The insurance sector has also undergone a massive overhaul because of technological reform in recent years. Customers now demand personalized interactions and instant gratification, becoming more customer-centric by offering faster response times and increased transparency. Hence, innovative technology in the insurance sector has allowed cutting down operational costs and ensuring fast, reliable, and secure applications with the use of blockchain.
While IoT devices, telematics, and advanced analytics now help insurers improve risk assessment, drive profitability, settle claims and price policies based on real data, and boost customers to buy policies for loss prevention. With an unmanageable amount of data in an insurance company, the use of analytics and data warehousing platforms have enabled evidence-based decision making.