Insurtech investment reached approximately $4.9 billion in 2018. Worldwide Insurtech Market income was esteemed at 5.48 billion of 2019 and is supposed to arrive at 10.14 billion by 2025, reaching a CAGR of 10.80%. A recent PwC report claims that blockchain offers a $5 billion opportunity for P&C insurers. Considering this data, surely AI and other emerging technologies will have a huge impact on all aspects of the insurance industry. Right from distribution to underwriting and pricing to claims will witness the increase.
According to some estimates, by 2025 95% of all customer interactions will be powered by chatbots. Insurers can’t afford to delay in leveraging IoT capabilities, as forecasts project a global IoT insurance market value of $42.76 billion by 2022.
The future of Insurance is in using the right kind of technology and making the process more agile, convenient, and progressive. Technology can not only enable functions like predictive analytics for pricing and risk selection, but it can also help in identifying customers at risk of cancellation, identifying risk of fraud, triaging claims, identifying outlier claims, anticipating trends, and more.
Advanced tech in insurance is already an essential part. Paper insurance is for the most part a thing of the past. Now getting insurance statements can be just about as simple as clicking a button. Overseeing coverage can easily be achieved by means of a mobile application. Similar to this, new advancements permit companies to more successfully oversee risks and utilize complex client data, a critical step in developing a predict and prevent model. Insurance technology is ready to develop significantly more in the coming years.
At Ajackus we are dedicated to bringing that change and constantly gathering talent to serve you in the right way.
Let us enable this transformation in the Insurance industry by partnering with us.
Ajackus was everything we could have asked for. They understood the industry nuances and initiated a game plan for a solution. The Ajackus team, led by its founder, anchored our progress with daily stand-ups between core representatives from both sides. This enabled us to communicate, discuss specifics and collaborate to execute efficiently. Ajackus’ existing understanding of the travel industry coupled with its strength in scaling technology teams as required, is their strong suit.
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