It’s pretty simple really. Technology is changing everything and insurance is the latest victim. Just google the articles about the future of insurance and you’ll see for yourself. Insurance in the future is going to be wild and there won’t be much room for employment from humans. Computers will handle over 80% of tasks. The younger generations moving into the markets are buying less insurance and don’t handle their business with Agents or in person. They want policies written and claims paid in minutes via smart phones. Executive leadership is learning that these huge workforce’s are not necessary. Sad really because older workers are leaving the company with huge retirement accounts while people in their 30s and 40s will be looking for a new career. You are warned. There is no future in insurance unless you want to be strapped to a desk calling people all day and getting yelled at by mad people frustrated with this model.
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Frankly can’t imagine an auto or home loss without a human touch or personal guidance. It will be hell on the customers.
Truth
I have always marveled at how Nationwide speaks to “victims” as a negative when their customers who experience loss are victims.
Many insurance claims are not just financial transactions, they are emotional ones. Technology certainly will take the place of people handling non-complex claims, such as a windshield loss.