Let’s face it, life is an organized chaos. You don’t agree? Let me explain. Imagine yourself involved in a fender-bender. After the initial phase of shock and distress has passed, you calm down to start the routine of exchanging your insurance information only to realize you don’t have all your insurance and policy details handy. Now what?
Assuming you have insurance, (although according to Insurance Research Council, in 2012, 12.6 percent of motorists or about one in eight drivers were uninsured), you are still not immune to the pandemonium of the aftereffects of not having your insurance details handy. Since failure to provide proof of insurance is not considered a serious offense, some courts dismiss the charges and some might levy a minimum fine. But some insurers consider this as an administrative violation and may raise your rates a little. Sure, the court fines may be nominal, but imagine all the time and travel it takes for you to get in front of the judge to show that you indeed have insurance and just didn’t have it with you at that time? And imagine the time you would spend negotiating with your insurer to prevent any rate hike as it is not a serious offense? This is just one example to support our statement that life is an organized chaos.
Now that we have settled on that, consider a medical emergency situation. When a medical emergency or a life-threatening situation arises, not having your insurance details handy will prove to be detrimental in many ways. While on the one hand, you are dealing with a health crisis, you will simultaneously be worried about your insurance, finances and other paperwork and fees if you do not have your insurance details with you at the moment.
Given the uncertainty of life, being prepared in some ways might help ease the burdens of these adverse situations to some extent. While there is no guarantee for a risk-free life, being in control of our insurances through proper management will make your life easier and somewhat in control. The need to organize insurance is real. Insurance management can help anyone significantly in the following three ways:
Organize for Productivity
The world is going paperless at an extremely fast pace. With data being managed in the cloud and syncing across multiple devices, it makes little sense to store paper records of insurance policies. Managing your multiple insurances should not require hours of your time. Making use of organizing tools will make this task less demanding and more rewarding by minimizing the time you spend sorting through paper documents and reducing or eliminating your paper usage. Congratulations! You just freed up your time for the 6-hour road trip that you have been planning to take for a while now!
With the use of data and built-in analytics, you can compare your portfolio with peers and see where you stand in terms of your rates. If you notice that you are paying more than your peers with a similar risk profile, you can easily switch and save or negotiate better rates based on the data. You can also set payment reminders so you never miss a payment due date and save on late fee and fines.
On demand information
Having a single platform will enable you to securely and easily store all your insurance information and access your policies whenever you need them on any device of your choice. Having all your insurances in one single system will also help you to track, inspect and audit for accuracy and timeliness. With more states now accepting digital records for health, auto, and life insurances, it is only a matter of time when every state starts to recognize the value in going digital.
These are only a few of the benefits that we reap with having a proper tool to manage all our insurances. There are several instances where people were so overwhelmed with multiple insurances and claims that they had to hire outside help to sort things out. With the rapid growth in technology adaptation by the consumers, an insurance management tool can certainly take the edge off of this daunting task. Moreover, when we add features like big data analytics and portfolio risk assessment to analyze and present insights that result in better decision making, the payback is even greater. It is common knowledge that the insurance industry is ripe for innovation. To be the pioneers in bringing about that change is a challenge we have taken upon ourselves to enhance customers’ experiences and keep insurance management digital and on par with advancement.