How will InsurTech help in retaining customers & their trust
                     An ISO 27001 Certified 
Company
How Will InsurTech Help
 in  Retaining 
Customers' Trust?
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An ISO 27001 Certified 
Company
The Insur Tech
Sector
By giving clients and service providers a simple, error-free, and 
secure method  to conduct business, InsurTech is changing the 
insurance industry.
Although, when compared to other rapidly growing sectors, like 
FinTech, the  InsurTech market is still relatively young.
Customers of insurance for long years perceived insurance as a 
commodity  product they had to buy based on what was readily 
available.
To adapt to the new and changing demands, insurers must become 
more agile,  move more quickly, and place a premium on providing 
excellent customer  experiences (CX).
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An ISO 27001 Certified 
Company
Insur Tech and
Trust
5 Ways insurance companies can retain customers through 
technology:
Showcase the worth of customer-provided data
Increase the utilization of AI from the beginning till the end of 
the process  Make smart processes for the agent and the 
insured
Use blockchain-based decentralized distributed trust
When communicating with customers, use an omnichannel 
strategy
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An ISO 27001 Certified 
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Technology in
Insurance
Here are some further examples of how InsurTech is
utilizing modern  technology:
Investing in AI to promote product innovation, streamline 
procedures, and  improve client satisfaction.
Providers of life and health insurance are investigating the use of 
wearable  technologies and are altering the underwriting process 
for life insurance  products.
Making use of NLP to automate repetitive operations, boost 
productivity,  cut costs, and develop chatbots.
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An ISO 27001 Certified 
Company
Barriers and
Solutions
The privacy concern is the biggest roadblock to InsurTech.
Using distributed ledger technology, credit ratings are tracked in a 
database  that is shared across several businesses and websites. It is 
always evolving,  which makes data protection rules problematic.
Companies interested in this technology must stay aware of the 
strategic legal  considerations that apply to their industry and 
country.
Insurance businesses must make investments in new technology 
and develop  solutions that are tailored to the demands of specific 
clients if they are to  effectively serve their consumers.
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