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United States | Decision Science | Volume 13 Issue 9, September 2024 | Pages: 640 - 642
The Transformative Impact of InsurTech Innovations on the Traditional Insurance Landscape
Abstract: The insurance industry is going through a profound transformation driven by technological innovations collectively known as InsurTech. This paper examines the multifaceted impact of InsurTech on traditional insurance models, exploring how emerging technologies are reshaping product development, underwriting processes, customer engagement, and claims management. We analyze the potential of artificial intelligence, blockchain, Internet of Things (IoT), and big data analytics in creating more personalized, efficient, and customer-centric insurance solutions. The study also addresses the challenges and opportunities faced by incumbent insurers in adapting to this rapidly evolving landscape and discusses the future trajectory of the insurance industry in light of these innovations.
Keywords: InsurTech, insurance innovation, artificial intelligence, blockchain, IoT, big data analytics, digital transformation
How to Cite?: Vijaya Chaitanya Palanki, "The Transformative Impact of InsurTech Innovations on the Traditional Insurance Landscape", Volume 13 Issue 9, September 2024, International Journal of Science and Research (IJSR), Pages: 640-642, https://www.ijsr.net/getabstract.php?paperid=SR24910215645, DOI: https://dx.doi.org/10.21275/SR24910215645