Economic recession & insurance – Insurance expert explains what you should be doing to be covered

Everytime that I ask Google to play me the latest news, it seems like the first piece is always talking about how a recession is either already here or just around the corner. So I started to revisit my finances like most people have been doing. Which then I started thinking about my insurance policies. Specifically, what should insurance policyholders be doing to make sure they’re covered during an economic recession? 

“With a recession and uncertain economic times, families are reassessing what’s vital and where they can reduce spend.” says Linh C. Ho, Chief Growth Officer at Zelros. Unfortunately insurance tends to be one of those areas people look to cut costs. However, with the help of artificial intelligence (AI), families can save money while still keeping their policies.

With money being already tight because of inflation, gas prices and if we’re honest, the impacts of COVID-19 still, checking in on your insurance has probably been filed deep into the back of your mind. Don’t let this step fall through the cracks though, you need to be checking in regularly with your insurance company. 

Ho goes on to say that, “If it’s been awhile since you called your insurance, do so because with recent technological advancements more companies are using AI to assist with their risk assessments at the point of sales. What this means to policyholders is that some insurers can now provide personalized policy recommendations that are tailored specifically to meet their changing needs. This modern approach helps customers understand if their risk exposures have changed, and are they still adequately protected under their policy.”

In addition to knowing if your policy still covers you the way you think it does, an added benefit of better risk assessment is that you may find your policy premiums drop, saving you money.