Usage-based insurance (UBI) is a new approach to determining insurance premiums that takes into account how often and safely someone uses their insured property (usually a car). Usage-based insurance uses real-time data from telematics devices or smartphone apps, while traditional insurance models rely primarily on demographic and historical data. This means that your driving style, …

Blockchain technology was originally developed to support cryptocurrencies like Bitcoin. Today, its potential to transform numerous industries, including insurance, is receiving increasing attention. At its most basic level, blockchain is a decentralized, immutable ledger that records transactions across multiple computers. The system provides trust, security, and openness without a central authority. For the insurance industry, …

Insurance has long been known for its complex processes and massive amounts of paperwork, which can cause delays and reduce efficiency. However, the rise of automation is significantly changing the way insurers operate. Automation streamlines processes, reduces human errors, accelerates claim processing, and improves the customer experience. Insurers are leveraging technologies such as artificial intelligence, …

Insurers are turning to AI to provide enhanced customer experiences that promote engagement and service excellence. Chatbots allow customers to interact with insurers at any time, while automated systems inform them about claim statuses without calling back—ultimately eliminating callbacks altogether. To fully harness AI’s potential, insurers must adopt a bold enterprise vision and fundamentally revamp …

InsurTech, the integration of insurance and technology, has significantly transformed the insurance industry in recent years. InsurTech companies are leveraging innovative technologies such as artificial intelligence, machine learning, big data, and mobile applications to improve and disrupt traditional insurance models. This trend is redefining how customers interact with insurers, making insurance services easier, more personalized, …

Insurance technology (insurtech) is revolutionizing the industry by making coverage easier for both consumers and companies alike. It can improve customer service, streamline processes, and even prevent fraud. Insurtech also helps make insurance more sustainable through digitization, making it a key tool in shaping the future of insurance. 1. Personalized Coverage Today’s consumers expect personalization, …