In the last few years, the insurance industry has made strides by adopting new technologies. Thanks to the emergence of new technology, such as traffic cameras, self-driving cars, drones, and smart homes, insurance companies are able to collect a mountain of new information they’ve never had before.
This growth comes with its own particular set of challenges, though. As your customers adopt these new technologies, insurance premiums will go down universally. While this might make your customers happy, it ends up shredding your bottom line. Because of this, you need to keep all of the customers you can.