Revolutionary Impact of Insurtech on the Traditional Insurance Sector: Challenges and Benefits
Name: Joshua Tony Koratty
Class: SYBAF Div A Institution: Thakur Ramnarayan College of Arts & Commerce
Designation: Student, CMA Intermediate Student
Phone No: 9967334950 Email id: Joshua.trcac96@gmail.com
Abstract :
This research study will explore about the changes observed from traditional insurance services to modern technology-based insurance services. This research study will help to analyse about the positive and negative impact on insurance sector due to influence of modern digital technology (known as fintech or Insurtech). In the recent years impact of Insurtech has led to many changes in the insurance sector. Insurance sector which was considered to be most time taking has now evolved and the insurance buying procedures have now become quicker and easy. In recent times due to impact of Insurtech insurance sector has been time efficient as getting insurance claim before it used to take more than a week but now due to the impact of Insurtech claim getting within 24 hours but also there are some challenges there like frauds and scams has led to many challenges arise in modern digital insurance sector but also many insurance fraud scams are getting detected easily due to impact of technologies involved. Methodology: Secondary data was taken for this research study which was collected from various journal research paper and other various big four company’s document Findings : It was clearly seen that Insurtech market is expected to grow rapidly but also there are many scams happening in insurance sector but Insurtech has also made many tools available for fraud detection Scope: This research study is analysing the changes that have been done through implication of Insurtech technology also to understand the risks of digital system.
Keywords: Insurtech, Fintech, Insurance sector, Artificial Intelligence.
