Life insurance may be broadly divided according to the goals and requirements
1. Term Insurance: that covers for a limited period of time for example, a housing loan
2. Guaranteed insurance: Pre-defined percentage of sum insured is provided in this insurance along with maturity benefit and regular payouts
3. Investment plans
4. Tax savings plan:
5. Child plans
6. Retirement plans
The recent trends in life insurance plans quotes are
The Advantage Of Internet
The internet has come as savage in recent times as you can buy an insurance plan at the comfort of your home. Formerly it was face to face selling now the finance education is provided through the internet before buying the policy
Cloud Computing Technology
Insurance holders require providing details regarding their health, hobbies, occupation, medical history, smoking habits and family history to ensure they are eligible for coverage. It is a tedious process to cover it all and sometimes underwriting makes it even more difficult.
Cloud computing makes it easier, it is a smart and effective way of getting information. There are issues related to the privacy and safety of the data stored in the cloud.
Automation ensures that insurers keep up the pace with the preferences of customers. Insurers can automatically track underwritings through social media and this in turn helps in mitigating risks.
Risk-based pricing is beneficial over uniform tariff. Dynamic pricing is coming into force with few premiums. They set the stage for payment according to the risk profile
Consolidation is the process of defining insurers to a certain limit. This will result in a few strong players with an increased focus on service and there will only be healthy competition
Usually customers are guided by the price alone but now the financial performance will be a target which in turn says insurers should be more transparent in the financial numbers.
Customers will get to choose a financially sound firm.
In life insurance plan quotes the customers search for novelty according to their needs. This will cut down the unit cost and offer better services. Customer centric innovation will improve sales. Browse the site for more details.