Page 24 - The Insurance Times April 2025

Role of Insurtech

Role of Insurtech

in a Digital Era

Dr Kavindra Kumar Singh
CTO
SMC Insurance Broker Pvt Ltd

The insurance industry is undergoing an essential transformation driven by insurtech- an emerging
sector that integrates technology with traditional insurance models. With digital innovations
reshaping the market, companies like SMC Insurance Brokers Pvt. Ltd. play a crucial role in
revolutionizing the sector.

T he insurance industry is undergoing an essential Machine learning algorithms analyze vast amounts

transformation driven by insurtech- an emerging
of data to assess risks, detect fraud, and personal-
ize policy recommendations.
sector that integrates technology with traditional
insurance models. With digital innovations re-
shaping the market, companies like SMC Insurance Brokers AI-driven underwriting models help insurers pro-
cess applications faster and more accurately.
Pvt. Ltd. play a crucial role in revolutionizing the sector.
2. Blockchain Technology
From artificial intelligence to blockchain, new technologies
Smart contracts on blockchain networks are auto-
are enhancing efficiency, customer experience, and market
mating claims processing, reducing fraud, and en-
penetration. Additionally, with rising medical costs in metro
suring transparency.
cities, health top-up plans are gaining traction as a critical
financial safeguard. Secure and immutable record-keeping strengthens
policy management.
The Driving Technologies Behind Insurtech Decentralized ledgers provide seamless policy veri-

Growth fication and authentication, reducing paperwork
and improving efficiency.
Several cutting-edge technologies are redefining the insur-
ance industry, offering seamless experiences and enhanced 3. Big Data and Predictive Analytics
coverage options: Insurers can leverage vast data sources to predict
1. Artificial Intelligence (AI) and Machine Learn- customer behavior, detect fraud, and improve un-
ing (ML) derwriting processes.
AI-driven chatbots and virtual assistants are improv- Real-time data analysis enables dynamic pricing
ing customer support by providing 24/7 assistance. models for policies.

22 April 2025 The Insurance Times