The insurance industry is undergoing massive digital transformation. InsurTech startups are using AI to offer personalized premiums, with some auto insurers now basing rates on real-time driving data from apps. Health insurers partner with wearable devices to reward active lifestyles with discounts.
Blockchain is enabling “smart contracts” that automatically pay claims when conditions are met, reducing processing from weeks to minutes. Chatbots handle routine inquiries 24/7, while computer vision speeds up property damage assessments. These innovations are making insurance more accessible and affordable.
Consumers benefit through lower costs, faster service, and customized coverage. However, data privacy concerns remain – always understand what information you’re sharing. As traditional insurers acquire startups or build their own tech, expect even more disruption in this $6 trillion global industry.
