3 Key Insurance Trends you Should be Prepared for in the Post COVID Economy
The last 18 months have posed a challenge for strategic planning and making confident business decisions. With the rise of COVID-19 and the associated challenges it presents, the foreseeable future seemed unpredictable. With the rollout of the vaccine underway and the slow return to a "normal" existence on the horizon, many of us are left to ask, “What now?”
The end of the COVID-19 pandemic is predicted to be the beginning of a bolstered economy. With much of the world's labor force finally being able to return to work. In terms of the insurance industry, the Post-COVID economy will bring increased demand in several distinct areas, and now is the time to start proactively preparing.
Increased demand for auto insurance
One of the negative side effects associated with COVID-19 and the proceeding restrictions was the decline in the ability and willingness to travel. With many people working remotely, some insurance companies offered reduced billing for auto insurance or offered their customers the ability to pause their car insurance coverage during this time. Summer of 2021 marks the beginning of a transition back to working in office, whether it be full-time again or a hybrid situation. In order to give policyholders and insurance companies the best experience possible when getting re-insured, policyholders should be contacted by the end of the year through an automated notification advising them of the process. With increased demand on the horizon due to an expected increase in travel, there also exists an opportunity for insurance companies to adjust premiums accordingly. It is important, especially with a pick up in demand to ensure expectations are set by keeping policyholders and claimants informed of their options and any changes to their insurance.
Send proactive reminders and notifications to policyholders who have paused or made changes to their automobile insurance using SPLICE Software. Programs can be implemented in as little as two weeks and can reach your policyholders across multiple different communication channels including: Call, Text, Chat, and Email. Connect your policyholders to the information and resources they need by utilizing SPLICE’s text-to-link features, making it quick and easy to make updates to their policy.
Increased demand for health insurance
As the world stabilizes, a very predictable event will occur based off any historic recession, the inevitable economic boom. New businesses will emerge and the resilient existing businesses will see growth. This brings good news, as those who are displaced due to COVID-19 will be able to rejoin the workforce and become more financially stable. With this, there will also come an increase in the demand for workers benefits and health insurance.
Ensure your company is top of mind for your prospects and existing insured members through the use of SPLICE’s automated communications solutions. Send out proactive automated updates, tips, notifications and reminders to policyholders and prospects. Then, set up automated conversational communications to help your employees meet the demand of your policyholders
Increased financial stability
Another positive impact of the inevitable economic boom is the financial prosperity it will bring. As people begin to return to work and new businesses are developed, people will have an increase in expendable income. This meaning, in turn, they can reinvest the money back into the economy. An increase in spending on things like trips, cars, housing, and other larger purchases also means an increased spend on the associated insurance for these purchases. It is important, now more than ever, that your policyholders are informed on the breadth and depth of your offering so they can make informed decisions.
Don’t miss out on all the up-sell and cross-sell opportunities these trends will generate by sending out proactive updates, tips, notifications and reminders to policyholders and prospects. Aid in the sales cycle by introducing conversational text messaging into the mix. Instantly answer questions, offer quotes and close the loop by communicating directly with prospects. Don't have the employees to answer questions in real-time? Check out our automated responses tool to help drive prospects and policyholders to the right places!