Insurtech Fostering Automated Insurance Process using Deep Learning Approach

ABSTRACT

The COVID-19 pandemic comes up with an opportunity for many industries to remake themselves strategically financially and operationally as per the changing needs of the markets. Application of various technologies is helping industries in moving forward and embrace the fifth Industrial Revolution. Technologies like big data analysis, artificial intelligence, fiber optics, image recognition, drones, are playing an important in the growth of industrial service sectors. Technology has transformed every industry of the countries and needless to say, the Insurance industry is no exception here. The term 'Insurtech' has been around since at least 2010, but its reach and influence have accelerated in the past few years and it will continue to with the advancement in big data, AI, IoT, wearable devices and nanotechnologies. In most basic term, Insurtech is applications of various technologies in the insurance industry. From both product and process perspectives, Insurtech is transforming the insurance industry. It is helping the Insurance Industry to become more customer-centric and create operational excellence. Now with Insurtech applications great results were seen in fraud detection rates, effective access to insurance services, low-cost to the customers and the company, increase in operational efficiencies and enhancement in customer experience. This paper discusses about digital growth and development in insurance sector and the ways the Insurtech is transforming the Insurance industry to a greater extent. Also focus of paper is on how insurtech is fostering the automation of insurance process using deep learning and other technologies. © 2022 IEEE.