Insurtech Innovations in Technology with Policybazaar.ae, Digital Workforce, Exdion and GeoX

Editorial Calendar Insurtech Innovations in Technology with Policybazaar.ae, Digital Workforce, Exdion and GeoX With this in mind, we have spoken to some of the leading players in the industry to discover what some of the major insurtech technological innovations have been recently and how it has impacted the insurance market. AsNeerajGupta, CEO ofPolicybazaar.aesees it, the industry should really keep an eye on how data, artificial intelligence (AI), machine learning and predictive analytics are set to revolutionise insurtech innovation. He says: “Insurtech and insurers must work together to create an ecosystem capable of leveraging the power of technology for maximum impact and efficiency.

Additionally, providing added value to customers while meeting their digital needs will help insurtechs to succeed and align consumer services with respect to the price offered by the insurer. “To gain customers’ confidence technologies like the Internet of Things (IoT), machine learning, anddata from social mediais expected to intensify the digital environment of the insurers. “Chatbotscan interact with customers, saving employees’ time and, ultimately, insurance companies’ budgets.

It is predicted that by 2025,95 per cent of all customer interactionswill be through channels supported by AI technology, according toServion Global Solutions. Apart from this, telematics would encourage better driving habits, seamless claims for insurers and change the operator’s relationship with customers from just being reactive to showcasing proactive indulgence. “Moreover,artificial intelligencehelps to strengthen the personalisation of insurance services by finding an individual approach to the consumer, especially when purchasing an insurance product.

Faster access to data and the exclusion of human intervention can lead to more accurate reporting in shorter time periods. “Furthermore,predictive analyticsplay a major role in collecting a variety of data to understand and predict policyholders’ behaviour, price, and select risks, identify customers at risk of failure, identify the risk of fraud, prioritize claims, identify claims, and