Digital technology advancements versus the chartered commercial insurance broker
We live in a world where technology is constantly changing by the day. Consumers have the ability to use their smart phones to do almost everything, including choosing the right insurance product. Our phones enable the user to manage their online banking, make purchases and even send documents over, but how does insurance products and a chartered commercial insurance broker fit into the equation?
Insurance Age published an interesting article reflecting on their recent visit to San Francisco, America where they listened to the ‘Guidewire Connections’ talk about Insurance of The Future. The focus of the discussion was to provide more ease for customers purchasing insurance products, whether it’s for personal or business use. The new technological advancements in insurance products are aimed to allow the customer to manage their policy more freely, including which one to buy, amending it and making a claim, but what about when the customer requires advice?
Met Life in America has adopted a digital version of their personal lines motor product, My Direct. The digital insurance product allows customers to buy their product more quickly and on any device, as well have the function to add new people to the insurance package and make a claim. This may sound appealing, but there’s a flaw, advice. Where does the customer go when they require professional advice from a chartered commercial insurance broker? An online chat pop-up box? How effective will that be and how confident will you be using that to answer complicated questions about your product or about making a claim?
Traditional methods such as have face to face consultation meetings or over the phone meetings with a chartered commercial insurance broker can be more effective and trust-worthy than doing everything over a digital device. Investing in financial products require more attention and hands on advice, which is why it’s important to consult a fully qualified chartered commercial insurance broker before making a decision, to ensure you are getting the most suitable product and to go through the small print.
Watson Laurie always keeps up to date with the latest insurance products and any technological advancement that might be beneficial to our insurance brokers and our customers. If you’re looking for professional advice about a particular insurance product for your business, whether it’s business insurance or Latent Defects Insurance, don’t hesitate to contact Watson Laurie today.
Would you rather do everything at ease over a device, or would you rather seek advice face to face from a chartered commercial insurance broker?