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Trends to Follow for InsurTech Companies

As the world is changing to survive the global pandemic, insurance industry is equipped with new set trends of insurtech to innovate and adapt. Read more to know today's InsurTech trends! <br>Visit: https://medium.com/@suryachoudhary383/trends-of-insurtech-af7f0a72147a

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Trends to Follow for InsurTech Companies

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  1. Trends of InsurTech Trends of InsurTech Source: fintechmagazine.com

  2. Introduction • Trends Shaping Insurtech • Digitalize to Survive • Data Analytics • AI-ML • Blockchain • Conclusion 1 2 Table of Contents 3

  3. Introduction The world is facing a crisis of pandemic. Insurtech companiesthrough their innovative offerings are enabling insurers to swiftly blaze the technological upheaval. Insurance software is a reliable solution for business continuity plans. Let’s look through some trends evangelizing the increasing importance of InsurTech in the insurance landscape:

  4. Trends Shaping Insurtech • Digitalize to Survive • Data Analytics • AI-ML • Blockchain

  5. Digitalize to Survive • This is the age of digital customers who prefer online solutions to compare different insurance products and make buying decisions • The current pandemic scenario suggests that staying at home is a necessity and insurance software enables better collaboration between insurers and intermediaries even remotely

  6. Data Analytics • Insurance Software improves decision making through granularly insights generated by in depth data analysis • The global crisis of COVID-19 will lead to huge losses but Insurance software pivots the accuracy and removes the chances of human error

  7. AI-ML • AI-ML new-gen technology targets to build a personalized experience for each customer, be it premiums, policies, claims settlement, administrative dashboards, reinsurance or target marketing • The current pandemic scenario suggests that staying at home is a necessity and insurance software enables better collaboration between insurers and intermediaries even remotely

  8. Blockchain • Blockchain increases the efficiency of the process by avoiding to and fro for verification of claims, fraud protection, and reinsurance policy decisions • Blockchain technology enables insurers to maintain data privacy and confidentiality while working remotely in COVID-19 situation

  9. Conclusion Insurance software is like sowing the seed of a long-term investment of insurtechto bear sweet fruits of efficiency and thrive in this era of disruption caused by a crisis of COVID-19

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