Internet entrepreneur and financial sector genius Jaepark on what to look out for in insurance in the coming year.
The financial sector is in an uproar. This understatement comes hot on the heels of the Coronavirus Pandemic, something which has seen unprecedented change across all areas of industry… perhaps except one.
Those who work in the online world seem to be coming through this uncertain time better off than most. Never was a businessman more acutely aware of the fact than Jae Park. He made his first million in the advertising sector aged just 23 and has spent the five years since constructing an empire in various businesses.
Jae park’s first love was always in exotic cars. At the same time, customizing exotic vehicles led to the rental of them, which, in turn, led to insurance. Jaepark then set up the Zirify financial firm with the intention of helping people get to grips with their finances. He doesn’t just want to be wealthy himself; he wants to help others with the same business savvy follow in his footsteps.
With that in mind, let’s cover what insurance trends lie before us in the year ahead. Maybe we can learn something that makes us a million, too.
Insurance Trends of 2020-21
Without further ado, let’s talk about the insurance trends we can expect in the coming year.
Health and Wellbeing
After the most recent pandemic wave, it is becoming clearer and more apparent that health insurance is a must-have. Even those previously unable to afford health insurance are finding the money now, somehow. We will see massive changes in this area, including more evident lowered prices, rolling contracts, and tiered service.
The Rise of One-Off and Temporary Packages
One-off and temporary insurance packages will see a rise in popularity over the coming months. Niche products are in greater demand, particularly regarding the business sector. Insurance to protect against particular things, most of which will be geared at avoiding business damage in the third and fourth waves, will rise in popularity.
The Future is Green
Those that haven’t gone paperless yet will be set to do so in the coming season. The future is sustainable and lies in lowering the carbon footprint of your firm. The future is as paperless as possible, from the paperwork needed for claiming to the claim documents themselves. Consider it if you haven’t already. If your insurance office is paperless, you are saving both carbon and the cost of that documentation.
Offsite Storage will be a Priority
Since we are all going paperless, we will need to take those files and put them into software systems to store offsite. Insurance firms need to keep just as much customer data as the next firm does, and it needs to be easily retrievable… not down in the basement file room.
The World of Insurance will Keep Evolving
Whatever the next few months have in store for us, the insurance sector will mutate and evolve to match it. It will bounce back from the ashes, and it will bring us new growth. Watch this space. The future is already upon us.