PolicyGenius' CEO, Jennifer Fitzegerald, explains how new technologies will impact our insurance policies. Jennifer believes that driver-less cars will bring down auto insurance premiums and homeowner's insurance will have to be adopted to cover damages from a drone crash. As new tech and business models are developed for consumers the insurance industry will have to figure out ways to adapt by creating new products and services. Most likely, the incumbents won't fill or identify all the gaps, which is one reason we've seen a swarm of new startups attacking the insurance industry.
Here’s the one question everyone should be asking: What does this mean for my insurance? There’s a reason so many people think insurance — what it covers, how it’s sold and more — needs an overhaul. The industry is slow to react, and when finances, security and safety are on the line, you don’t want to be playing catch-up. Do I need insurance for my drone? What does a driverless car mean for auto liability? When the lines of coverage are blurred, it leaves a grey area of confusion at best and a complete gap in protection at worst. The good news is that change is coming (and in some cases is already here). And the opportunity is too big to be ignored for long. Beginning in 2016, we’ll start seeing established companies and newcomers alike move to fill [gaps]