Page 41 - The Insurance Times September 2024

Revolutionizing

Insurance - The

Impact of InsurTech

on the Future of Risk

Piyush Kumar Jha
Management Chief Manager (Faculty)
Union Bank of India,
Zonal Learning Centre, Mangaluru

InsurTech, short for Insurance Technology, involves using technological innovations to improve
efficiency and reduce costs in the insurance industry. The innovations harnessed in InsurTech
typically come from fields such as big data, artificial intelligence, machine learning, IoT (Internet
of Things), and blockchain.

I nsurTech, short for Insurance Technology, involves using InsurTech is premised on the belief that the insurance
technological innovations to improve efficiency and
industry is ripe for innovation and disruption. InsurTech is
reduce costs in the insurance industry. The innovations
incentive to exploit, such as offering ultra-customized
harnessed in InsurTech typically come from fields such as big exploring avenues that large insurance firms have less
data, artificial intelligence, machine learning, IoT (Internet policies, social insurance, and using new streams of data
of Things), and blockchain. from Internet-enabled devices to dynamically price
premiums according to observed behaviour.
Insurtechs have emerged across the value chain and lines of business, with
concentration in distribution. How does InsurTech Work
From mobile apps to big data, machine
learning, and Artificial Intelligence, the
leading InsurTech companies use a
range of innovative tools to enhance the
process efficiency in the insurance
industry.
Traditional insurance sorts customers
into broad groups based on their risk.
This can lead to some people paying
more than they should. InsurTech
startups use real data to create smaller,
more specific risk groups. This allows
them to offer better prices.

Since InsurTech is new, its uses are

The Insurance Times September 2024 37