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29 Sep 2020

EMBRACE TECHNOLOGY IN INSURANCE

Insuretech is a term used to describe new technologies with the potential of bringing innovation to the insurance sector. In the current times, a variety of technologies are set to introduce a fundamental change in the Insurance Industry.

Cloud Computing, Advanced analytics, Mobile phones, Artificial Intelligence, digital platforms etc. are providing new ways to measure, control and price risk, engage with customers, reduce cost, improve efficiency and expand insurability.

Through the use of these technologies, insurers can learn usage patterns which help in creating customized products that meet user requirements in turn increasing on the penetration levels.

The insurance industry needs technology in order to bring services closer to the customers through providing convenient and flexible solutions i.e online insurance applications, automated claim processes etc. which will eliminate the traditional paperwork and hence reduce on turnaround time.

Technologies like Artificial Intelligence can help insurers enhance automation, increase productivity and facilitate better and faster decision-making.