Increasingly, the need to offer products and services based on up-to-date, or, in some cases, even realtime data is imperative in industries like manufacturing, retail, healthcare, and insurance. Analytics and AI (artificial intelligence) technologies offer a much more accurate and granular look at various metrics that help businesses make decisions about their products, services, and customers. In the insurance space, there’s a drive to adopt predictive analytics and data analytics that can enable more accurate customer experiences and reduce fraud. This is due not only to the big-picture trend toward digital transformation but also to the specific need to compete with insurtech startup firms. In many cases, these startups were founded on the premise of using these technologies to differentiate themselves from the “big dogs” in the space.
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Original article: Insurtech Digital Transformation Trends
Author: Connected World Staff