1.
Insurance Technology Redefining Business
Paradigms

2.
Table of Contents
1 Introduction
Evolution of Insurance Technology
 Adaptive Nature of the InsurTech
 Lowering the Amount of Risks
 Strengthening the Use of Data in Insurance
Processes
Conclusion – The Insurer of the Future
2
3

3.
Insurers have balanced technology disruption
but there is much more to it. Insurance
technology is further to be advanced with added
innovation to leverage profits
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Introduction
86%
believe they must innovate
with the recent digital
upsurge to survive in the
competitive market.of insurers

4.
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Evolution of Insurance Technology
Let us get to the depth of the evolution of Insurance technology in the
Insurance landscape.
Adaptive Nature of the
InsurTech
Lowering the Amount
of Risks
Strengthening the Use
of Data in Insurance
Processes

5.
Adaptive Nature of the InsurTech
The new-gen technology of Artificial Intelligence
has transitioned from mimicking the cognitive
functions of humans to learning the abilities of
the human brain through decomposition and
inference to predict risks and get a human touch
in their activities
A Case in Point: Lemonade Insurance
Company, is flipping the insurance business
model by instantly crafting perfect insurance and
promising zero paperwork leveraging bots and
machine learning technology.
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6.
Lowering the Amount of Risks
The manual process of underwriting is being
automated and supported by a combination of
machine and deep learning models built within
the technology stack. This is a revolution in
innovation as it is changing the way risk
management is handled.
A case in Point: European insurer Swiss Re
is leveraging insurtech digital tools with the
partnership of Microsoft Corp. The reinsurer’s
Digital Market Center helps to develop tools
that can transform insurance risk prediction.
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7.
Strengthening the Use of Data in Insurance Processes
Technology analyses data more efficiently
now, but carriers tend to develop a well-
structured and actionable strategy for both
internal and external data respectively. The
internal data is managed by the system,
and the external data needs to be imbibed
to a multifaceted procurement strategy.
A Case in Point: Tufts Medical Center, a
health insurance company leverages big
data analytics to integrate a robust platform
for health plans called Minuteman Health.
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8.
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Conclusion – The Insurer of the Future
Copyright©2020 Damco Group. All Rights Reserved.
As witnessed in the recent episode of pandemic,
Insurance technology is the only powerful solution for not
just competing but for survival of many insurance
businesses. This evolution is the deciding factor for the
leaders of the insurance industry with innovative products,
harnessing cognitive learning insights from new data
sources, and effectively lowering the costs.

9.
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