Technology is changing the insurance industry – National Insurance Day special’

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The pandemic coronavirus has changed people’s outlooks towards the insurance sector. The whole industrial world has gone through a digital revolution. Still, people’s awareness level of having insurance remains the same until the outbreak of recent COVID 19. Now the importance of having insurance among people has been increasing. Now people are searching for health and life insurance online. The pandemic has made people value the importance of having insurance coverage and recognize the consequences of not having insurance. On the other hand, it educates the insurers on how to be technically innovative in this digital era. Rapid advancement in technology in smartphones and computers aids buyers who want to access information as well as to analyze and purchase insurance through a variety of channels available. At the same time introduction of AI, Big data, and Blockchain help both the insurers and the policyholders for buying insurance and selling an insurance policy. Absolutely insurance companies are new technologies to provide better customer service. The new companies starting insurance businesses are discovering complex core IT systems by investing in software as a service application that can be used for operations, distribution, HR, commission processing, etc. These tools restructure the working of the insurance sector which includes automation of some traditional, physical tasks. 

The majority of the traditional back-office operations are now automated in insurance companies. Technologies like digital applications and advanced analytics engines are additionally altering operations. Advances in AI (Artificial Intelligence) and Machine learning (ML) helps to systematize complex tasks, including addressing all forms of customer queries. AL and ML are continuously used to detect frauds and for processing automatic pay-outs of small claims. Most of the insurance companies now establish IoT (internet of things) which helps reduce manual interpolations in claims and pricing. In addition to that IoT could help to reduce losses on roads, at work, in homes and businesses by allowing insurers to achieve vigorous calculations using informed data. Technology has brought changes in the insurance sector. It will be the trend for the upcoming years insurers will need to be ready for the restyle of the business.

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