Nite
Valued Contributor
Over the past decades, Insurance industry has experienced a technological revolution. Emerging technological capabilities such as, artificial intelligence, aerial imaging, big data, telematics and many more have become quite widespread as insurers doubled down the usage of technology. Smartphone apps and Chatbots are some of the examples of how insurtech streamlines the backend process. Now Insurance companies don't need to hire employees everytime for responding every customer's concern. Their chatbots will automatically respond to inquiries 24/7, also saving the company's expense. In Smartphone apps, people can submit all the paperworks digitally, which again will save time and resources. So everything is there to improve the customer's experience.
There's only one concern surrounding insurtech, and that is privacy issue. Insurance companies retain sensitive information about their customers, so if any new technology is introduced, then it must have some strong security protocols.
There's only one concern surrounding insurtech, and that is privacy issue. Insurance companies retain sensitive information about their customers, so if any new technology is introduced, then it must have some strong security protocols.
