Insuranceciooutlook

Technologies that are Revolutionizing the Insurtech Industry

Insurance CIO Outlook | Monday, September 20, 2021

According to reports, in 2018, insurtech investment reaches $5 billion and is continuing to multiply over the years. Technologies like big data, artificial intelligence, machine learning, and IoT will shape the insurance sector.

Fremont, CA: Like any other industry, insurtech is also on its way to a complete transformation. By incorporating emerging technologies with the insurtech operations is enabling organizations to deliver better experience to clients. There are several technologies that are innovating the entire industry to a promising future.

Namely, predictive analysis is one of the popular technologies adopted by insurtech companies to study and analyze customer behavior. In addition to this, data analytics are also enabling the detection possible fraud and malicious activities, classify claims, and predict upcoming market trends and prices, and also to identify customers with cancellation risks.

AI and RPA are also being incorporated into insurance processes. If AI is leveraged to boost digitization in insurance companies, RPA is streamlining many of the manual processes in the industry. By using these technologies, organizations are not only improving the pace and accuracy of the tasks, but are also facilitating analysis of digital files by using programmed algorithms.

Even blockchain is gaining traction when it comes to implementing security and transparency in insurance. Blockchain is helping them create smart contracts, which can be executed automatically and can track and update claims. On the other hand, IoT devices are also being used to verify claims, prevent losses, define rates, and reduce risks.

Owing to these technologies, today, there are countless ways in which insurtech is enhancing its workflow. With further innovations on the way, it is quite exciting to learn what the future holds for the insurance industry.

Weekly Brief

Read Also