4 Ways Technology is Reshaping the Insurance Industry

When you think of insurance your mind most likely jumps to the customary; home, car and life insurance policies. Contrary to popular belief, insurance coverage has expanded vastly in the last few years ever since joining hands with technology to support a previously unrecognized demand. With the rapid development of technologies, gadgets and apps there has been a greater request to protect more than just our homes and cars.

• 1. Technology has expanded the scope of insurance policies. Before leaving the country, traditionally travelers chose a travel insurance to protect themselves against cancelled flights or extending healthcare. However recently travelers rely on their travel insurance to protect their expensive cameras, laptops and tablets.
• 2. Partnerships between Tech companies and Insurance companies are on the rise. Uber recently announced they were pairing with Intact Financial to develop a ridesharing insurance plan within Canada. This non-conventional approach to insurance is leading the way for other technologies and insurance opportunities.
• 3. Covers more then just cars, homes and businesses. Insurance is now going beyond protecting our cars, homes and businesses and is moving towards protecting our favourite personal belongings while also protecting the technology that fuels them. We’ve seen a significant growth in coverage due to technology development and an extension of insurance coverage.
• 4. Insurance can now protect us against the Internet. In previous years when you made an insurance claim you could see physically how it effected you – whether it be a dent in a bumper or a flood in the basement. Insurance policies are now shifting to protect against data breaches, cyber extortion and damages to third party systems.

With every new technology there is room for an insurance policy to enhance safety and provide an even greater service. So long as insurance providers take notice and adapt to these tech trends we can look forward a greater confidence in app use and technology security.