Home insurance- A traditional industry goes paperless and customizable
Most people have not-very fond memories of old-style insurance. It came complete with incomprehensible forms, fine print by the truckload, and mysterious terms and conditions that looked like they’d escaped from one of National Geographic’s documentaries on ancient civilizations. That was particularly true of home insurance, which was almost ritualized to the point of needing an interpreter to talk to the sales reps.
Choices, there were none. Everybody got the same generic policies, and worse, the same premiums. Bureaucracy, there was plenty, and if you were thinking of spending a few months in pleasant contemplation of what might happen next with your claim, you were usually right. It was a sort of endless adventure into the mystic realms of expensive time wasting.
Big changes in the insurance industry
Consumers will be pleased to hear that the times have finally overtaken this truly lousy, hopelessly antiquated approach to insuring anything. Better yet, the industry itself is now getting the backlash from new insurers who’ve gone paperless and turned home insurance into a good, self manageable option for people living in the 21st century, not the 19th century.
Interestingly, and some consumers would say appropriately, the new insurers are treating their customers with a lot more respect and many more practical considerations with their new insurance options.
The differences are easy enough to spot:
- Customizable, scalable, manage it yourself home insurance policies
- Clear, understandable, upfront information about cover and terms
- No fine print of any kind
- Policyholders can vary their policies directly online
- Straightforward payment options with multiple choices of methods of payment.
- No paperwork at all.
- Efficient responses to claims.
- Phone and online support when required.
Or put bluntly, the exact opposite of the infuriating paper chase of the past. This also applies to contents insurance, the fellow sufferer of home insurance in ancient times when explaining someone had stolen your laptop required drawing of diagrams and a month or so sweating on a decision.
This actually is, for once, justice for consumers, and the new approach has been biting out chunks of the traditional home and contents insurance market. There’s an irony here that won’t be lost on long time policy holders- The new approach is better business. The new online insurers aren’t carrying the costs of all that useless paperwork, so they can offer much better deals.
The payoff for consumers
The result has been a very simple, easy to manage type of insurance which can be adapted for everyone from a home business to a traditional family home environment. This is also the exact opposite of the One Size Fits All approach which was so instrumental in keeping home and contents insurance in the Dark Ages for so long.
The message for consumers is simple, too. Ditch the old Neanderthal policy and get yourself a new policy that will do what you want it to do. You really can get the insurance you want, and it’s just a few clicks away.