Insurance, as a market, has been one of the slowest moving markets when it comes to adopting digital technologies. Owing to complex regulation, large in-force books, data overload and privacy issues, the insurance market has been lethargic in adopting innovative and disruptive technologies. However, companies are gradually waking up to the fact that to stay competitive and relevant in an all-pervasive digital world, they need to force a fundamental change throughout the value chain. And this goes well beyond adapting just a few digital tools or automated processes. Insurance companies, including the biggest corporations, are making a paradigm digital shift by integrating futuristic technologies like Artificial Intelligence, the Internet of Things (IoT) and Robotics. For e.g. With the help of in-vehicle sensors, auto insurance companies can now have access to the speed at which the car was driven, allowing them to make more informed decisions and offer highly personalised products and services.
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Personalised services made fast, easy and cost-effective with robo-advisors that can harness deep learning and cognitive computing
Get access to data from home, automotive, wearables or any other connected device to make Insurance offerings more precise and safeguard claims
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Lower operational costs by reducing duplication of processes, reduced counterparty risks, increased process automation, transparency and secure and decentralized transactions