Technology Sparking Change
Technology is revolutionizing every industry. Commercial auto insurance is following suit with many technological advancements already implemented and others on the near horizon.
While all tech products have risks of their own, many are employed throughout the insurance industry to help monitor and avoid risk in daily activities. Businesses and insurance providers can obtain data and examine trends faster using today’s automated systems.
Tech in Auto Insurance
Here are a few ways tech is changing commercial auto insurance:
- Self-Driving Vehicles: Self-driving vehicles have been the talk of the town for several years now. While autonomous vehicles have risks of their own, minimizing human errors will substantially impact commercial auto insurance.
- Predictive Analysis: Predictive analysis allows insurance agencies to gather and study large data sets to understand potential risks before they occur. Using this data, businesses can implement practices to avoid common dangers.
- Telematics: Telematics combines telecommunications with informatics to gather data in real time. Companies and insurance providers can use this data to guide risk management strategies and examine vehicle health.
- Artificial Intelligence: Artificial intelligence is breaking into every part of society. Insurance carriers now use AI to craft more personalized policies and speed up the claims process.
- Internet of Things: The Internet of Things (IoT) gathers data using a network of connected smart devices. Using IoT to monitor driver behavior, mileage, and fleet statistics is becoming increasingly common in the auto insurance industry.
Your Personalized Policy
Commercial insurance isn’t one size fits all. Mountain Insurance: Longmont is here to help you discover your personalized policy.
For a tailored business insurance plan and quote, please contact Steve Longenecker (303-808-9351 x2) at Mountain Insurance: Longmont.
We give out $25 gift cards for referrals that become our insurance clients.
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