Technological developments in the insurance industry: An overview

Abstract

The application of cutting-edge technologies to enhance business operations in the insurance sector is known as insurtech or insurance technology. This is an essential step for preventing and predicting the model. Thus, the data is shared among the parties and insurers. This chapter analyses the newest insurance technology trends, the top five technologies impacting in insurance industry in the present days, an analysis of the use of technology by insurance companies, the top tech trends upending the insurance industry, how the insurance industry will be improved by implementing new technologies, and the top 13 insurrection innovations. Technology can minimise the total operational costs. The insurance industry must adequately utilise all the technological tools to develop the insurance company. Unmanned drones are a technology tool for insurance that carriers will use more in the future. Insurance companies can use IoT to examine client data and determine their needs and dangers thoroughly. Wearables allow for a more precise assessment of customer health hazards. Service to policyholders will switch from being a customer-or insurer-initiated activity. There are five advantages of technology in the insurance sector: lower insurance rates, fraud prevention, lower underwriting costs, billing efficiency, specialised insurance, and data-driven pricing.