When was the last time your insurance company called you up and said:

“We’ve reviewed your profile and we’re cutting your insurance rates?”

With more people working from home in 2020 due to the Covid-19 pandemic, some auto insurance companies cut their rates or refunded premiums to their members. But that’s about it. And even then, it was effectively the same amount for everyone.

What about your life insurance? Health Insurance? Home or renters Insurance?

The fact is that if you want to save money on your insurance you need to proactively understand insurance market trends and apply for new insurance policies.

~ Keith Hatchett

Insurance Trends to Look for In 2021

As a consumer you don’t really need to follow industry trends as much as be aware of what might affect the rates you pay – whether increasing or decreasing them. Let’s face it you either want to decrease your payments and increase your benefits as much as you can or limit the increase in premiums while maintaining as much benefits as you can. And you certainly don’t what your rates to go up and your benefits to go down!  Let’s look at a few trends and what they might mean for you.

Technology Leads to Lower Risks

Improvements in technologies across all sectors have led to and continue to lead to reduced risks. Whether its increased lifespans, survival rates in car crashes, or surveillance and tracking to reduce theft and vandalism risk is going down. More than ever, you as a consumer have a say in the products your buy and the lifestyle you lead that can influence those risks. With lower risk comes lower premiums and with lower premiums you have more money for your pocket.

And life insurance premiums have been going down. When was the last time you received a life insurance quote? Does your life insurance cover you for long term care,

Increased Tailored Insurance Products

With the rise of artificial intelligence and cloud computing it is easier than ever for insurance companies to segment the customers to provide prices that are more appropriate for the risks you face. Actuarial models that are used in the insurance underwriting process to develop your quote are being improved all the time.  New data the reflects today’s realities of improved medicine and a possible longer life can impact your insurance rates.  Programs that help support a healthier lifestyle can also affect your rates if you choose to take part in them. 

Better Consumer Experience

Insurance companies across the board are looking to provide a better customer experience – whether it is helping you when you need to file a claim or providing you with better information. Insurance companies across the board are looking for ways to provide a superior customer experience to attract and retain their customers. 

When was the last time you logged into your account or checked your insurance company’s app on your smartphone? Now it a good time to review the service your insurer provides. No one wants to have to file an insurance claim, but if you do you want it to be as fast and easy as possible.    

Keith Hatchett and the GoInsurancePAL Difference

At GoInsurancePAL we help you to secure your life, health, money and wealth. We do this by finding or creating unique insurance products to meet your personal goals.

“At GoInsurancePAL we don’t sell insurance, we help you build the lifestyle you want – and deserve.”

Rather than try to sell you a generic off-the-shelf policy we work with you to understand your goals. Then, we explain the options that can help you meet your goals. It’s your choice to make. Often, our clients are surprised to see us increase their total benefits while reducing their total out-of-pocket costs – all tax free.

Think of us as your coach. In life, like sports, to win you need to have both a strong offense and a strong defense. We explain how you can have strong offense and strong defense, not the cheapest defense that won’t meet your needs when you need it most. Like a good coach, we teach you, giving you the knowledge to make informed decisions.

GoInsurancePAL is independently owned and operated. This allows us the freedom to work with many insurance carriers to find the best recommendations for you.

In 2011 Keith Hatchett founded GoInsurancePAL after getting sick of seeing insurance agents take advantage of people and selling the wrong products for their needs.  It’s motivated Keith to create new products, like his solution to the Affordable Care Act.  Keith’s caring for his customers goes beyond insurance. Since then, Keith and GoInsurancePAL have continued to lead the way innovating insurance products to best serve the needs of his clients. Contact us today for a no pressure discussion and evaluation of your personal situation.