Brandon Marcum
Technology is colliding with the insurance sector to form a new disruptive force known as Insurtech.
Insurance companies use artificial intelligence and machine learning to get meaningful insights into modeling risk, modeling demand, detecting fraud, processing claims, and underwriting. AI and ML can also be used to automate repetitive processes, optimize risk analysis, and improve customer interactions.
Car insurers can price policies based on a driver’s behavior via telematic IoT devices installed in their cars. And health insurance companies use IoT technologies like wearable devices to gain access to health data (activity levels, heart rate, and more). The result is personalized insurance policies, thanks to IoT.
The InsureTech industry is rapidly growing but what exactly is InsurTech? We answer that, provide insurance technology examples and a look to its future.
Insurance carriers have been using insurance drones over the past several years. For example, property & casualty insurance companies use drones to inspect rooftops, damage, and disaster areas.
