Outlook For Car Insurance Buyer in 2022

Like any other industry, the car insurance field is also constantly evolving. With the latest fast-moving innovation and technology and ever-increasing data sharing, the car insurance industry is on the verge of adapting to the latest trends and changes in the year 2022. The car insurance industry has shifted and gone through a few changes in the last two years. Several providers are offering more online tools since policyholders couldn’t do business in person over the past two years. Many large insurance companies were already offering online platforms pre-pandemic, but more providers are beginning to add features such as virtual claims processing to make the claim process easier.

The following aspects will be deciding factors in the car insurance industry for the year 2022:

  • Impacts of Emerging Technologies on Car Insurance:

Technological advancement in car manufacturing not only changes the driving experience but also influences car insurance. Accessories like airbags, seat belts, rear cameras, and distance sensors are making the drive safer than it was ever before. Emerging technologies, such as stability control systems and sensing systems that extend beyond the car, will be helpful to drivers in avoiding collisions and accidents and thus reducing the chances of life-threatening casualties. Other technologies such as Global Positioning Systems (GPS), anti-theft devices and tracking devices will be promoted to reduce theft. In addition, an on-vehicle Event Data Recorder (EDR) is an emerging technology with the potential to enhance road safety. These technologies will help keep cars safe, which in turn will be good for drivers since they won’t have to pay high insurance premiums.

  • Digitalisation helping new buyers:

Digitalisation and AI (Artificial intelligence) are rapidly taking over manual systems and processes. Digitalisation will help create a less time consuming and fully automated experience to meet the high-speed demands of modern consumers. From fast claim processing, identifying risk of fraud, identifying outlier claims, interactive chatbots, giving customers a personalised experience, digitalisation and automation will help the car insurance industry reach new heights.

  • Personalised customer care:

Taking care of the customer is the most crucial part of any industry. A modern-day consumer will get more personalised service from their insurance provider. With new emerging technologies and tools made available by insurers, the new-age car insurance buyer will be able to compare various policies easily, get personal quotes, expert advice, tailor-made plans, and insurance products priced according to their own needs and behaviours. With the aid of AI chatbots and automated texting, consumers will get answers to their problems right away, which will make all the difference in the insurance game.

  •  Enhancing customer experience with analytics:

To build long-lasting relations with customers, it is crucial that customers feel comfortable using digital means of business. That is where the data collection and Integrated analysis of that data come in handy. In future the digitisation of data will allow the insurers to perform the transaction and automate claim processes with little to no time to help the customers – for example, by assisting a customer get ahead on the claim process shortly after an unfortunate incident such as an accident or stolen vehicle, with available data from the smartphone, health tracking devices, GPS, security systems etc., insurers will get a head start on their response to the customer.

The future of car insurance industry is bright, and it will be more consumer-driven. The new technologies will emerge and make it easier for consumers to get car insurance of their choice and help the insurers to provide their consumers with world-class insurance products and services. But in all that, buying a car insurance policy and securing yourself and your vehicle against any unforeseen event will always be the crucial element.

This article is authored by Suresh Sankaranarayanan, Sr. Executive Vice President & Chief Technology Officer at Kotak General Insurance, and views expressed in this article are the author’s personal views.

Techsquadteam’s Leveraging Initiatives for Home Services near Your Localities!

Techsquadteam’s Leveraging Initiatives for Home Services near Your Localities!

9th February 2022, Bangalore – The unified demand of youth has always been put forward just to showcase things in a simplified manner. For which a foot forward has been taken by an entrepreneur after having a foreseen on various home services. Mr. Janmejaya Nanda, CEO of Techsquadteam, has come up with a tremendous initiative to cater to various service options. The company was founded on March 9th, 2017 to help the leveraging initiative for home services near your locality. With profound capability, the company has established its track record from deep home cleaning services. Then gradually it takes over the marketplace with other services too, such as beauty, pest control, plumbing, sanitization & fumigation, painting, appliance repairing, packers & movers.

With a rigorous start from Bangalore, it operates in 4 other cities like Hyderabad, Chennai, Bhubaneswar, & Kolkata. And it is planning to expand to other cities quite soon too. Because the promising high-quality service has enlarged its demand quite high at home. Conceptualizing something might be easy, but converting the same into reality is way more difficult. Being an entrepreneur, he has always been clear about his goals with a sight vision of its success.

TechsquadTeam – Being the most renowned home service provider, has started its journey with chunks of IT professionals and Technicians. With the vertical extension of the technological platform and highly-skilled technicians, great customer satisfaction has been achieved. During 2017, the team has poured their sweat, blood, and tears day and night to make things happen it has turned out to be right now. Mr.Janmanjaya Nanda has taken TechsquadTeam to the heights, with the combined effort and smartness of the workers too. A hardworking IT team, Support team, and technicians are the root cause of the company’s development.

About Year-wise Exposed Advancement: 

The graph of the company’s growth shows tremendous records in terms of technological advancements. From the year 2017 to 2021, a drastic change has been observed while capturing the market value.

Let’s visualize a year-wise change:

2017– With zero investment, the company has been started with an ideological vision with framed solutions to achieve something great. Because a great mind can set rise to some innovative creations in the market, despite the funds.

2018 – Great sustainability with quality service has made the year quite promising. As hard work opens up the path to success, likewise, the company has set a benchmark in survival upon the service.

2019 – Finally made a place in the market with the addition of 50,000 happy customers. With never-ending struggle, the company has created an iconic face value in terms of delivering the best service.

2020 – After prolonged effort, the company has exposed its wings to other cities like Hyderabad, Chennai, Bhubaneswar, & Kolkata which is itself a big achievement along with more responsibilities.

2021 –   Fabulously achieved half a million happy customers, along with 200+ in-house technicians. The year has really been hard, but in the end, showered abundance growth, and success.

2022 – Strongly believe and determined in terms of achieving 1 Million+ customers by the end of the financial year and taking over the entire industry with outstanding results.

About Employment: 

The pandemic has hit the market miserably. Most of the company has salaried 50% to the employees. Even some of them have laid off their employees. But with TechsquadTeam, it’s completely the opposite. Knowing that the situation is worse, the company has hired employees with full salaries. It has never cut the on-board employee’s salaries along with the new joiners. Full support has been provided by the company itself during these difficult scenarios. Most importantly, the company has its own technicians; it does not outsource any 3rd party technicians which are quite appreciated during the thick and thin of the organization.

About Technological Advancement:

Being a tech-savvy service provider, the company always focuses on customer satisfaction. Due to the hustle-bustle of life, nobody carries that ample time to wait for too long to enjoy the upgrading technology. With the implementation of AI automation, the booking section has totally made a hand-to-mouth option where you just have to book the service while using the app or through the website. After that everything will be taken care of by the company’s technicians. From service to delivery, everything ends up with a smooth and desired note.

The company is fully entitled to customer contentment with fruitful execution of the service at their doorstep. Finding your local provider might confuse you, but once you choose TechsquadTeam, the hecticness becomes nill and make you gain the next move with optimum ease. Our leveraging front foot for home services will always support you despite your busy schedule. We promise to continue innovation and momentum as we revolutionize the at-home, on-demand economy.