A handful of accelerating technology trends are poised to transform the very nature of insurance. In auto insurance, risk will shift from drivers to the artificial intelligence (AI) and software behind self-driving cars. Satellites, drones and real-time data sets will give insurers unprecedented visibility into the risk around facilities, leading to greater accuracy. The insurance industry is continuously evolving, transitioning to a more customer-centric business model that dwells on customer experiences. This interesting information came to us from Tech Circle in their article, “Insurtech firms can bet on big data analytics for superior customer experience.”
Big data analytics are being used to understand the requirements and behaviors of their consumers in a manner which eventually aids in client growth and retention, increased revenue, allowing them to provide a better service at lower prices. Customers can gain from having easier access to products that are economical, custom-made and simple to use.
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Melody K. Smith
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