The insurance industry stands at the cusp of a remarkable transformation driven by the rapid advancements in artificial intelligence (AI). With AI seeping into every aspect of business operations, insurance companies are leveraging this technology to enhance underwriting and risk assessment, streamline claims processing, and offer personalized insurance products and services.
It is interesting to see how the insurance sector is undergoing a phase of digital transformation, which requires the industry to innovate and adapt to changing customer expectations.
Insurance claims fraud is a serious issue that can lead to higher premiums for honest policyholders and financial losses for insurance companies. To combat this problem, insurance companies have turned to machine learning techniques to detect fraudulent claims.
AI is being used more and more by insurance companies to enhance underwriting and risk assessment, automate claims processing, and customize insurance products and services.
Blockchain is considered to be a breakthrough technology as it has the capability to bring huge benefits to businesses across various sectors. In the insurance space, blockchain offers an acceptable standard format for securing contracts, transactions or any other details that can be maintained in the public domain.
Technology has introduced new advances to promote personalization and improve consumer experience. Insurance sector slowly starting to embrace the idea of usage-based auto insurance with the aid of Telematics.
Even as the COVID-19 pandemic releases its vice-like grip on the world, insurance has become and continues to be a matter a public discussion. In this new era of actuarial science, it is important to see why IT can be a key in elevating your P&C firm to the next level.
The demand for InsurTech services has skyrocketed with the surge in COVID-19 cases. Artificial Intelligence, Predictive Analytics, IoT, Chatbots, Telemetry are some of the new avenues InsurTech players need to focus on going forward, to ensure they stay on top of their game in an ever-evolving playing field.