The evolving climate realities, such as rising ocean levels, extreme weather, and prolonged droughts and wildfires, have set geospatial threats that impact everyone, including the insurance industry. There is an unprecedented shift towards combining insurance and technology, known as InsurTech, which employs the use of AI, big data, or IoT, to help mitigate climate-induced risks. …
Today, technology is changing rapidly, connecting people and businesses more than ever before. This interconnectedness has brought with it enormous economic and social opportunities, but also unprecedented security risks. The risks are diverse and constantly changing, from phishing attacks targeting individuals to ransomware attacks that shut down entire businesses. Digital insurance has become an important …
The insurance industry has undergone a significant transformation in recent years. With the rapid advancements in technology, digital insurance has emerged as an alternative to traditional insurance offerings. But how do these two approaches stack up against each other? This article explores the distinctions between digital and traditional insurance, helping you understand their benefits, limitations, …
The insurance business has always been an industry that has relied heavily on tedious paperwork. However, artificial intelligence (AI) is set to make everything much smarter and faster. In the field of InsurTech, computers are changing the way things have been done historically, making them more effective, less expensive, and easier for the customer. Everything …
In the digital age, insurance companies are facing a growing challenge from digital insurance fraud. This form of fraud, which is defined as deceptions carried out on digital platforms to obtain financial benefits from insurers, is more sophisticated and complex than traditional fraud techniques. Fraudsters use digital tools and platforms to manipulate insurance systems. They cost billions …
Numerous industries, such as insurance, are being transformed by advancements in technology and digitalisation. One of the leading developments in this field is automated claims processing. In the past, insurance claims were processed manually, which resulted in delays, errors, and unhappy clients. Now that artificial intelligence (AI), machine learning (ML), and automation have emerged, insurance …