Page 43 - The Insurance Times September 2024
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resistance from established
insurance companies to change
striking the right balance
between automation and
personalized customer
interactions
InsurTech companies aim to
innovate and disrupt the
traditional insurance sector by
leveraging these technologies,
improving efficiency, customer
experience, and the overall
value proposition for
policyholders. InsurTech may
become the driving force for
advancements in an industry
with a reputation for complexed
paperwork. By implementing
and integrating AI, automation,
and data. Less paperwork, more engagement, InsurTech
contracts, and store sensitive information, reducing helps carriers and brokers to solve issues more efficiently -
fraud and operational costs.
and be more human.
Peer-to-Peer Insurance: Platforms that allow groups of
people to pool their premiums and share risk among References:
themselves, potentially reducing costs and increasing https://www.mckinsey.com/industries/financial-
transparency. services/our-insights/insurance-blog/how-insurtechs-
can-accelerate-the-next-wave-of-growth
Challenges of InsurTech https://n26.com/en-eu/blog/insurtech
The InsurTech has tremendous potential. However, it faces https://aloa.co/blog/insurtech
several challenges in its widespread adoption: https://www.investopedia.com/terms/i/insurtech.asp
Data privacy and security concerns,
https://corporatefinanceinstitute.com/resources/fintech/
regulatory compliance, and what-is-insurtech/
Businessman arrested for killing lookalike to claim insurance;
wife on the run
In what is nothing short of a crime thriller, a businessman and his wife have allegedly orchestrated the killing of a man
resembling him to claim life insurance benefits and cover their financial losses in Karnatakas Hassan district. Police
have arrested Muniswamy Gowda, who belongs to Hoskote in Bengaluru Rural, and a truck driver, Devendra Nayaka,
for allegedly murdering an unidentified man. They are still searching for Gowdas wife Shilparani in connection with
the crime. On August 13, Shilparani identified as her husband a man who had died allegedly while changing a flat tyre
by the roadside in Gollarahalli. She also performed funeral rites for him. Gowda had bought several life insurance
policies with his wife as the nominee. To solve their financial problems, the couple devised a plan to fake Gowdas
death and claim insurance benefits, according to Mohammad Sujeetha, Superintendent of Police, Hassan.
The police said that Gowda and Shilparani lured the victim, a beggar, into travelling with them. During the trip, Gowda
stopped their vehicle citing a flat tyre and asked the man to help. As the man began to replace the tyre, Gowda
allegedly pushed him under the wheels of a truck, driven by Nayaka, to make it appear like a road accident.
The Insurance Times September 2024 39
