Top Boat Insurance Trends

The more things seem to change, the more or less they remain the same’ is a common satirical phrase that denotes the notion that while certain things seem to change during tough times, the basic or underlying status quo often remain unchanged. The same can sometimes be said to be true of the boat insurance industry, especially when we look at the past few years—the emergence of new technologies seemed to compete with the industry’s potential to adopt and leverage them with boat insurance

In 2016, however, the industry witnessed a lot of transformations as more and more boat insurance companies embraced a lot of system modernizations. This means that in 2017 and beyond, the industry is likely to embrace even more technological advances. In particular, there are certain technological areas that hold immense promise for the industry as 2017 begins.

IoT in Boat insurance

Many auto insurance firms are beginning to use Internet of things (IoT), especially in tracking the driving habits of drivers. The practice which is commonly referred to Usage-Based Insurance has gained a lot of popularity in the past 3 years and is expected to extend to the boat insurance industry as well. By leveraging on this technology, boat insurance companies will be in a position to precisely price their premiums and provide more cost-saving benefits to their clients. And it doesn’t end there; many insurance specialists believe that IoT will continue to disrupt the insurance sector in the coming years and a lot is expected to be seen in the boat insurance industry as far as IoT development and implementation is concerned.

Cloud and SaaS

As more and more businesses continue to focus on client centricity and digitization, insurance companies will also be motivated to streamline their infrastructure, applications, and architecture portfolios in a bid to focus more on information technology (IT) related resources on initiatives that will go a long way in impacting their customers in a direct way. Adoption of cloud based solutions, including infrastructure and software as a service is part and parcel of such efforts.

Because IT related technological advancements will be at its best in the coming years, it is imperative for boat insurance companies to streamline their best talents towards areas of business where they can realize more business gains—and this no longer entails expanding their networks. Rather, it involves adoption of more intuitive interfaces for their clients and suppliers as well as real-time access to important business information and data. Leveraging on the cloud for IT functionalities that add value to customer experience are some of the aspects that will draw the attention of insurance companies in 2017 and beyond.

Bottom Line

The above highlighted trends are great pointers to one important aspect—the need for boat insurance companies to step out of their comfort zones and look at how other sectors function to create fresh benchmarks that can take the industry forward. For a boat owner, this may translate to comparing the current services that you provide to your customers with what other leading industry players do and practice.

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