Cha-Cha-Changes. Everything changes. Insurance sometimes plays catch up but not this time. Five new technologies that your insurance company is already thinking about
- Drones: They are the outlawed in some areas with charges of invasion of privacy yet in the insurance industry they are a life saver. Imagine a disaster where it is dangerous to enter, your home is in the area and is no longer standing, no insurance adjuster can enter the area and you cannot get paid for your claim. Enter the drone which can fly over the area into your home or at least where your home was and then next thing you know the insurance adjuster is giving you a check for your claim and the area has yet to be cleared for entry. Drones have a place in the insurance industry.
- Self driving cars: they are a game changer. In theory 95% of claims can be eliminated by self driving cars. Where will car insurance and all those crazy commercials go? What will happen if there is a sun flare that interferes with your satellite connection? No worries; there is an app for that.
- Wellness Programs: Big brother is watching you. Want a credit on your health insurance wear a monitor that test your sugar levels, wear a monitor that test your nicotine levels in your blood and so on. Some facets of this is already happening in life insurance you are up charged if you are a smoker or have high cholesterol. Is it for our own good?
- Computers in cars already testify about our behavior but only your mechanic knows for sure. Progressive and Allstate have a small device, Snapshot and Drivewise respectively, that you add to your car that reports on your driving. Speeding? There will be an increase in your premium, driving further than 10 miles every day to work another increase in your premium. Conversely, if you are obeying the laws you may see a decrease in your premium.
- My favorite is Telemed. I really do not like going to the doctors. I have to leave work or if I have a fever I have to leave my house, go into a doctor’s office where other people are as sick as I or worse and then wait 45 minutes to an hour, to be taken back to an examining room to wait another 30 minutes and then pay before I leave. Sound familiar, maybe my doctor is too popular. It is even worse if you are coming for a recheck and you are now healthy walking into a doctor’s office with a room full of sick people.
With Telemed you meet your doctor over the internet. He checks your vitals via the telephone or over the internet and then you discuss your symptoms. Currently the Telemed doctors are using the internet for routine follow-up. It is very similar to calling your doctor to either get routine information for ongoing care. Telemed versus in person doctor visit is different charge just like generic versus named brand medication.
Which is your favorite? Are you ready for the new wave of technology in the insurance industry?