Insurtech ultimately focuses on their market. There is a definite benefit to retaining the talking to a “real person” aspect of providing insurance, and it should not be lost in the haze of the future. The commercial insurance market is overflowing with potential that will be capitalized on, lagging behind is no longer an option.
Speed And Convenience
Embracing technology over the time and expense of the standard process means quicker and more efficient insurance purchasing from the customer’s point of view. While it will always be challenging to compete with the near-instant home insurance apps, insurers can work on increasing the speed of delivery of their services. Partnering with a company that can complete commercial inspections thoroughly and with little wait time is one step towards the convenience that insureds expect. Implementation of conditional approvals that only await a commercial inspection for final approval may also be an attractive option that appeals to the consumer’s need for speed without increasing risk to the insurer. Additional steps to expedite the entire process is a beacon to commercial property insureds that feel left behind in the current state of insurance purchasing.
Insurance Risk Services has partnered with insurers nationwide to deliver thorough commercial inspections and underwriting support to ensure our partners maintain profitability. For over 35 years we have provided customized services that fit the wide-ranging needs of our partners. Contact us today to discover the Insurance Risk Services difference.