Are you an insurance company looking to boost your product portfolio? If so, the eight types of insurances that we’ll be discussing in this post will help you realise the potential of your business. From life and health insurance to disability and property damage coverage – each one offers tremendous opportunities for growth and profit. So, let’s dive in to see how these types of covers can benefit your organisation as well as its customers!
What you can expect in this article:
1. Home insurance that covers damage from natural disasters
Offering home insurance that covers damage caused by natural disasters is a great way to protect your customers and their assets. With the right insurance company, you can build a product portfolio that helps protect customers from the effects of natural disasters like hurricanes, floods, and extreme weather conditions. Homeowners who purchase policies with higher coverage for these types of events can rest assured that their financial well-being will be taken into consideration if disaster strikes their home or business. A good insurer should be able to help customers customize their coverage so they are not overpaying while still being adequately protected in the event of a catastrophe.
2. Auto insurance that covers rental cars while a car is being repaired
Insurance companies can help protect drivers in the case of an accident by offering insurance that covers rental cars while their car is getting repaired. This insurance product gives drivers the peace of mind that they can stay covered no matter where life takes them and helps to ensure minimal disruption when accidents happen. With a diversified insurance product portfolio, insurance companies can offer this additional protection to drivers so they don’t miss a beat after an incident occurs. By integrating this insurance, insurance companies have the opportunity to further enhance customer loyalty and satisfaction.
3. Home buyers insurance
When insurance companies offer home buyers insurance as part of their insurance product portfolio, they give potential buyers and sellers the assurance that they are protected against any potential issues in the buying process. Keyword research shows that search phrases like ‘home buyers protection insurance is it worth it‘ are gaining momentum, with so many new and underhand tactics being dealt to home buyers and sellers. Luckily, home buyers insurance covers crucial aspects like gazumping and gazundering, as well as offering protection if a house purchase falls through. Insurance companies may also offer this insurance at discounted rates when packaged with other insurance products currently in their portfolio, making it a cost-effective way to cover your bases.
4. Cyber security insurance
Cyber insurance is a form of insurance that helps protect businesses from the financial losses associated with cyber threats. It includes coverage for legal fees, customer notifications, data breach costs and more. Insurers can offer cyber insurance as part of their product portfolio to help customers protect themselves from various cyber threats, including lost income due to equipment downtime, the cost of investigating and resolving claims and the costs associated with defending against malicious cyber attacks. By offering this type of insurance, insurance companies have the opportunity to provide customers with much needed protection during these uncertain digital times.
5. Pet insurance that reimburses you for vet bills
In light of the current cost of living crisis, insurance companies have an opportunity to protect people against unanticipated and sudden expenses by adding pet insurance to their product portfolios. With pet insurance, insurance companies are able to reimburse individuals who incur vet bills for their pets. This is a win-win solution both for insurance companies and policyholders since insurance companies are able to provide extra value in form of financial protection, while policyholders have a safeguard against unexpected veterinary costs. Furthermore, pet insurance can also part of preventive healthcare strategies for families looking for more coverage when it comes to taking care of their beloved four-legged family members.
6. Identity theft protection
Nowadays, it is more important than ever for insurance companies to offer Identity theft protection as part of their product portfolio. With increasingly sensitive information being stored in the virtual world, insurance providers are in a unique position to respond and protect their customers from identity theft risks with comprehensive insurance policies that include comprehensive coverage. Having insurance policies that offer Identity theft protection provides peace of mind and reassurance when using online services and websites, whether for making purchases or conducting financial transactions. Businesses can also provide their customers this added layer of security and provide insurance protection against any potential losses resulting from identity fraud. Insurance companies offering identity theft protection create an invaluable service for their policyholders by safeguarding them against potentially devastating outcomes without adding significant additional costs to existing insurance products.
7. Insurance for valuable items like jewelery and artwork
Insurance companies can provide insurance for valuable items such as jewellery and artwork as part of their product portfolio, offering an extra layer of insurance protection. Expensive pieces of art and jewellery can provide extra security should an unfortunate accident occur and insurance companies may be able to cover the cost of replacement, or at least some or all of the insurance deductible. Insurance is not just about protecting the physical asset itself, but also covers losses caused by owner negligence and acts of nature. This can help to alleviate any financial concerns associated with loss or damage to these items, providing peace of mind and a more secure investment in something that matters dearly.
8. Disability insurance
Disability insurance is a form of insurance provided by insurance companies to help protect those who may be unable to work due to a disability. This insurance can provide income protection in the event that an individual is no longer able to work, allowing them to pay for day-to-day and longer term living expenses while they are unable to do so. Insurance companies often offer disability insurance as part of their product portfolio, giving customers the opportunity to tailor their insurance coverage to their needs. With this insurance, customers have peace of mind knowing that if something should happen that prevents them from working, they will have some financial protection in place.
8 insurance policies that insurance companies could offer
These are only a few of the types of insurance policies that could be beneficial for your business. Do your research and talk to your team to decide which ones make the most sense for you to add to your product portfolio. You may find that some of these coverages are more popular with customers than others, so it’s important to stay up-to-date on trends in the industry.