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Insurance agencies must be aware of the trends in the insurtech sector in order to remain competitive in 2024. Artificial intelligence (AI) and machine learning are being used to assess risk, price, underwrite, detect fraud and improve customer service. Cyber insurance is becoming increasingly important as cyber threats evolve, and blockchain technology is being adopted to reduce fraud and streamline claims processing. Hyper-personalized insurance products and services are being tailored to individual needs and preferences, and on-demand insurance is becoming more popular. Technologies such as the internet of things (IoT) and telematics are transforming auto and home insurance.
