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Showing posts from August, 2019

The Impact of InsurTech on Insurance Industry

What is InsurTech? InsurTech is a portmanteau word derived from ‘Insurance’ and ‘Technology’. It is the Technology that revolutionized the traditional Insurance Industry’s foundation, operations, and distribution. In recent times policyholders can see a visible change in the process of insuring, claiming insurance benefits and filing documents.  Insurtech simplifies the customer journey, policy management and increases penetration and reach of insurance. It also brings about a visible competition to thrive in the Insurance Industry How InsurTech is reshaping insurance? Insurance Companies are now focusing on various innovative ways to increase their customer satisfaction and reach. Product enhancements & newer products, pricing accuracy, speedy settlements, newer insurance concepts like UBI, P2P are emerging. Major technologies that transformed the insurance industry: Artificial Intelligence (AI)   AI is on-demand in the Insurance Sector. Artificial Intel