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Insurance Technology Advances

Updated on May 9, 2011

Insurance technology is like a safety net for businesses and individuals alike. It is a way to insure that you will be reimbursed in case of an accident or mishap. Insurance is the law and necessary for all of us, so it is an easy and smart choice for businesses, individuals and insurance companies to stay educated with the insurance technology growth. Technology is emerging beneath our feet whether we like it or not, so the only choice is to continue to grow with it.

For most, insurance in general is not very well understood. Years ago, insurance brokers would need to come to your home and may talk you up to a more expensive rate. Now though, with new insurance technologies, such as Accelerated Platform, we are able to get insurance all online in minutes, which is more cost effective for the insurance company and easier for the consumer. Looking online for your monthly statements and adjusting with a click of a button is a new luxury that can now be offered. More positive feedback has come from the customers and the insurance brokers alike.

In this day and age almost everyone has a bank account that can be used to purchase goods and services online. This makes industry and trade convenient and allows people to trade with each other all throughout the world without ever having to see each other face to face, but this convenience comes with a hidden danger. That hidden danger is identity theft. When you’re using your bank accounts or other accounts you’re going to use different numbers and series of numbers that are unique to you. This could be anything from your bank account number all the way to your social security number. Luckily though there are people that are devoted to helping those who have had to suffer this travesty. There are certain kinds of insurance technology that protect you against this very kind of thing. If you have a policy with one of the agencies that provides this kind of identity theft protection than that company will step in on your behalf and help you to resolve any problems that have been caused from someone having stolen your identity.

The growth of insurance technology allows the consumer to compare rates and do their own research about a particular coverage that they are looking into. They are able to look into the coverage that best suits their lives, rather than being talked into a type of coverage that may be more money and not exactly what they wanted. For insurance businesses, this means a shorter underwriting time and faster coverage compared to years ago. Another feature that insurance technology is using is the technology to use real-time for consumers looking for immediate attention and answers. What used to take up to 90 days can now take inside a weeks time and sometimes only 20 minutes to have complete insurance coverage.

Everything from farming to banking has benefited by technological advancements. One of the places that you’ll be able to see some of these new technologies unveiled and demonstrated is at a banking technology conference. Stay informed as a business or individual and the benefits will be continued security and an assurance that you are taken care of.

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