The insurance industry is evolving due to the introduction of new technologies such as AI and blockchain. While the industry may have relied on paper documents in the past, it is technologically advancing, making it more customized and personalized while improving its accessibility. In this article, we will discuss how Insurtech is changing the insurance …
Embedded insurance has been silently changing how many people think about coverage. This type of insurance is different from the traditional one because it is integrated into a product or service and does not require a separate purchase or long waiting periods. It is much easier to buy insurance at the same time one purchases …
The persistent issues of insurance fraud and claims delays continue to be a problem for many companies, with cumulative losses reaching billions of dollars every year. Fraudulent claims tend to raise the insurance premiums of honest policyholders while processing genuine claims usually results in delays, administrative burdens, frustration, and financial difficulties for the clientele. However, …
In today’s world, cyber threats are emerging with unprecedented intensity and complexity, putting firms at risk regardless of their size. Among the risks, ransomware has rapidly emerged to be one of the most lethal types of cyber threats, wreaking havoc on companies and costing millions in ransom payments and operational downtime. Seeking to alleviate some …
From time immemorial, home insurance has served as the financial shield for homeowners protecting them from sudden shocks from fires, thefts, and even water damage. Traditional insurance models, however, use a “wait for damage to occur” reactive strategy. The inclusion of smart home technology mitigates the damage before it occurs. Smart devices such as security …
Insurance has always been a go-to risk mitigation tool, but it comes with rigid policies and commitments bound by time. Paying for insurance coverage is often looked at as a sunk cost, contributing to a growing sense of insurance dissatisfaction. With on-demand insurance, everything changes! Individuals and businesses can selectively pay for coverage only when …
Every industry is making use of the internet in this modern world, and insurance is no exception. Modern approaches, such as ones that offer policies and claim processing exclusively online, are referred to as digital-only insurance, which lacks any traditional face-to-face interaction or paperwork. This model is becoming popular due to the ease and quickness …
The insurance industry is no longer solely characterized by extensive documents, exorbitant wait periods, and policies that offer little to no flexibility. With new developments in technology, insurance is evolving to not only become smarter, but also more personalized, and, surprisingly, cheaper. From AI to smart wearables, new technological innovations are changing how policies are …
There is a radical change in the health insurance landscape with the introduction of digitized policies. Health insurance systems based on technology are taking over the traditional system, which is based on excessive manual work, slow approval systems, and a lack of transparency. Health insurance, which focuses on digitized services, optimizes the use of AI, …
The Internet of Things (IoT) technology has changed a variety of industries, including car insurance. Smart devices give insurers real-time data that helps them evaluate the risk and offer fairer premiums. Previously, insurers based their pricing on age, location, and past driving records. Now, telematic devices powered by IoT track driving behavior and provide more …