Ah, the pandemic era, an unprecedented time that reshaped our world in ways we could never have imagined.… But here we are, out of the world of lockdowns and social distancing measures. Hopefully, these events will stay in the past. That said, it’s been a couple of years, and we thought it was the right time to reflect on how COVID-19 has reshaped our approach toward insurance and what changes lie ahead.
Let’s look at these changes, from digital innovations to how consumers are living (and insuring their lives) differently.
A shift towards protecting what matters most
First off, the pandemic highlighted just how crucial it is to ensure the things we value most are adequately covered. During lockdowns, many of us spent more time at home, leading to greater awareness of the need to protect our properties and possessions.
For instance, with more people working from home, portable possessions like laptops, tablets, and other gadgets became critical tools for daily life. The result? Many of us have started to prioritise insurance that protects these everyday essentials, making sure they’re covered no matter where we take them.
The same goes for our homes themselves. The pandemic saw many people investing in their living spaces, whether that was upgrading furniture, adding home offices, or simply sprucing things up. All these investments need proper cover, which is why comprehensive home contents and buildings insurance are more important than ever.
Digital transformation accelerated
Another major change brought forth by the villainous COVID-19 is the adoption of tech in the insurance industry. We’re talking about online quotes being readily available at your fingertips on our royal app instead of trudging through paperwork or being on the phone for hours on end.
At King Price, we’ve definitely embraced digital transformation. Not only because tech is cool (who can deny it), but we know just how much these innovations will benefit our royal clients. And, if you recall, 1 of our major goals is to make insurance more effortless than ever.
Generally speaking, the advancements across the industry as a whole have been made possible through tech innovations, such as chatbots answering questions instantly anytime day/night and mobile apps that allow for the seamless management of policies (like our royal app).
We (eagerly) expect this trend to grow even stronger as more companies realise the potential benefits associated with streamlining processes digitally, instead of relying solely on traditional methods.
Changes to… You
Lastly, but certainly not the least important aspect worth mentioning here, relates to you. The fact is that there’s been an increased awareness in people surrounding risks associated with everyday activities. To put it more clearly, we’d say that due to heightened concerns stemming directly from the pandemic itself, people are more cautious. For instance, travelling abroad now requires additional considerations regarding health protocols and travel restrictions that may affect existing travel insurance policies.
On the flip side, this cautious mindset has also extended to how people approach car insurance. Whether it’s due to reduced commuting during the pandemic or concerns about unexpected events, there’s been a noticeable shift toward people wanting flexible, affordable car insurance that suits their unique needs.
All in all, we’d say that this heightened awareness of how things can go wrong has pushed people to be more mindful of the role that insurance can play in their lives. If that’s ringing true for you, and you’re looking for affordable car and home insurance that has your back, then welcome.
We’re here for you.
Click here or WhatsApp us on 0860 50 50 50 for a commitment-free insurance quote.
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Psst… This blog provides general info only, and doesn’t count as financial or product advice from King Price or our legal and compliance experts. Remember, all our premiums are risk-profile-dependent, and T’s and C’s apply. Our most up-to-date KPPD (policy wording) can always be found here.
Our website T’s and C’s can be found here.
