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2020 industry changes that could affect your insurance in Sacramento

  • Eugene C Yates
business insurance

The world is changing at an incredible rate and the insurance trends from last year are already looking dated.

So what does 2020 and the start of a new decade have in store? As one of the leading insurance companies in Sacramento, we thought we would take a look at some of the predicted industry changes that could affect your insurance, Sacramento…

#1 Auto Insurance;

The way we are getting around is changing rapidly. The introduction of ride share apps, shared mobility and electric vehicles, coupled with the rising costs of fuel and maintenance, has completely transformed the industry.

Many youngsters are opting for options such as a vehicle leases or shared ownership, which has seen the insurance industry create new policies that are incorporated into an all-in-one monthly fee that covers car hire, maintenance and insurance.

There will always be a need for car insurance, but as we move towards different modes of transport and embrace a more shared lifestyle, policy makers will need to create new options to cater for this.

#2 Micro Mobility;

In a similar fashion to the changing ways we are using automobiles, in recent years (particularly in built up cities) the use of electric micro mobility vehicles has exploded. How many times have you seen electric bicycles and scooters parked up on the streets and sidewalks in recent month? This booming industry is becoming the go-to way for many young people to get around heavily congested areas.

With so many people beginning to use these modes of transport, the insurance industry is beginning to introduce specific cover for these riders. As 2020 progresses, these are going to become increasingly more common as people look to protect themselves against liability, negligence and manufacturing problems.

#3 Customer Service;

One of the biggest trends we predict for 2020 is the improvement in the service and experience that customers receive from insurance companies. Millennials and Generation Z are now making up the bulk of insurance consumers and these two groups demand a very different level of service than their parents.

Demand for completely online and digital services is now the norm and many expect a level of service that caters to them 24 hours a day and across multiple platforms. If insurance companies want to keep attracting their business, they will need to embrace these changes and focus on ensuring the customer experience is as smooth and efficient as it can be.

#4 Environment and Social consciousness 

It’s not just the service levels that these two generations demand. Many consumers are now opting to choose a company based on their environmental and social consciousness rather than simply choosing the lowest price.

In fact, a recent study by Washington Square News revealed that 74% of generation Z and 70% of millennials were happy to pay more for a company if they were more environmentally friendly and sustainable.

So we predict that 2020 will be the year the insurance industry becomes truly sustainable in order to keep attracting the millions of potential customers these generations represent.

As a leading Sacramento insurance company, here at Eugene C Yates, we understand that in order to achieve the best results for our clients we need to ensure we are constantly approaching your insurance needs with a fresh and modern outlook.

We know that you want your Sacramento insurance broker to be providing you with the cheapest insurance policies that are not only tailored to your lifestyle, but are also from some of the most ethical and sustainable insurance providers possible. So whether you are looking for Business, Auto, Home or Health insurance, get in touch with our team today to find out how we can help.

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