Technological advancements have been a major catalyst for change in the financial industry, bringing about significant gains in efficiency. This innovation, commonly referred to as “FinTech,” has been driven by emerging technologies and has the potential to reduce transaction costs and streamline service delivery in the realm of intangible financial products. The insurance sector is not exempt from these technological advancements, with technology opening up new possibilities for service provision and enhanced data collection capabilities. This intersection of technology and insurance, known as “InsurTech,” primarily focuses on improving services for individuals rather than businesses. Key technologies driving this disruption include artificial intelligence (AI), the Internet of Things (IoT), and blockchain. These technologies have the potential to significantly impact the insurance industry, offering a chance for early adopters to gain a competitive edge and seize the opportunities it presents.
Related Posts
