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With the collaboration between the insurance industry and technology, there is a rise in newer revenue streams, higher profitability, and reduced operational costs. 

Let’s look at some of the latest technologies impacting the insurance industry:

Predictive Analysis of Data

Proper analysis of data is utilized to achieve better forecasts regarding: future business insurance requirements and trends, assessing the risk of fraudulent claims from businesses, managing various types of claims, and recognizing any patterns.

Utilizing the power of Artificial Intelligence

AI facilitates insurance advisors to design solutions to meet unique client requirements. With the help of AI, insurance companies are also transforming the insurance underwriting process completely. 

Social Media

Many insurance companies have shifted their entire customer interactions and support over to social media. Insurance companies use social media to authenticate claims and filter them for fraudulent ones. 

Chatbots

Chatbots are able to complete processes like policy applications, filing claims, and many others. Human interaction is reserved for complicated requirements and cases.

Mobile Apps 

Mobile applications provide data readily available to users with a few clicks. 

These advanced insurance tech solutions are beneficial for both the insurer and their customers. They reduce operational costs by preventing fraud and automating servicing.

 

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