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Has Insurtech made the insurance industry more innovative?

We all know what insurtech means. But we do not know how to use it or when to use it. Here is a guide for you to understand its usability. You can also know more from our website https://agencyheight.com/insurance-technology-2020/

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Has Insurtech made the insurance industry more innovative?

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  1. Insurtech What agents can use it to maximize business potential​

  2. Introduction​ • Insurance technology is revolutionizing the industry and giving more benefits to the clients • People are getting fat results and are able to personalize the services • It will be easier to inform clients about their experiences​ • The data are faster, bigger, and more accurate

  3. Ways for insurance agents to use Insurtechfor business​ 1. Blockchain 2. Big Data​ 3. Machine Learning​

  4. 1. Blockchain • Helps insurance companies in fraudulent claims, third party paymenttransactions and handling big data​ • According to UC Berkeley report, it helpsto enable a multibillion-dollar global market of anonymous transactions​ • Promotes transparency, trust and stability​ • Helps reduce administrative costs through verified payments from third parties

  5. 2. Big Data​ • Providessolutions that understand, analyze and process large lumpsof data​ • Canenrich customer experience by using insights from data andresolving issues​ • Canfacilitate claims processing by using machine learning algorithmsto outcomes​ • Canaccurately underwrite, price risk and improve risk reduction​

  6. 3. Machine learning​ • According to Forbes, "Machine learningis based on the idea that we can build machines to process data and learn on their own, withoutour constant supervision."​ • Can improvethe claims process by automatically from the startingreport to analysis and contacting the client​ • Help agents classify risks and calculate more predictive pricing models​ • Helps to speed up the underwriting and reduce premiums leakage​ • Agents can create better personalized services for their clientsthrough advanced analytics​

  7. Conclusion​ • You can manage, share, and monetize vast amounts of data • You can handle a large number of third-party transactions and claims • You can enrich customer experience by using insights from data and resolving issues • You can speed up the underwriting and reduce premium leakages

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