Auto and home (A&H)
insurance products are significant ongoing investments your members make to
protect what matters most in their lives. And, offering these products is
another way we, as credit union leaders, can deliver on our promise of value as
we work to provide excellent service and increase member retention.
Whether
or not your credit union currently offers A&H insurance, keeping an eye on
emerging trends is key to evaluating and working with your current insurance
provider or to helping you implement new insurance offerings. Not surprisingly,
many of the trends to watch are driven by technology and connectivity. Here’s a snapshot of three trends for 2018
that promise to be major factors in shaping the A&H industry:
1. Creating a
one-stop member experience.
In
our increasingly connected and rapid response marketplace, consumers have come
to expect and demand streamlined service. To be able to compete with comparison
sites such as Policy Genius or Compare Now, credit unions need to prioritize
the capability to provide competitive quotes to members within a single phone
call, visit, or online experience to stay competitive, add value, and grow
member relationships.
2. The Internet of
Things will further personalize pricing.
Smart
devices have the potential to record data about everything from miles driven to
acceleration and braking rates for drivers. In the home, smart thermostats and
fire detection devices can help decrease risk of serious damage. These advances
offer insurers the ability to provide better, more personalized pricing for
policyholders in a way that is likely to end up costing the company less.
3. Momentum for ride
sharing and autonomous cars will continue.
Major
shifts toward ride sharing and autonomous cars are already driving insurance
companies to update their products accordingly, such as pricing based on the
number of miles a person drives or rides rather than a fixed monthly rate. As
our daily routines evolve, expect continued and corresponding innovation in
auto insurance offerings.
Are you prepared to better serve, retain and provide value to your members? As technology continues to change the way credit union members live, communicate, and do business, it's important for credit unions to stay relevant with their members' needs--especially when it comes to insurance.
For
more of the latest trends to watch in
2018, download our
infographic.
Are you prepared to better serve, retain and provide value to your members? As technology continues to change the way credit union members live, communicate, and do business, it's important for credit unions to stay relevant with their members' needs--especially when it comes to insurance.
