InsurTech trends to watch out for this year
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Watch Out for These InsurTech 
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Trendsto  
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Digitization and Automation
Automation will make way for real-time solutions that will continue 
to  transform the insurance industry, such as micro insurances that 
can be tailored  to a customer's needs and financial limitations.
AI and Machine Learning
We can observe AI develop into the industry norm soon.
The massive volumes of data that insurers analyze using ML can 
aid in more  accurate underwriting and be used in future models.
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An ISO 27001 Certified Insur Tech
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Usage-Based Models
One of the most desired aspects that clients search for when 
purchasing  insurance is hyper-personalization. A successful 
insurance company would  provide customized insurance coverage 
at the most affordable price.
Cloud-Based Storage
The improvement will make it possible to quickly deploy new, 
tailored  insurance products and experiences, which will improve 
the ability of cloud-  first businesses to operate without a hitch.
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An ISO 27001 Certified Insur Tech
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Microinsurance
Microservices design, which is used to build insurance, offers the 
flexibility of  scaling up and down without adding to expenses. This 
method's user-  friendliness will undoubtedly make insurance 
distribution easier.
Alternate Payment Methods
Smaller firms in the InsurTech sector are now using instant payment 
methods  that were previously unheard of due to the increase in 
technology that offers  alternative payment methods.
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An ISO 27001 Certified Insur Tech
Company
Trendsto  
Watch Out for
Internet of Things
IoT helps customers to effectively navigate the claims process using 
handheld  devices and make data-driven judgments.
Distributed Ledgers and Blockchain (DLT)
The insurance service providers may leverage blockchain 
technology to cut  administrative expenses, validate third-party 
payments, and boost fraud  defenses. The adoption of distributed 
ledger technology may improve  payment timeliness, cybersecurity, 
and claims processing (DLT).
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