5 Technologies Disrupting Insurance Industry

The insurance industry is experiencing major disruptions due to new technologies. These are the top 5 technologies that will disrupt the industry: Machine Learning and AI, Internet of Things, Insurtech Companies, Updated IT Architectures, and Online Sales Technology. Automated technology, smart contracts, integrated technology, and cloud processing are all used in these technologies. Insurance companies that incorporate these technologies can see an increase in revenues within five years, reduce claims payouts, and cut policy administration costs. It is important for insurers to stay aware of these technologies and incorporate them into their business models.