We all know that 2020 has changed the whole world. It’s the matter of perspective whether the change was better or worse. But 2020 has been the year of immense innovation and adaptability in the face of seemingly invincible adversity caused by the COVID-19 pandemic. Due to regional lockdown restrictions, travel measures and most people work from home motorists have been using their vehicles far less frequently. In order to comply with social distancing guidelines dealerships were forced to make drastic changes to their operating models in Automobile retail market. To enable insurance products, to become more agile and flexible in line with modern consumer demand InsurTech involves the utilization of the latest technological innovations like data analysis, cloud computing, artificial intelligence and machine learning.
The flexibility and agility demonstrated by InsurTech enabled them to adapt to the huge shift in customer demand and step change in how insurance is purchased and consumed. Many motorists who were not using their vehicles regularly did not have to take drastic action nor did they have to risk driving uninsured or committing to an annual policy. The entirely online one-step user experience is the first of its kind in the traditionally outdated and inflexible driveway insurance industry. Now each retailer has its own unique URL, where the customer can obtain a simple single-cost policy in just 90 seconds through an entirely digital process. This gives the speedy renewal of annual insurance to provide the driver with near instant cover so that they can immediately drive their new car while giving them the opportunity to thoroughly research the best annual policy to suit their needs. The concept of insurance to adapt to shifting consumer trends making it confusing for most customers. If they fail to adapt to the new processes, they may be left behind.
There was a clear trend that brand loyalty was in decline, as modern day consumers are no longer prepared to remain blindly loyal to any company period even before Covid. In 2021, I believe that we can look forward to a futuristic economy where ground breaking technology continues to advance at an unprecedented rate to adapt to rapidly evolving consumer lifestyles and subsequent purchasing habits. The consumer will be the real winner and that is in everyone’s best interest.