Digitalizing insurance business model through new technologies.
Artificial Intelligence(AI) technology in insurance sector has replaced human intelligence and manual processing.With AI system’s insurance agents can be more precise , efficient and flawless in writing and claim process.There is also a perspective of blockchain technology to empower the future of insurance.
Example:With use of AI and behavioural economics, P2P insurance carrier ‘Lemonade’ launched in 2016,has transformed the way how traditional insurance carriers interact with their customers.
The insurance sector is a data-driven industry that generates huge amount of data. Thus, insurance companies rely on Internet of Things to accumulate more and more data according to the behaviour of their customers.Big data analytics makes decision based on the accumulated data.
Example:Biometric sensors and smart watches monitor heart rate, blood pressure , glucose level etc. of the customers so as to offer discounts for the customers healthy activities.
Machine learning assist insurance companies to process complex data into relevant data to perform appropriate actions.This predicts what would happen next and what’s the best decision to take.
Example:Telematics monitors customers driving habits for more accurate insurance so that to limit accidents.
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