Trends Shaping the Future of Car Insurance

The car insurance industry is evolving at supersonic speed and it’s not just the car models that’s driving change. Technology, the market’s desire for eco-friendliness, the advent of electronic and hybrid vehicles and artificial intelligence.

These changes impact car insurance coverages and the practices of car insurance companies. Let’s take a look at how these are helping insurance companies improve.

1. Technology

Technology is redefining risk. While not yet available in the Philippines, self-drive cars are shifting the risk from humans to technology, making it essential for insurers to rethink their policies. Meanwhile, AI is not just for sci-fi movies anymore; it's here, improving risk assessment through real-time data, which is available today.

2. Sustainability

Sustainability is reshaping how insurance companies operate.  From the use of e-receipts to e-policies, going green is now in every customer touchpoint. A highly regulated industry, non-life insurance regulatory changes are aiding these new practices. Companies that embrace them are making their existence more planet-friendly.

3. Electric Vehicles (EVs)

Electric Vehicles (EVs) are no longer a niche market. With long-range EVs becoming more affordable, insurers are scrambling to adjust policies. Think special coverage for battery issues or incentives for using clean energy.

4. Customer Satisfaction

Trust is more valuable than ever. The availability of AI agents with voice and images that resemble an actual person has made customer interactions faster and more efficient. However, the same technology is creating issues on trust and authenticity. Companies that use these tools should balance their focus on building trustworthy customer service.

5. Claim Processing

Faster and more efficient claims processing aided by apps, automation and AI are speeding up claims processing. These tools have made processes more efficient and scalable, resulting in faster payouts.  Truly, it’s a win-win both for the company and its customers.

In a nutshell, changes in the car insurance landscape are driven by technology, sustainability, the rise of EVs, customer's desire for authenticity, and faster claim processing. Staying informed and adaptable is key to navigating this changing terrain. One company that has adapted these changes is Standard Insurance.  Its claims app is powered by technology that makes it easier and faster to process claims.

Here is a short description of what the SICA (Standard Insurance Claims App) can do:

· View all registered policies: Keep track of all insurance policies in one place.

· File claims easily: Whether it's for travel or motor claims, the app simplifies the process.

· Access customer support: LiveChat feature allows for real-time assistance from customer support.

The app is an example of how technology is being leveraged by Standard Insurance to streamline operations and enhance customer satisfaction.