Technology and Disruption in the Insurance Sector
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Technological trends are transforming the insurance industry by enabling digital processes, customer engagement, and data management. These trends include infrastructure improvements, data analytics, the internet of things, distributed ledger technology, machine learning, and virtual reality. Traditional insurance involves lengthy customer claims processes and manual payments, while insurtech companies offer instant claim reporting through chatbots and mobile apps, automatic payment processing, and around-the-clock customer updates via mobile applications.
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Technology and Disruption in the Insurance Sector
- 1. Technology and Disruption in the Insurance Sector
- 2. Trends transforming the insurance industry Digital processes and operations Customer engagement Digital data management
- 3. Technological Trends Disrupting the Insurance Sector Infrastructure and productivity Infrastructure and productivity Data analytics IoT Distributed ledger technology Machine learning Virtual reality
- 4. Traditional Insurance InsurtechVS Customer waits on hold to file a claim Customer writes a lengthy account of the incident Instant report collection via chatbot or mobile Customer contacts the insurance agent for updates Payments triggered manually, cheque issued Updates will appear instantly on the mobile app Bot or app collects relevant details with a Q&A Payments triggered automatically, made directly to bank