Your accounting practice is worth protecting that is why there is chartered accountant insurance that is suitable for the profession. The goal of accountant insurance is to provide services that are exclusive to accountants and accountings firms and to ensure that tax audit insurance works appropriately for them. Liability insurance is also offered as protection against alleged wrongful acts that are completely without basis.
Advancements in technology in recent years have changed the usual perception about insurance. Insurance is an industry that is based on trust. Customers trust the insurance provider because after paying premiums they expect the insurance company to step forward and assume liability for certain situations that may occur in the future. The root of trust is customer experience and a large part of the good experience is due to technology.
The way that insurance companies do business before when there are calamities and natural disasters no longer works today because consumers expect a more personalized and customized experience. However, insurance companies are still trying to determine what technology they can implement to exceed customer expectations.
There are multiple touch points that insurance companies can use to attract new customers, to underwrite a risk, to handle claims effectively and to maintain a long-term relationships with the customer. Insurance companies that can excel in all the 4 phases will have a significant competitive advance in the industry.
Data can be used to determine the customers that are interested in insurance while aggregators can offer a variety of insurance products to certain customer segmentation. Since it is more likely for consumers to research and purchase insurance online, an insurance website will make customer acquisition more efficient and effective. Digital technology and data will help insurers know their customers better so that they can underwrite properly.
Accountants face a range of professional risks which can be covered by chartered accountant insurance to minimize their financial vulnerability. One of the biggest threats that accountants face is data breach that can compromise the personal information of the client. It is about time for accountants to understand this particular risk and limit their liability through insurance protection.