The document discusses how insuretech can help advance the insurance industry by making operations more effective and efficient. It can help with developing products, risk assessment, servicing, claims assessment, and distribution. Emerging technologies like blockchain, AI, and machine learning can further help foster processes and ensure better penetration and adoption at reduced costs. Insuretech can also help identify new risks, better understand risks for underwriting, and reduce adverse selection and fraud. Overall, it is important for the insurance industry to understand the significance of insuretech to keep up with technological advancements.
1. INSURETECH
As technology is advancing, the article talks
about how adoption of insuretech with time
can facilitate change. It becomes important
to inculcate the technologies and find more
innovative ways to sell insurance. As the
industry lacks to provide more personalized
products with the traditional channels,
Insuretech can provide a solution for the
same.
It can help companies make operation more
effective and efficient which may include:
Developing Products
Risk assessment
Servicing
Claims assessment and settlement
Return on investment management
Distribution beyond aggregation
2. Although the traditional channels will remain
dominant, as people become more aware
about tax planning and using insurance as a
tool of investment, emerging technologies can
help assist the potential customers in future.
Emerging technologies such as blockchain,
artificial Intelligence, machine learning can
further help in fostering the processes.
Insuretech can ensure better penetration, faster
adoption at reduced costs.
As technology is taking a leap everyday, new
risks are emerging in order to mitigate these
risk, Insuretech can be beneficial assessing and
identifying these risk. It can in better
comprehension of such risk for better
underwriting. Insuretech can help reduce
adverse selection and limit frauds.
Therefore it can be concluded that for the
insurance industry to match its pace with the
rampant advancement in the technology it
becomes important to understand the
significance of insuretech.
