Seguros y pensiones para todos

Insurance at the click of a button

Insurance at the click of a button

Home > Blog > Insurance at the click of a button

Technology has changed the way insurers offer us protection and peace of mind.

Although the philosophy of the world of insurance, to offer peace of mind, has barely changed for more than a hundred years, the way of providing it is experiencing a real revolution. And technology has a lot to do with it.

New customers, new demands

A new generation of customers, fully integrated in the digital age, is demanding new insurance products and new ways of contracting them. In short, they see technology as a tool and not as an end: they are calling for a digital transformation that improves the customer experience, their convenience, and the benefits they get. This revolution affects the insurance business, its products, its distribution channels and the tangible assets that insurance companies insure.

We’re talking about something that goes beyond simply taking out insurance through a mobile device. Technology, for example, and more specifically the use of the smartphone, is already influencing the way we report a household or vehicle accident: location, photos, sharing contacts with other people affected, or even doing a remote claim survey – i.e. transferring videos and photos of the accident to the expert, so they can verify and assess the damage remotely from their computer. On many insurance company platforms it is already common practice to request healthcare or vehicle assistance through an app.

The possibilities of geolocation

Connectivity is also revolutionizing these services. For example, with a geolocation device in your vehicle, connected to your smartphone, you can get information in the case of the theft or loss of your car, motorcycle or bicycle. Even in the event of an accident, the system could detect a sudden deceleration or inclination that could lead it to report an accident if the user does not indicate otherwise.

Sharing our digital trail with the insurance company can work in our favor: through our data we can evaluate the way we use the car every day, the routes we choose, our schedules, the way we drive, etc. The Big Data technology in this sector is key, since it is capable of detecting patterns: an insurance company could offer you personalized coverage, evaluate your behavior and risk level, or even open a window to the possibility of pay-per-use, such as a policy whose cost is based on the actual time you drive.

The Insurtech phenomenon

As you can see, technology offers a world of possibilities to this sector to even further personalize its offering and make its services much more practical and convenient. In fact, the Insurtech phenomenon – in other words, the technology startups that are defining innovation in the insurance sector – has even penetrated the heart of the big firms in the sector. Many of them have opened a door to collaboration with these small initiatives to take advantage of their creativity and innovation when transforming traditional services.

You may also like…

Roadside assistance: the insurance that gets you out of trouble

Roadside assistance: the insurance that gets you out of trouble

What roadside assistance insurance offers, as its name suggests, is help and a whole series of solutions when your vehicle is immobilized due to a mechanical breakdown or mishap: transfers in tow trucks, cabs, ambulances, etc. Roadside assistance is, therefore, the...

The ICT talent revolution in the insurance sector

The ICT talent revolution in the insurance sector

This new way of understanding insurance company management uses technology to create new products and personalized services for its customers and relies on innovations such as big data, blockchain, artificial intelligence, cloud computing, machine learning and the...

Your pets, even more secure

Your pets, even more secure

The aim of this regulation is to establish obligations to protect animals, care for them in decent living conditions, guarantee their rights, promote their healthy development, prevent their ownership from causing danger to others, train them with non-violent methods,...

What is your investor profile? We will help you find out

What is your investor profile? We will help you find out

The Spanish National Securities Market Commission (CNMV) defines your investor profile as the relationship between the risks you are willing to take and the returns you expect to earn. In other words, how much you are willing to risk, or not, for the possibility of...

The 7 stages of financial freedom. Which one are you in?

The 7 stages of financial freedom. Which one are you in?

Dividing that journey into stages will help you gain perspective on where you are and how stable your personal finances are. It will also help you see your progress much more clearly and keep your motivation high. There is no one single way to divide up these stages...