Technology Disruption in the Insurance Industry
Technological advancements, known as FinTech and InsurTech, have transformed the financial and insurance industries, offering increased efficiency, reduced costs, and improved customer experiences. Key technologies driving this disruption include AI, IoT, and blockchain. InsurTech has attracted significant investments and enables personalized services and enhanced data analysis. Digital technologies have revolutionized sales, distribution, and customer relationship management, leading to improved efficiency and customer satisfaction. However, challenges such as data privacy, cybersecurity, and ethical concerns must be addressed. Insurers must embrace digitalization to stay competitive and adapt to changing customer expectations.