The future was supposed to give us flying cars, flights to Mars, and the ability to live forever. We’re not quite there yet, but technology is still making waves. It’s revolutionizing the insurance industry at the minute.
I doubt you know what’s out there because insurance isn’t a fancy subject, but it’s something you’ll be interested in. It will have a direct impact on your life. Here are some cool things you can expect going forward.
1. Machine Learning Will Lower Costs
What is builders risk insurance going to cost without machine learning? Insurance providers are going to err on the side of caution. Once machine learning is on the job for a while, it will tell them why you’re a safe bet.
Machines will take historic weather data into account to predict natural disasters. It could look into crime stats to see if you’re at higher risk of vandalism. The cost of your insurance policy will become more accurate over the years.
2. Asking Chatbot For Insurance Advice
You might need professional liability insurance in Ontario if you’re a lawyer. Who knows when a client will sue you because you lost a case? Lawyers are usually very busy, so you might be tired of waiting on hold for a broker.
It’s now possible to ask chatbots for advice when you land on a website. Just type your insurance questions into the app, and it will answer you. Even though it’s pretty good right now, it will get more sophisticated.
3. Studying How You Drive Your Car
Insurance companies can put a gadget inside your car that studies how you drive. It will know if you’re driving around in dangerous areas after dark. If you go a little too fast, it will know you’re above the speed limit.
It will take many other things into account, which will be fed into a computer. If you’re deemed a safe driver, your insurance will be much cheaper. Just be careful because it could send your premiums in the other direction.
4. Internet Of Things In Your Home
Smart homes are becoming the norm because it makes life much easier. Some insurance companies will also lower your monthly premiums if you use IoT technology. It’s scary breaking into a home with a smart doorbell camera.
You’ll never leave the front door unlocked if it automatically locks when you’re a certain distance away. Outdoor lights and infrared cameras are becoming pretty advanced too. Look around to find something you like.
5. Smartphones And Fitness Goals
People like to use fitness trackers to see how far they walk every day. Insurance companies will be able to offer smartphone apps that hook up to trackers. Your phone can work out how far you walk on its own.
Once companies know you’re hitting your fitness goals, they’ll reduce the cost of your health insurance. You’re a lot less likely to get sick when you’re in shape. You might eventually end up with a chip inside you.
Technology Will Get Even Better
It’s exciting trying to imagine what they’ll come up with in the next few decades. Technology is only going to get better as time goes on.