Heath Ritenour on ways Insurance Industry adapts to Post-Pandemic World

In the wake of the COVID-19 pandemic, most business operations were affected globally. Most businesses were forced to shut as a measure of containing the spread of the virus. Among the industries that were affected includes the insurance industry. Heath Ritenour is one of the business leaders who found ways of ensuring their business success even in such times. Heath is the CEO and Chairman of the Insurance Office of America, founded by his parents. In an interview, Heath Ritenour explains what people need to expect in the post-pandemic era going forward.

Absence of Agent in Office

The pandemic made most people shut down their physical businesses and switch to working from home. Insurance companies were no exception to this change. As a result, when one requires insurance services, it is advisable to make an appointment with your insurance company first. Also, one needs to adjust to the idea of virtual meetings now to limit person-to-person interactions. Besides, working from home has made most insurance personnel more efficient in their work.

New Insurance Technology

For decades, the insurance industry has been reluctant when it comes to embracing new technology. However, the industry has now been forced to introduce new technology since services are primarily online. The change is quite adequate, and it has eased the buying and selling process of insurance packages.

New Insurance Products

Heath Ritenour explains that, unlike in the past, insurance companies now have to make products that fit their customers’ needs. Telematics is among the widely discussed products to which most insurance clients are open. With this product, if one is to have auto insurance, the premium is to be dictated by real-time information on their car usage. Such information may imply a lower premium for most car owners. Also, some medical issues were not covered before the advent of the COVID-19 pandemic. However, Heath Ritenour explains that insurance companies may have to introduce covers to viruses and contaminations to improve the quality of life for their clients.

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