Mitch Zelman Discusses How Technology Has Changed The Commercial Insurance Industry

The commercial insurance industry has been going through many changes lately, and it’s all thanks to technology. The latest advancements have taken the field by storm, improving customer service and efficiency and making things simpler for those looking to get a quote or purchase a new policy. Insurance experts, such as Mitchel Zelman, want you to learn more about how these developments will change the way you buy your next policy!

Mitch Zelman

Picture: Mitch Zelman

The Internet has Made it Easier for People to Search for Insurance Quotes

Before the internet came around, you had very few options when searching for an insurance policy. Either your local agent would be able to help, or you’d need to contact a national agency that only catered to large companies and commercial accounts. Luckily, with the advent of search engines like Google and Yahoo!, finding quotes was transformed forever! Nowadays, all you have to do is type in “insurance quote” into any major search engine, and dozens of choices will pop up before your eyes. It’s just as easy if not easier than anything else online because it requires no personal information from those looking for estimates. They can fill out a form with their zip code and some basic details about themselves (like how many years licensed) then wait for the competing quotes to roll in.

This newfound ease of access has led to increased competition among insurers, driving down prices and making it possible for consumers to find a policy that best suits their needs without breaking the bank. Additionally, by providing a wide range of choices, customers can compare rates and benefits more easily before deciding on a provider. So if you’re unhappy with your current policy or are simply looking for better coverage at an affordable rate, don’t hesitate to do some online window shopping for commercial insurance!

Consider Bundling your Insurance with Other Policies to get Discounts

In addition to shopping around for quotes online, you can also look into bundling your insurance policies. This is when you take out multiple policies from the same provider, such as home, car, and life insurance. By doing this, you may be able to get a discount on your rates – something that’s especially beneficial if you have a few different policies with the same company. As your insurance company how this would work with your business insurance.

Smart Technology Reduces Break-Ins for your Business

It’s not just homeowners who are benefiting from advances in technology, as business owners can also take advantage of new tools that make their lives easier. For example, many businesses now install security systems and cameras to help prevent break-ins. And thanks to the internet, these systems can be monitored remotely from anywhere in the world. So whether you’re on vacation or just out for lunch, you can keep an eye on your property and see what’s happening in real-time.

In addition to security systems, many businesses are also taking advantage of smart technology like thermostats and smoke detectors. These devices can be connected to the internet and controlled remotely, which is ideal for businesses that want to save energy (and money!).

Inventory Online Accessible by Insurer

Another way technology impacts the home insurance industry is by giving business owners the ability to list their belongings online. This inventory can then be accessed and shared with your insurer, which can come in handy if something happens. For example, if you have a fire or burglary and need to make a claim, having an up-to-date record of all your belongings will help speed up the claims process.

Additionally, many insurers are now offering “appraisal” coverage. This means that if one of your items is damaged or destroyed and needs to be replaced (say, your laptop gets stolen), the company will reimburse you for its current market value rather than its original purchase price. And since this type of coverage is offered at no additional cost, it’s a good idea to take advantage of it.

Many Providers Offer Discounts for Smart Technology Installation

While security features are the main reason people install smart technology around their homes, there are other benefits. For example, some insurers offer discounts if you have certain types of tech installed in your house. One of the most common examples is smart thermostats, which can help reduce energy costs by automatically adjusting your home’s temperature (and sending you reminders to save even more money).

Other popular types of discounts include smoke detectors and water sensors. For example, if you have a monitored fire alarm installed in your house, some providers will lower premiums by up to 15%. This makes sense, too – after all, cutting down on false alarms means that emergency responders can get there faster when needed! Now imagine what kind of discount you could get for installing both an alarm system and a smoke detector. The possibilities here are endless!

Technology has had a profound effect on the insurance industry. The internet has made it easier for people to search for quotes online. Businesses can now add their belongings to an online inventory list that is accessible by their insurer. Insurers are able to offer discounts if you install a smart thermostat or smoke detector in your house. As technology continues to evolve, it’s likely that even more changes will take place in the insurance industry – so be sure to stay up-to-date!

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