How Insurance is changing in the 21st century

Insurance. The all-encompassing money-making scheme that requires you to pay money because something MIGHT happen to your home, your vehicle, your business, etc. No one seems to like paying their insurance but it’s something we all have to do.

Although it seems like a bummer every month, what you’re really doing is protecting yourself from a disastrous event. With the right coverage, your company will step up to bat and absorb all of the financial burdens that you would otherwise be stuck with. However, since most people don’t end up with a major claim that requires insurance to step in, most people don’t see the mission driven purpose behind insurance companies.

To combat this stigma, insurance companies and agencies are finding new and inventive ways to make their product stand out. One of the most creative ways is through risk management tools.

This new wave of risk management tools gives clients tangible services for their money so they aren’t only paying for the “what if” factor. The risk management tools also help minimize the “what if” factor even further by finding new and inventive ways to either prevent a claim or minimize damages. This aspect of risk management tools helps agencies spin a narrative to their carriers that because my client is doing something to prevent claims, he or she deserves a better price than others who aren’t!

Contrary to popular belief, the goal of insurance companies and agencies have always been to help customers. Unfortunately, a few bad eggs in the industry have made insurance seem more like a Ponzi Scheme than a service. Before, it was pretty hard to tell the difference between the two but now you can make a safe bet that if your insurance agency doesn’t offer you any sort of risk management tools, they’re only in it for the money.