Communications of the ACM
Technology Innovation in the Insurance Sector
The insurance sector has experienced a paradigm shift because of big data analytics.
Credit: Express Computer (India)
The insurance industry has long been known for its traditional, risk-averse nature. However, the emergence of technology has brought about significant changes in recent years. As consumers become more tech-savvy and demanding, the insurance industry has begun embracing technology in order to maintain its competitiveness and improve its services. A new wave of innovation known as "insurtech" has evolved, which refers to using technology to enhance and streamline insurance services. These companies are disrupting the traditional insurance market with new business models, products, and services. Thus, in order to provide specialized and effective insurance solutions, they use technology like big data, artificial intelligence, and machine learning. Also, these businesses offer their clients a user-friendly and practical digital experience, which is critical in today's fast-paced world.
The insurance industry has benefited from technological innovation by enhancing ease, personalization, transparency, efficiency, profitability, and risk management. To fully utilize the potential of technology in the insurance sector, however, issues including legislation, client uptake, and data privacy and security must be addressed.
From Express Computer
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