10 Most Innovative Insurance Tech companies to Watch in 2023
Technology is making ground-breaking advancements in every industry today. From healthcare to manufacturing, marketing to insurance, we are witnessing a tremendous transformation on the anvil. Technologies like Machine Learning (ML), Artificial Intelligence (AI), the Internet of Things (IoT), and Blockchain are doing the rounds, and every field is undergoing dynamic changes.
The insurance industry is also catching up with various technology tools and programs to streamline how we deal with insurance. It has begun to utilize technology such as data analytics, AI, and IoT to strengthen its positioning and create better-priced products in the market. Insurtech is being used to effectively process claims, evaluate risk, underwrite policies, and process contracts that used to take days and weeks to complete.
Today, blockchain technology is used by insurance companies for applications such as Anti-money laundering (AML) procedures, Know-Your-Customer (KYC) processes, claim handling, and much more.
The disruption in the insurance industry is due to a surge in competitive product lines and hyper-personalization of social and individual policies. Several companies are testing the waters on a host of potentially game-changing technologies to help them accelerate their process. With greater accuracy, turnaround time, data-driven risk mitigation, and unprecedented visibility of several layers of the ecosystem, the insurance industry is witnessing its disruption today.
For example, the insurance industry relied heavily on customer service executives to assist in creating a seamless customer resolution experience 24/7. Today, chatbots are available to answer all queries around the clock and provide instant resolutions. Similarly, insurance companies are using AI and blockchain to create smart contracts and agreements that have increased the efficiency and speed of claim management.
The global insurance market size was valued at approx. USD 5.45 billion in 2022. It is set to expand at a phenomenal 52.7% CAGR from 2023 to 2030. This can only give you a glimpse of what is yet to come. Auto, life, and health are the most common insurance claims globally, and having automated systems in place will increase the accessibility and efficiency of processing claims.
As always, we present to you the views and opinions of the leading companies and insights from renowned industry leaders who will shed their knowledge about the industry and how it is set to change in the future.
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