TECHNOLOGICAL INNOVATIONS IN THE INSURANCE INDUSTRY

Abstract

The insurance industry is undergoing a transformative phase driven by technological innovations. This review paper explores the impact of various technological advancements on the insurance sector, including but not limited to Artificial Intelligence (AI), Internet of Things (IoT), blockchain, and data analytics. The paper discusses how these technologies are reshaping traditional insurance processes, such as underwriting, claims processing, and customer service. Furthermore, it examines the challenges and opportunities presented by these innovations, including regulatory concerns, data security issues, and the potential for enhanced customer experiences. By analyzing current trends and future prospects, this paper aims to provide insights for insurers, policymakers, and researchers on the evolving landscape of the insurance industry in the digital age.