Technology helping Insurance Industry

1. Technology to Propel Inclusive Insurance Business

The global Insurance market revenue is valued at $532.7 million in 2018 and is expected to reach $1,119.8 million by 2023. New technologies are dramatically changing the landscape for insurance around the world and enabling insurers to enter new mass-market segments. New data sources and analytical tools are opening ways to create, capture and analyze information that can help insurers better calculate and manage risks associated with customers. The expansion of identity solutions and onboarding options is lowering operations cost and enhancing convenience. All these innovations are helping the global insurance industry in radically transforming into active risk mitigation and advisory partner for governments, businesses and individuals.

• Claims Verification and Payout

Paying claims quickly builds trust and adds customer value, and technology can help with that. Parametric or index insurance using data from weather satellites enables automatic payments for farmers. Drones are even enhancing claims payouts and management. Drones allow access to isolated and dangerous areas after disasters to collect aerial data and assess loss through cutting-edge imagery analytics.

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• Back-Office Systems

Modernizing back-office systems with technologies will help bring down administrative costs, making low-premium products less expensive to manage. To further reduce transaction costs, the industry is using blockchain technology. By providing universal, tamper-proof record transactions, the technology could reduce human error, fraud, data duplication, and ultimately increasing efficiency and lowering operational and administrative costs for the industry.

• Data to Reducing Risks

Data analytics can be effective at identifying customers and their behavior patterns. With new data tools, the industry will look at risk differently. Through the analysis of behavioral and social data, that lower-income people will not be any more significant challenge than those with higher income profiles.

Facilitating an environment and willingness to welcome new technologies is needed for greater inclusion and diversity. There will continue to be barriers, but the quest for furthering technology adoption must stay ignited.

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2. Blockchains helping industries

The use cases of blockchain technology seen beyond its original functions in various industries are noted in the article. Can blockchain fulfill all of its allotted functions?
A popular study by Coinmarket cap analysts suggests that Bitcoin will be worth $1 trillion in the market by 2020. However, forward-thinking people have reported that the value of blockchain can be seen beyond the original application of the technology. A list of industries in which blockchain technologies can be applied are:

• E-Commerce Industry

Blockchain can legitimize small businesses to prove their worthiness over e-commerce websites. Encrypted digital currency is more secure than credit cards, and it is a very flexible payment tool. Blockchain’s distributed ledger can protect consumer rights recorded on the blockchain without it being tampered.

• Finance Industry

Bitcoin is a digital currency formed from blockchain technology. It can be transferred from one point to any other point in the world in less than an hour without the use of any third-party organization. It is decentralized, and it cannot be carried out without the permission of a centralized organization. It is transparent, and all the transaction records are public via a distributed ledger technology.

• Social Justice

The enterprises and agencies have implemented the technology to securely record and verify inventories, monitor resources, and redistribute assets while promoting the sharing economy. Blockchain can contribute to the conditions that promote equality and prosperity by encouraging sharing economies.

• Gaming Industry

Blockchain is applied in the video gaming industry as a payment mechanism and a gateway for making in-game purchases. Bitcoin transactional technology can be utilized to create a personalized account and handle all the in-game transactions conducted. Blockchain is also used for transactions of rewards obtained in the game as a backbone function.

• Transportation Industry

Scientists have a hope that commute times, vehicle emissions, and traffic congestion can be tackled with the use of blockchain and IoT in public services like street signs and traffic lights. The blockchain technology also possesses the potential to provide a solution for convenience problems like vehicle parking charges, traffic ticket payment, and accident supervision.

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